IEC ELECTRONICS CORP - FORM 8-K - EX-99.2 - May 5, 2011

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EX-99.1 - IEC ELECTRONICS CORPv221056_ex99-1.htm
8-K - IEC ELECTRONICS CORPv221056_8k.htm
 
Exhibit 99.2
 
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
APR 01, 2011 AND SEP 30, 2010
(In Thousands)
 
   
APR 01, 2010
    
SEP 30, 2010
  
ASSETS
            
             
CURRENT ASSETS
            
Cash
     0       0  
Accounts Receivable
     19,466       16,315  
Inventories
     19,823       12,068  
Deferred Income Taxes
     3,940       3,359  
Other Current Assets
     275       234  
Total Current Assets
     43,504       31,976  
                 
NET FIXED ASSETS
     19,678       13,098  
                 
NON-CURRENT ASSETS
                
Goodwill
     13,009       58  
Intangible Assets
     5,363       331  
Deferred Income Taxes
     8,084       10,113  
Other Non-Current Assets
     206       106  
TOTAL ASSETS
     89,844       55,682  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
                 
CURRENT LIABILITIES
                
Short Term Borrowings
     7,017       2,899  
Accounts Payable
     11,179       8,145  
Accrued Payroll and Related Taxes
     2,158       2,279  
Other Accrued Expenses
     970       941  
Other Current Liabilities
     553       0  
Total Current Liabilities
     21,877       14,264  
                 
LONG TERM DEBT
     38,759       15,999  
                 
TOTAL LIABILITIES
     60,636       30,263  
                 
SHAREHOLDER'S EQUITY
                
Authorized - 50,000,000 shares Issued – 10,634,910, Outstanding – 9,622,037
                
Common stock, par value $.01 per share
     106       101  
Treasury Shares at Cost - 1,012,873 shares
     (1,413 )     (1,413 )
Additional Paid-in Capital
     42,126       41,138  
Retained Earnings
     (11,611 )     (14,407 )
TOTAL SHAREHOLDER’S EQUITY
     29,208       25,419  
                 
TOTAL LIABILITIES & EQUITY
     89,844       55,682  
 
 
 
 
 
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
 
   
ACTUAL
QUARTER
APR 01, 2011
    
PRIOR
QUARTER
MAR 26, 2010
    
ACTUAL
YTD
APR 01, 2011
    
PRIOR
YTD
MAR 26, 2010
  
                         
Sales
     35,085       25,232       63,729       43,292  
Cost of Sales
     28,141       21,214       52,202       36,461  
Gross Profit
     6,944       4,018       11,527       6,831  
                                 
Less: Operating Expenses
                                
Selling & G&A
     3,621       2,035       6,241       3,535  
Other
     0       0       0       0  
Total Operating Expenses
     3,621       2,035       6,241       3,535  
                                 
Operating Profit
     3,323       1,983       5,286       3,296  
                                 
Interest and Financing Expense
     480       260       723       355  
Other Expense/(Income)
     115       130       130       188  
Net Income before Income Taxes
     2,728       1,593       4,433       2,753  
                                 
Provision for /(benefit from)Income Tax
     981       557       1,637       963  
                                 
Net Income
     1,747       1,036       2,796       1,790  
                                 
Basic Earnings Per Share
   $ 0.18     $ 0.12     $ 0.30     $ 0.20  
Diluted Earnings Per Share
   $ 0.17     $ 0.11     $ 0.28     $ 0.19  
                                 
Basic Shares
     9,576,152       8,974,796       9,399,555       8,903,765  
Diluted Shares
     9,996,928       9,651,921       9,887,922       9,593,155  
 
 
 
 
 
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
 
   
ACTUAL
QUARTER
APR 01, 2011
    
PRIOR
QUARTER
MAR 26, 2010
     ACTUAL
YTD
APR 01, 2011		    
PRIOR
YTD
MAR 26, 2010
  
                         
Net Income
     1,747       1,036       2,796       1,790  
                                 
Provision for /(benefit from) Income Tax
     981       557       1,637       963  
                                 
Depreciation and Amortization Expense
     797       277       1,286       414  
                                 
Net Interest Expense / (Income)
     480       260       723       355  
EBITDA
     4,005       2,130       6,442       3,522  
                                 
Basic Earnings Per Share
   $ 0.42     $ 0.24     $ 0.69     $ 0.40  
Diluted Earnings Per Share
   $ 0.40     $ 0.22     $ 0.65     $ 0.37  
                                 
Basic Shares
     9,576,152       8,974,796       9,399,555       8,903,765  
Diluted Shares
     9,996,928       9,651,921       9,887,922       9,593,155  
 
 
 
 
 

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