IEC ELECTRONICS CORP - FORM 8-K - EX-99.2

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EX-99.1 - IEC ELECTRONICS CORP	v209957_ex99-1.htm
8-K - IEC ELECTRONICS CORP	v209957_8k.htm

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

DEC 31, 2010 AND SEP 30, 2010

(In Thousands)

	DEC 31, 2010			SEP 30, 2010
ASSETS

CURRENT ASSETS
Cash		0			0
Accounts Receivable		18,855			16,315
Inventories		18,841			12,068
Deferred Income Taxes		4,329			3,359
Other Current Assets		1,156			234
Total Current Assets		43,181			31,976

NET FIXED ASSETS		14,832			13,098

NON-CURRENT ASSETS
Goodwill		21,147			58
Intangible Assets		420			331
Deferred Income Taxes		8,679			10,113
Other Non-Current Assets		221			106
TOTAL ASSETS		88,480			55,682

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Short Term Borrowings		6,905			2,899
Accounts Payable		10,105			8,145
Accrued Payroll and Related Taxes		1,591			2,279
Other Accrued Expenses		1,186			941
Other Current Liabilities		1,093			0
Total Current Liabilities		20,880			14,264

LONG TERM DEBT		40,392			15,999
TOTAL LIABILITIES		61,272			30,263

SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 10,359,057, Outstanding – 9,346,184
Common stock, par value $.01 per share		103			101
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(1,413	)
Additional Paid-in Capital		41,876			41,138
Retained Earnings		(13,358	)		(14,407	)
TOTAL SHAREHOLDER’S EQUITY		27,208			25,419

TOTAL LIABILITIES & EQUITY		88,480			55,682

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	DEC 31, 2010		DEC 25, 2009		DEC 31, 2010		DEC 25, 2009

Sales		28,644		18,060		28,644		18,060
Cost of Sales		24,061		15,247		24,061		15,247
Gross Profit		4,583		2,813		4,583		2,813

Less: Operating Expenses
Selling & G&A		2,620		1,500		2,620		1,500
Other		0		0		0		0
Total Operating Expenses		2,620		1,500		2,620		1,500

Operating Profit		1,963		1,313		1,963		1,313

Interest and Financing Expense		244		95		244		95
Other Expense/(Income)		13		58		13		58
Net Income before Income Taxes		1,706		1,160		1,706		1,160

Provision for /(benefit from)Income Tax		657		406		657		406

Net Income		1,049		754		1,049		754

Basic Earnings Per Share	$	0.11	$	0.09	$	0.11	$	0.09
Diluted Earnings Per Share	$	0.11	$	0.08	$	0.11	$	0.08

Basic Shares		9,224,877		8,828,604		9,224,877		8,828,604
Diluted Shares		9,766,022		9,526,342		9,766,022		9,526,342

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	DEC 31, 2010		DEC 25, 2009		DEC 31, 2010		DEC 25, 2009

Net Income		1,049		754		1,049		754

Provision for /(benefit from) Income Tax		657		406		657		406

Depreciation and Amortization Expense		489		137		489		137

Net Interest Expense / (Income)		244		95		244		95
EBITDA		2,439		1,392		2,439		1,392

Basic Earnings Per Share	$	0.26	$	0.16	$	0.26	$	0.16
Diluted Earnings Per Share	$	0.25	$	0.15	$	0.25	$	0.15

Basic Shares		9,224,877		8,828,604		9,224,877		8,828,408
Diluted Shares		9,766,022		9,526,342		9,766,022		9,526,342

IEC ELECTRONICS CORP - FORM 8-K - EX-99.2 - February 3, 2011