Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
APR 01, 2011 AND SEP 30, 2010
(In Thousands)
APR 01, 2010 | SEP 30, 2010 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 19,466 | 16,315 | ||||||
Inventories | 19,823 | 12,068 | ||||||
Deferred Income Taxes | 3,940 | 3,359 | ||||||
Other Current Assets | 275 | 234 | ||||||
Total Current Assets | 43,504 | 31,976 | ||||||
NET FIXED ASSETS | 19,678 | 13,098 | ||||||
NON-CURRENT ASSETS | ||||||||
Goodwill | 13,009 | 58 | ||||||
Intangible Assets | 5,363 | 331 | ||||||
Deferred Income Taxes | 8,084 | 10,113 | ||||||
Other Non-Current Assets | 206 | 106 | ||||||
TOTAL ASSETS | 89,844 | 55,682 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 7,017 | 2,899 | ||||||
Accounts Payable | 11,179 | 8,145 | ||||||
Accrued Payroll and Related Taxes | 2,158 | 2,279 | ||||||
Other Accrued Expenses | 970 | 941 | ||||||
Other Current Liabilities | 553 | 0 | ||||||
Total Current Liabilities | 21,877 | 14,264 | ||||||
LONG TERM DEBT | 38,759 | 15,999 | ||||||
TOTAL LIABILITIES | 60,636 | 30,263 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares Issued – 10,634,910, Outstanding – 9,622,037 | ||||||||
Common stock, par value $.01 per share | 106 | 101 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 42,126 | 41,138 | ||||||
Retained Earnings | (11,611 | ) | (14,407 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 29,208 | 25,419 | ||||||
TOTAL LIABILITIES & EQUITY | 89,844 | 55,682 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
ACTUAL QUARTER APR 01, 2011 | PRIOR QUARTER MAR 26, 2010 | ACTUAL YTD APR 01, 2011 | PRIOR YTD MAR 26, 2010 | |||||||||||||
Sales | 35,085 | 25,232 | 63,729 | 43,292 | ||||||||||||
Cost of Sales | 28,141 | 21,214 | 52,202 | 36,461 | ||||||||||||
Gross Profit | 6,944 | 4,018 | 11,527 | 6,831 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 3,621 | 2,035 | 6,241 | 3,535 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 3,621 | 2,035 | 6,241 | 3,535 | ||||||||||||
Operating Profit | 3,323 | 1,983 | 5,286 | 3,296 | ||||||||||||
Interest and Financing Expense | 480 | 260 | 723 | 355 | ||||||||||||
Other Expense/(Income) | 115 | 130 | 130 | 188 | ||||||||||||
Net Income before Income Taxes | 2,728 | 1,593 | 4,433 | 2,753 | ||||||||||||
Provision for /(benefit from)Income Tax | 981 | 557 | 1,637 | 963 | ||||||||||||
Net Income | 1,747 | 1,036 | 2,796 | 1,790 | ||||||||||||
Basic Earnings Per Share | $ | 0.18 | $ | 0.12 | $ | 0.30 | $ | 0.20 | ||||||||
Diluted Earnings Per Share | $ | 0.17 | $ | 0.11 | $ | 0.28 | $ | 0.19 | ||||||||
Basic Shares | 9,576,152 | 8,974,796 | 9,399,555 | 8,903,765 | ||||||||||||
Diluted Shares | 9,996,928 | 9,651,921 | 9,887,922 | 9,593,155 |
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
ACTUAL QUARTER APR 01, 2011 | PRIOR QUARTER MAR 26, 2010 | ACTUAL YTD APR 01, 2011 | PRIOR YTD MAR 26, 2010 | |||||||||||||
Net Income | 1,747 | 1,036 | 2,796 | 1,790 | ||||||||||||
Provision for /(benefit from) Income Tax | 981 | 557 | 1,637 | 963 | ||||||||||||
Depreciation and Amortization Expense | 797 | 277 | 1,286 | 414 | ||||||||||||
Net Interest Expense / (Income) | 480 | 260 | 723 | 355 | ||||||||||||
EBITDA | 4,005 | 2,130 | 6,442 | 3,522 | ||||||||||||
Basic Earnings Per Share | $ | 0.42 | $ | 0.24 | $ | 0.69 | $ | 0.40 | ||||||||
Diluted Earnings Per Share | $ | 0.40 | $ | 0.22 | $ | 0.65 | $ | 0.37 | ||||||||
Basic Shares | 9,576,152 | 8,974,796 | 9,399,555 | 8,903,765 | ||||||||||||
Diluted Shares | 9,996,928 | 9,651,921 | 9,887,922 | 9,593,155 |