Exhibit 99.2
Supplemental financial data posted on the website of IEC Electronics
Corp. (www.iec-electronics.com/3rdquarter2003pr.htm) on July 21, 2003
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IEC ELECTRONICS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 27, 2003 AND SEPTEMBER 30, 2002
(in thousands, except for share data)
<caption>
JUNE 27,2003 SEPTEMBER 30,2002
(Unaudited)
<s> <c> <c>
Current Assets
Cash $ 222 $ -
Accounts Receivable 4,282 5,480
Inventories 3,505 3,412
Other Current Assets 255 186
Current Assets - Discontinued Operations 85 348
-------- --------
Total Current Assets 8,349 9,426
-------- --------
Fixed Assets
Land and Land Improvements 768 768
Building and Improvements 3,995 3,995
Machinery & Equipment 46,756 46,501
Furniture & Fixtures 5,850 5,850
-------- --------
Sub-total Gross Property 57,369 57,114
Less Accumulated Depreciation (53,888) (52,781)
-------- --------
Total fixed assets - net 3,481 4,333
Asset held for sale - 497
Non-current assets - discontinued operations - 809
Other non-current assets 224 -
-------- --------
$ 12,054 $ 15,065
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current portion of long term debt $ 1,894 $ 3,128
Accounts Payable 3,934 6,250
Accrued payroll and related taxes 759 697
Other accrued expenses 720 1,497
Other Current Liabilities - discontinued
operations 255 1,426
-------- --------
Total Current Liabilities 7,562 12,998
Long Term Vendor Payable 544 -
Long Term Debt 1,108 1,268
-------- --------
Total Liabilities 9,214 14,266
-------- --------
Shareholders' Equity:
Preferred stock, par value $0.01 per share
Authorized - 500,000 shares
Issued and outstanding - none - -
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Issued and outstanding - 7, 987,460 and
7,692,076, respectively 80 77
Treasury Stock, 573 shares; at cost (11) (11)
Additional Paid-in Capital 38,473 38,418
Retained Earnings (35,618) (37,640)
Accumulated Other Comprehensive Loss -
Cumulative Translation Adjustments (84) (45)
-------- --------
Total Shareholders' Equity 2,840 799
-------- --------
$ 12,054 $ 15,065
======== ========
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IEC ELECTRONICS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED JUNE 27, 2003 AND JUNE
28, 2002 (in thousands, except share and per share data)
<caption>
3 MONTHS ENDED 3 MONTHS ENDED 9 MONTHS ENDED 9 MONTHS ENDED
JUNE 27, 2003 JUNE 28, 2002 JUNE 27, 2003 JUNE 28, 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<s> <c> <c> <c> <c>
Net sales $ 14,030 $ 6,038 $ 39,099 $ 30,725
Cost of sales 12,222 5,622 35,056 30,199
--------- --------- --------- ---------
Gross profit 1,808 416 4,043 526
--------- --------- --------- ---------
Selling and administrative expenses 788 866 2,441 3,620
Restructuring charge (benefit) - 448 (63) 448
Writedown of assets held for sale - 500 - 900
--------- --------- --------- ---------
Operating profit (loss) 1,020 (1,398) 1,665 (4,442)
Interest and financing expense (149) (254) (536) (678)
Other income (expense), net 26 (45) 131 (44)
Forgiveness of accounts payable (45) - 578 -
--------- --------- --------- ---------
Net income (loss) before income taxes 853 (1,697) 1,838 (5,164)
Income taxes - - - -
--------- --------- --------- ---------
Net income (loss) from continuing
operations 853 (1,697) 1,838 (5,164)
Discontinued operations:
Income (loss) from operations
of IEC-Mexico disposed of (net
of income taxes of $0 in 2003
and $26 in 2002) - (644) 184 (3,169)
Estimated loss on disposal of
IEC-Mexico (net of income
taxes of $0 in 2003 and 2002) - (4,527) - (4,527)
--------- --------- --------- ---------
853 (5,171) 184 (7,696)
--------- --------- --------- ---------
Net income (loss) $ 853 $ (6,868) $ 2,022 $ (12,860)
========= ========= ========= =========
Net income (loss per common and common equivalent share:
Basic
Income (loss) from continuing
operations $ 0.11 $ (0.22) $ 0.24 $ (0.67)
Income (loss) from discontinued
operations $ 0.00 $ (0.67) $ 0.02 $ (1.00)
Income (loss) available to
common shareholders $ 0.11 $ (0.89) $ 0.26 $ (1.67)
Diluted
Income (loss) from continuing
operations $ 0.10 $ (0.22) $ 0.23 $ (0.67)
Income (loss) from discontinued
operations $ 0.00 $ (0.67) $ 0.02 $ (1.00)
Income (loss) available to
common shareholders $ 0.10 $ (0.89) $ 0.25 $ (1.67)
Weighted average number of common and common equivalent shares outstanding:
Basic 7,980,953 7,691,503 7,858,203 7,691,503
Diluted 8,418,332 7,691,503 8,165,833 7,691,503
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