IEC ELECTRONICS CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 8, 2012

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8-K - FORM 8-K - IEC ELECTRONICS CORPv301619_8k.htm
EX-99.1 - EXHIBIT 99.1 - IEC ELECTRONICS CORPv301619_ex99-1.htm
EX-99.3 - EXHIBIT 99.3 - IEC ELECTRONICS CORPv301619_ex99-3.htm

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

DEC 30, 2011 AND SEP 30, 2011

(In Thousands)

  

  DEC 30, 2011  SEP 30, 2011 
ASSETS        
         
CURRENT ASSETS        
Cash  0   0 
Accounts Receivable  19,439   19,423 
Inventories  17,111   16,093 
Deferred Income Taxes  3,863   3,863 
Other Current Assets  2,924   1,834 
Total Current Assets  43,337   41,213 
         
NET FIXED ASSETS  18,219   17,886 
         
NON-CURRENT ASSETS        
Goodwill  13,810   13,810 
Intangible Assets  5,851   5,964 
Deferred Income Taxes  6,267   6,768 
Other Non-Current Assets  164   179 
TOTAL ASSETS  87,648   85,820 
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES        
Short Term Borrowings  6,809   6,896 
Accounts Payable  15,012   12,750 
Accrued Payroll and Related Taxes  2,837   3,092 
Other Accrued Expenses  928   851 
Other Current Liabilities  320   332 
Total Current Liabilities  25,906   23,921 
         
LONG TERM DEBT  26,952   28,213 
TOTAL LIABILITIES  52,858   52,134 
         
SHAREHOLDER'S EQUITY        
Authorized - 50,000,000 shares        
Issued – 10,835,533, Outstanding – 9,820,075        
Common stock, par value $.01 per share  108   108 
Treasury Shares at Cost - 1,015,458 shares  (1,435)  (1,435)
Additional Paid-in Capital  42,816   42,660 
Retained Earnings  (6,699)  (7,647)
TOTAL SHAREHOLDER’S EQUITY  34,790   33,686 
TOTAL LIABILITIES & EQUITY  87,648   85,820 

 

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IEC ELECTRONICS CORP - CONSOLIDATED 

STATEMENT OF INCOME

FOR QUARTER END & YTD DEC 30, 2011 AND DEC 31, 2010

(In Thousands)

 

  ACTUAL  PRIOR  ACTUAL  PRIOR 
  QUARTER  QUARTER  YTD  YTD 
  DEC 30, 2011  DEC 31, 2010  DEC 30, 2011  DEC 31, 2010 
             
Sales  33,859   28,644   33,859   28,644 
Cost of Sales  28,372   23,840   28,372   23,840 
Gross Profit  5,487   4,804   5,487   4,804 
                 
Less: Operating Expenses                
Selling & Administrative Expenses  4,533   2,841   4,533   2,841 
Operating Profit  954   1,963   954   1,963 
                 
                 
Interest and Financing Expense  353   244   353   244 
Other (Income)/Expense  (902)  13   (902)  13 
Net Income before Income Taxes  1,503   1,706   1,503   1,706 
                 
                 
Provision for Income Tax  555   657   555   657 
Net Income  948   1,049   948   1,049 
                 
                 
                 
Basic Earnings Per Share $0.10  $0.11  $0.10  $0.11 
Diluted Earnings Per Share $0.09  $0.11  $0.09  $0.11 
                 
                 
Basic Shares  9,645,942   9,224,877   9,645,942   9,224,877 
Diluted Shares  10,004,359   9,766,022   10,004,359   9,766,022 

 

 

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IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

FOR QUARTER END & YTD DEC 30, 2012 & DEC 31, 2011

  

  ACTUAL  PRIOR  ACTUAL  PRIOR 
  QUARTER  QUARTER  YTD  YTD 
  DEC 30, 2011  DEC 31, 2010  DEC 30, 2011  DEC 31, 2010 
             
Net Income  948,210   1,049,141   948,210   1,049,141 
                 
Provision for / (benefit from) Income Tax  554,947   656,517   554,947   656,517 
                 
Depreciation & Amortization Expense  987,013   489,781   987,013   489,781 
                 
Net Interest Expense / (Income)  352,450   243,515   352,450   243,515 
EBITDA  2,842,620   2,438,954   2,842,620   2,438,954 
                 
                 
Basic Earnings per Share  0.29   0.26   0.29   0.26 
Diluted Earnings per Share  0.28   0.25   0.28   0.25 
                 
                 
Basic Shares  9,645,942   9,224,877   9,645,942   9,224,877 
Diluted Shares  10,004,359   9,766,022   10,004,359   9,766,022 

 

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