Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 31, 2010 AND SEP 30, 2010
(In Thousands)
DEC 31, 2010 | SEP 30, 2010 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 18,855 | 16,315 | ||||||
Inventories | 18,841 | 12,068 | ||||||
Deferred Income Taxes | 4,329 | 3,359 | ||||||
Other Current Assets | 1,156 | 234 | ||||||
Total Current Assets | 43,181 | 31,976 | ||||||
NET FIXED ASSETS | 14,832 | 13,098 | ||||||
NON-CURRENT ASSETS | ||||||||
Goodwill | 21,147 | 58 | ||||||
Intangible Assets | 420 | 331 | ||||||
Deferred Income Taxes | 8,679 | 10,113 | ||||||
Other Non-Current Assets | 221 | 106 | ||||||
TOTAL ASSETS | 88,480 | 55,682 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 6,905 | 2,899 | ||||||
Accounts Payable | 10,105 | 8,145 | ||||||
Accrued Payroll and Related Taxes | 1,591 | 2,279 | ||||||
Other Accrued Expenses | 1,186 | 941 | ||||||
Other Current Liabilities | 1,093 | 0 | ||||||
Total Current Liabilities | 20,880 | 14,264 | ||||||
LONG TERM DEBT | 40,392 | 15,999 | ||||||
TOTAL LIABILITIES | 61,272 | 30,263 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 10,359,057, Outstanding – 9,346,184 | ||||||||
Common stock, par value $.01 per share | 103 | 101 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 41,876 | 41,138 | ||||||
Retained Earnings | (13,358 | ) | (14,407 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 27,208 | 25,419 | ||||||
TOTAL LIABILITIES & EQUITY | 88,480 | 55,682 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
DEC 31, 2010 | DEC 25, 2009 | DEC 31, 2010 | DEC 25, 2009 | |||||||||||||
Sales | 28,644 | 18,060 | 28,644 | 18,060 | ||||||||||||
Cost of Sales | 24,061 | 15,247 | 24,061 | 15,247 | ||||||||||||
Gross Profit | 4,583 | 2,813 | 4,583 | 2,813 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 2,620 | 1,500 | 2,620 | 1,500 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 2,620 | 1,500 | 2,620 | 1,500 | ||||||||||||
Operating Profit | 1,963 | 1,313 | 1,963 | 1,313 | ||||||||||||
Interest and Financing Expense | 244 | 95 | 244 | 95 | ||||||||||||
Other Expense/(Income) | 13 | 58 | 13 | 58 | ||||||||||||
Net Income before Income Taxes | 1,706 | 1,160 | 1,706 | 1,160 | ||||||||||||
Provision for /(benefit from)Income Tax | 657 | 406 | 657 | 406 | ||||||||||||
Net Income | 1,049 | 754 | 1,049 | 754 | ||||||||||||
Basic Earnings Per Share | $ | 0.11 | $ | 0.09 | $ | 0.11 | $ | 0.09 | ||||||||
Diluted Earnings Per Share | $ | 0.11 | $ | 0.08 | $ | 0.11 | $ | 0.08 | ||||||||
Basic Shares | 9,224,877 | 8,828,604 | 9,224,877 | 8,828,604 | ||||||||||||
Diluted Shares | 9,766,022 | 9,526,342 | 9,766,022 | 9,526,342 |
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
DEC 31, 2010 | DEC 25, 2009 | DEC 31, 2010 | DEC 25, 2009 | |||||||||||||
Net Income | 1,049 | 754 | 1,049 | 754 | ||||||||||||
Provision for /(benefit from) Income Tax | 657 | 406 | 657 | 406 | ||||||||||||
Depreciation and Amortization Expense | 489 | 137 | 489 | 137 | ||||||||||||
Net Interest Expense / (Income) | 244 | 95 | 244 | 95 | ||||||||||||
EBITDA | 2,439 | 1,392 | 2,439 | 1,392 | ||||||||||||
Basic Earnings Per Share | $ | 0.26 | $ | 0.16 | $ | 0.26 | $ | 0.16 | ||||||||
Diluted Earnings Per Share | $ | 0.25 | $ | 0.15 | $ | 0.25 | $ | 0.15 | ||||||||
Basic Shares | 9,224,877 | 8,828,604 | 9,224,877 | 8,828,408 | ||||||||||||
Diluted Shares | 9,766,022 | 9,526,342 | 9,766,022 | 9,526,342 |