Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET
JULY 1, 2005 AND SEP 30, 2004
JULY 1, 2005 SEP 30, 2004
ASSETS
CURRENT ASSETS
Cash 459,202 0
Accounts Receivable 2,172,560 3,710,097
Inventories 1,064,082 1,882,482
Deferred Income Taxes 250,000 250,000
Other Current Assets 268,750 337,425
----------- -----------
Total Current Assets 4,214,594 6,180,004
----------- -----------
PROPERTY, PLANT & EQUIPMENT 1,628,774 2,235,765
PREPAID DEBT ACQUISITION 90,165 114,553
----------- -----------
5,933,533 8,530,322
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long Term Liabilites 307,649 1,905,018
Accounts Payable 1,161,728 2,253,486
Accrued Payroll and Related Taxes 382,918 548,444
Other Accrued Expenses 494,547 747,343
----------- -----------
Total Current Liabilities 2,346,842 5,454,291
----------- -----------
LONG TERM VENDOR PAYABLE 78,905 227,175
LONG TERM DEBT - TERM 637,500 233,374
----------- -----------
LONG TERM DEBT - TOTAL 716,405 460,549
SHAREHOLDER'S EQUITY
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Outstanding - 8,258,715 shares 71,247 70,695
Additional Paid-in Capital 38,526,733 38,506,361
Retained Earnings (35,636,264) (35,870,144)
Cumulative Translation Adj (91,430) (91,430)
----------- -----------
Total Shareholders' Equity 2,870,286 2,615,482
----------- -----------
5,933,533 8,530,322
=========== ===========
IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME
FOR QUARTERS JULY 1, 2005 AND JUNE 25, 2004
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JULY 1, 2005 JUNE 25, 2004 JULY 1, 2005 JUNE 25, 2004
Sales 4,040,346 6,168,236 14,945,865 19,984,513
Cost of Sales 3,336,106 6,362,061 12,828,823 18,875,714
----------- ----------- ----------- -----------
Gross Profit 704,240 (193,825) 2,117,042 1,108,799
Less: Operating Expenses
Selling & G&A 492,633 704,573 1,708,774 1,876,233
Restructuring 64,920 159,288 119,654 159,288
----------- ----------- ----------- -----------
Total Operating Expenses 557,553 863,861 1,828,428 2,035,522
----------- ----------- ----------- -----------
Operating Profit 146,687 (1,057,686) 288,614 (926,723)
Interest and Financing Expense (78,752) (89,726) (278,454) (274,806)
Profit (Loss) on Sale of Assets 9,998 0 195,165 293,384
Other Income (Expense) 328 2,052 328 18,474
----------- ----------- ----------- -----------
Net Income before Income Taxes 78,261 (1,145,361) 205,653 (889,671)
Provision for Income Tax 0 0 0 0
----------- ----------- ----------- -----------
Income from Discontinued Operations 0 0 28,227 0
----------- ----------- ----------- -----------
Net Income 78,261 (1,145,361) 233,880 (889,671)
=========== =========== =========== ===========