EXHIBIT 99.2
IEC ELECTRONICS CORP -
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2005 AND SEP 30, 2004
SEP 30, 2005 SEP 30, 2004
----------- -----------
ASSETS
CURRENT ASSETS
Cash 460,586 0
Accounts Receivable 2,343,994 3,710,097
Inventories 629,808 1,882,482
Deferred Income Taxes 250,000 250,000
Other Current Assets 279,732 337,425
----------- -----------
Total Current Assets 3,964,121 6,180,004
----------- -----------
PROPERTY, PLANT & EQUIPMENT 1,506,779 2,235,765
PREPAID DEBT ACQUISITION 66,893 114,553
----------- -----------
5,537,793 8,530,322
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long Term Liabilites 345,149 1,905,018
Accounts Payable 917,608 2,253,486
Accrued Payroll and Related Taxes 263,744 548,444
Other Accrued Expenses 399,336 747,343
----------- -----------
Total Current Liabilities 1,925,837 5,454,291
----------- -----------
LONG TERM VENDOR PAYABLE 57,118 227,175
LONG TERM DEBT - TERM 535,000 233,374
----------- -----------
LONG TERM DEBT - TOTAL 592,118 460,549
SHAREHOLDER'S EQUITY
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Outstanding - 8,292,450 shares 71,484 70,695
Additional Paid-in Capital 38,533,112 38,506,361
Retained Earnings (35,584,758) (35,870,144)
Accumulated translation adjustments -- (91,430)
----------- -----------
Total Shareholders' Equity 3,019,838 2,615,482
----------- -----------
5,537,793 8,530,322
=========== ===========
IEC ELECTRONICS CORP -
CONSOLIDATED STATEMENT OF INCOME
FOR QUARTERS SEPT 30, 2005 AND SEPT 30, 2004
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
SEPT 30, 2005 SEPT 30, 2004 SEPT 30, 2005 SEPT 30, 2004
----------- ----------- ----------- -----------
Sales 4,120,068 7,716,614 19,065,934 27,701,127
Cost of Sales 3,606,267 6,839,404 16,435,090 25,714,474
----------- ----------- ----------- -----------
Gross Profit 513,801 877,210 2,630,843 1,986,653
Less: Operating Expenses
Selling & G&A 455,947 612,582 2,164,721 2,488,815
Restructuring 0 97,407 119,654 256,695
----------- ----------- ----------- -----------
Total Operating Expenses 455,947 863,861 2,284,375 2,745,511
----------- ----------- ----------- -----------
Operating Profit 57,854 167,221 346,468 (758,858)
Interest and Financing Expense (84,457) (110,742) (362,911) (385,549)
Profit (Loss) on Sale of Assets 75,000 5,000 270,165 298,384
Other Income (Expense) 3,109 217 3,437 18,047
----------- ----------- ----------- -----------
Net Income before Income Taxes 51,506 61,696 257,159 (827,976)
Provision for Income Tax 0 0 0 0
----------- ----------- ----------- -----------
Income from Discontinued Operations 0 0 28,227 0
----------- ----------- ----------- -----------
Net Income 51,506 61,696 285,386 (827,976)
=========== =========== =========== ===========