Iec Electronics (IEC) 8-K Results of Operations and Financial Condition

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	SEP 30, 2010			SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		16,315			10,354
Inventories		12,068			6,491
Deferred Income Taxes		3,359			2,050
Other Current Assets		234			110
Total Current Assets		31,976			19,005
NET FIXED ASSETS		13,098			2,391
NON-CURRENT ASSETS
Intangible Asset		331			0
Deferred Income Taxes		10,113			13,026
Other Non-Current Assets		164			47
TOTAL ASSETS		55,682			34,469
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		2,899			1,147
Accounts Payable		8,145			4,183
Accrued Payroll and Related Taxes		2,279			1,564
Other Accrued Expenses		941			531
Other Current Liabilities		0			190
Total Current Liabilities		14,264			7,615
LONG TERM DEBT		15,999			6,600
TOTAL LIABILITIES		30,263			14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 10,100,589, Outstanding – 9,087,716
Common stock, par value $.01 per share		101			97
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(1,413	)
Additional Paid-in Capital		41,138			40,632
Retained Earnings (Deficit)		(14,407	)		(19,062	)
TOTAL SHAREHOLDER’S EQUITY		25,419			20,254
TOTAL LIABILITIES & EQUITY		55,682			34,469

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	ACTUAL			PRIOR			ACTUAL			PRIOR
	QUARTER			QUARTER			YTD			YTD
	SEP 30, 2010			SEP 30, 2009			SEP 30, 2010			SEP 30, 2009
Sales		27,287			18,273			96,674			67,811
Cost of Sales		22,511			15,077			80,411			56,985
Gross Profit		4,776			3,196			16,263			10,826
Less: Operating Expenses
Selling & G&A		2,654			1,792			8,576			6,006
Other		0			0			0			0
Total Operating Expenses		2,654			1,792			8,576			6,006
Operating Profit		2,122			1,404			7,687			4,820
Interest and Financing Expense		220			85			814			389
Other Expense/(Income)		(387	)		(70	)		(182	)		(287	)
Income before Income Taxes		2,289			1,389			7,055			4,718
Provision for /(benefit from) Income Tax		661			486			2,400			(238	)
Net Income		1,628			903			4,655			4,956
Basic Earnings Per Share	$	0.18		$	0.10		$	0.52		$	0.57
Diluted Earnings Per Share	$	0.17		$	0.09		$	0.48		$	0.52
Basic Shares		9,086,793			8,683,226			8,990,180			8,728,930
Diluted Shares		9,599,377			9,621,288			9,608,174			9,553,526

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

 FOR QUARTER END & YTD SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	SEP 30, 2010		SEP 30, 2009		SEP 30, 2010		SEP 30, 2009
Net Income		1,628		903		4,655		4,956
Provision for /(benefit from) Income Tax		661		486		2,400		(238	)
Depreciation and Amortization Expense		499		67		1,224		282
Net Interest Expense / (Income)		220		85		814		389
EBITDA		3,008		1,541		9,093		5,389
Basic Earnings Per Share	$	0.33	$	0.18	$	1.01	$	0.62
Diluted Earnings Per Share	$	0.31	$	0.16	$	0.95	$	0.56
Basic Shares		9,086,793		8,683,226		8,990,180		8,728,930
Diluted Shares		9,599,377		9,621,288		9,608,174		9,553,526