Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUNE 25, 2004 AND SEP 30, 2003
JUN 25, 2004 SEP 30, 2003
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ASSETS
CURRENT ASSETS
Cash 175,919 793,341
Accounts Receivable 2,991,199 4,003,641
Inventories 3,679,125 1,633,119
Deferred Income Taxes 250,000 250,000
Other Current Assets 250,574 329,232
Current Assets - Discontinued Operations 54,542 121,466
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Total Current Assets 7,401,359 7,130,803
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PROPERTY, PLANT & EQUIPMENT 2,497,445 3,173,090
PREPAID DEBT ACQUISITION 136,462 202,188
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10,035,266 10,506,081
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long Term Liabilites 1,534,038 1,277,387
Accounts Payable 3,779,411 2,740,599
Accrued Payroll and Related Taxes 622,705 794,078
Other Accrued Expenses 686,438 674,948
Liabilities from Discontinued Operations 196,738 216,068
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Total Current Liabilities 6,819,330 5,703,080
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LONG TERM VENDOR PAYABLE 263,567 455,903
LONG TERM DEBT - TERM 408,325 933,329
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LONG TERM DEBT - TOTAL 671,892 1,389,232
SHAREHOLDER'S EQUITY
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Outstanding - 8,021,960 shares 69,945 68,760
Additional Paid-in Capital 38,497,369 38,478,608
Retained Earnings (35,931,840) (35,042,169)
Cumulative Translation Adj (91,430) (91,430)
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Total Shareholders' Equity 2,544,044 3,413,769
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10,035,266 10,506,081
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IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTERS JUN 25, 2004 AND JUN 27, 2003
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JUN 25, 2004 JUN 27, 2003 JUN 25, 2004 JUN 27, 2003
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Sales 6,168,236 14,029,976 19,984,513 39,099,482
Cost of Sales 6,362,061 12,221,902 18,884,714 35,056,715
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Gross Profit (193,825) 1,808,068 1,099,799 4,042,767
Less: Operating Expenses
Selling, G & A 624,573 788,028 1,796,233 2,441,068
Restructuring 239,288 0 239,288 (63,300)
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Total Operating Expenses 863,861 788,028 2,035,521 2,377,766
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Operating Profit (1,057,686) 1,020,040 (935,722) 1,664,999
Interest and Financing Expense (89,726) (148,610) (274,806) (536,144)
Forgiveness of Accounts Payable 0 (45,000) 9,644 578,335
Profit (Loss) on Sale of Assets, Misc 2,052 26,095 311,213 130,500
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Net Income before Income Taxes (1,145,361) 852,524 (889,671) 1,837,690
Provision for Income Tax 0 0 0 0
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Income from Discontinued Operations 0 0 0 184,029
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Net Income (1,145,361) 852,524 (889,671) 2,021,720
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