Exhibit 99.2
IEC ELECTRONICS CORP -
CONSOLIDATED
BALANCE SHEET
SEP 30, 2004 AND SEP 30, 2003
SEP 30, 2004 SEP 30, 2003
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ASSETS
CURRENT ASSETS
Cash 0 793,341
Accounts Receivable 3,710,097 4,003,641
Inventories 1,882,482 1,633,119
Deferred Income Taxes 250,000 250,000
Other Current Assets 337,425 450,702
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Total Current Assets 6,180,004 7,130,803
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PROPERTY, PLANT & EQUIPMENT 2,235,765 3,173,090
PREPAID DEBT ACQUISITION 114,553 202,188
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8,530,322 10,506,081
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long Term Liabilites 1,905,018 1,277,387
Accounts Payable 2,253,487 2,740,599
Accrued Payroll and Related Taxes 548,444 794,078
Other Accrued Expenses 747,343 891,016
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Total Current Liabilities 5,454,292 5,703,080
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LONG TERM VENDOR PAYABLE 227,175 455,903
LONG TERM DEBT - TERM 233,374 933,329
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LONG TERM DEBT - TOTAL 460,549 1,389,232
SHAREHOLDER'S EQUITY
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Outstanding - 8,214,885 shares 70,695 68,760
Additional Paid-in Capital 38,506,361 38,478,608
Retained Earnings (35,870,144) (35,042,169)
Cumulative Translation Adj (91,430) (91,430)
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Total Shareholders' Equity 2,615,482 3,413,769
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8,530,322 10,506,081
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IEC ELECTRONICS CORP -
CONSOLIDATED STATEMENT OF INCOME
FOR QUARTERS SEP 30, 2004 AND SEP 30, 2003
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
SEP 30, 2004 SEP 30, 2003 SEP 30, 2004 SEP 30, 2003
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Sales 7,716,614 9,101,019 27,701,127 48,200,501
Cost of Sales 6,839,404 8,214,373 25,724,118 43,271,088
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Gross Profit 877,210 886,646 1,977,009 4,929,413
Less: Operating Expenses
Selling, G & A 612,582 477,774 2,408,816 2,918,842
Restructuring 97,407 0 336,695 (63,300)
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Total Operating Expenses 709,989 477,774 2,745,511 2,855,542
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Operating Profit 167,221 408,872 (768,502) 2,073,869
Interest and Financing Expense (110,742) (105,466) (385,549) (641,610)
Forgiveness of Accounts Payable 0 0 9,644 578,335
Profit (Loss) on Sale of Assets, Misc 5,217 12,000 316,431 142,500
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Net Income before Income Taxes 61,696 315,406 (827,976) 2,153,094
Provision for Income Tax 0 (260,000) 0 (260,000)
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Income from Discontinued Operations 0 0 0 184,029
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Net Income 61,696 575,406 (827,976) 2,597,127
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