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 |