Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUL 01, 2011 AND SEP 30, 2010
(In Thousands)
JUL 01, 2011 | SEP 30, 2010 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 20,303 | 16,315 | ||||||
Inventories | 17,481 | 12,068 | ||||||
Deferred Income Taxes | 3,940 | 3,359 | ||||||
Other Current Assets | 356 | 234 | ||||||
Total Current Assets | 42,080 | 31,976 | ||||||
NET FIXED ASSETS | 18,195 | 13,098 | ||||||
NON-CURRENT ASSETS | ||||||||
Goodwill | 13,810 | 58 | ||||||
Intangible Assets | 6,077 | 331 | ||||||
Deferred Income Taxes | 7,430 | 10,113 | ||||||
Other Non-Current Assets | 192 | 106 | ||||||
TOTAL ASSETS | 87,784 | 55,682 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 6,939 | 2,899 | ||||||
Accounts Payable | 7,766 | 8,145 | ||||||
Accrued Payroll and Related Taxes | 2,212 | 2,279 | ||||||
Other Accrued Expenses | 1,155 | 941 | ||||||
Other Current Liabilities | 406 | 0 | ||||||
Total Current Liabilities | 18,478 | 14,264 | ||||||
LONG TERM DEBT | 38,438 | 15,999 | ||||||
TOTAL LIABILITIES | 56,916 | 30,263 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 10,811,188, Outstanding – 9,795,730 | ||||||||
Common stock, par value $.01 per share | 108 | 101 | ||||||
Treasury Shares at Cost - 1,015,458 shares | (1,435 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 42,473 | 41,138 | ||||||
Retained Earnings | (10,278 | ) | (14,407 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 30,868 | 25,419 | ||||||
TOTAL LIABILITIES & EQUITY | 87,784 | 55,682 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
JUL 01, 2011 | JUN 25, 2010 | JUL 01, 2011 | JUN 25, 2010 | |||||||||||||
Sales | 34,626 | 26,095 | 98,355 | 69,387 | ||||||||||||
Cost of Sales | 28,470 | 21,439 | 80,672 | 57,900 | ||||||||||||
Gross Profit | 6,156 | 4,656 | 17,683 | 11,487 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 3,533 | 2,388 | 9,774 | 5,922 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 3,533 | 2,388 | 9,774 | 5,922 | ||||||||||||
Operating Profit | 2,623 | 2,268 | 7,909 | 5,565 | ||||||||||||
Interest and Financing Expense | 491 | 238 | 1,214 | 594 | ||||||||||||
Other Expense/(Income) | 4 | 17 | 134 | 205 | ||||||||||||
Net Income before Income Taxes | 2,128 | 2,013 | 6,561 | 4,766 | ||||||||||||
Provision for /(benefit from)Income Tax | 795 | 775 | 2,432 | 1,739 | ||||||||||||
Net Income | 1,333 | 1,238 | 4,129 | 3,027 | ||||||||||||
Basic Earnings Per Share | $ | 0.14 | $ | 0.14 | $ | 0.43 | $ | 0.34 | ||||||||
Diluted Earnings Per Share | $ | 0.13 | $ | 0.13 | $ | 0.42 | $ | 0.32 | ||||||||
Basic Shares | 9,776,888 | 9,055,280 | 9,524,874 | 8,955,212 | ||||||||||||
Diluted Shares | 10,021,932 | 9,629,326 | 9,932,446 | 9,606,748 |
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
JUL 01, 2011 | JUN 25, 2010 | JUL 01, 2011 | JUN 25, 2010 | |||||||||||||
Net Income | 1,333 | 1,238 | 4,129 | 3,027 | ||||||||||||
Provision for /(benefit from) Income Tax | 795 | 775 | 2,432 | 1,739 | ||||||||||||
Depreciation and Amortization Expense | 864 | 304 | 2,150 | 707 | ||||||||||||
Net Interest Expense / (Income) | 491 | 238 | 1,214 | 594 | ||||||||||||
EBITDA | 3,483 | 2,555 | 9,925 | 6,067 | ||||||||||||
Basic Earnings Per Share | $ | 0.36 | $ | 0.28 | $ | 1.04 | $ | 0.68 | ||||||||
Diluted Earnings Per Share | $ | 0.35 | $ | 0.27 | $ | 1.00 | $ | 0.63 | ||||||||
Basic Shares | 9,776,888 | 9,055,280 | 9,524,874 | 8,955,212 | ||||||||||||
Diluted Shares | 10,021,932 | 9,629,326 | 9,932,446 | 9,606,748 |