IEC ELECTRONICS CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 12, 2011

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8-K - FORM 8-K - IEC ELECTRONICS CORPv231999_8k.htm
EX-99.1 - EXHIBIT 99.1 - IEC ELECTRONICS CORPv231999_ex99-1.htm
Exhibit 99.2
 
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUL 01, 2011 AND SEP 30, 2010
(In Thousands)

   
JUL 01, 2011
    
SEP 30, 2010
  
ASSETS
            
             
CURRENT ASSETS
            
  Cash
     0       0  
  Accounts Receivable
     20,303       16,315  
  Inventories
     17,481       12,068  
  Deferred Income Taxes
     3,940       3,359  
  Other Current Assets
     356       234  
      Total Current Assets
     42,080       31,976  
                 
NET FIXED ASSETS
     18,195       13,098  
                 
NON-CURRENT ASSETS
                
  Goodwill
     13,810       58  
  Intangible Assets
     6,077       331  
  Deferred Income Taxes
     7,430       10,113  
  Other Non-Current Assets
     192       106  
TOTAL ASSETS
     87,784       55,682  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
                 
CURRENT LIABILITIES
                
  Short Term Borrowings
     6,939       2,899  
  Accounts Payable
     7,766       8,145  
  Accrued Payroll and Related Taxes
     2,212       2,279  
  Other Accrued Expenses
     1,155       941  
  Other Current Liabilities
     406       0  
      Total Current Liabilities
     18,478       14,264  
                 
LONG TERM DEBT
     38,438       15,999  
TOTAL LIABILITIES
     56,916       30,263  
                 
SHAREHOLDER'S EQUITY
                
    Authorized - 50,000,000 shares
                
    Issued – 10,811,188, Outstanding – 9,795,730
                
  Common stock, par value $.01 per share
     108       101  
  Treasury Shares at Cost - 1,015,458 shares
     (1,435 )     (1,413 )
  Additional Paid-in Capital
     42,473       41,138  
  Retained Earnings
     (10,278 )     (14,407 )
                 
TOTAL SHAREHOLDER’S EQUITY
     30,868       25,419  
                 
TOTAL LIABILITIES & EQUITY
     87,784       55,682  

 
 
 

IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)

   
ACTUAL
    
PRIOR
    
ACTUAL
    
PRIOR
  
   
QUARTER
    
QUARTER
    
YTD
    
YTD
  
   
JUL 01, 2011
    
JUN 25, 2010
    
JUL 01, 2011
    
JUN 25, 2010
  
                         
Sales
     34,626       26,095       98,355       69,387  
Cost of Sales
     28,470       21,439       80,672       57,900  
Gross Profit
     6,156       4,656       17,683       11,487  
                                 
Less: Operating Expenses
                                
   Selling & G&A
     3,533       2,388       9,774       5,922  
   Other
     0       0       0       0  
Total Operating Expenses
     3,533       2,388       9,774       5,922  
                                 
Operating Profit
     2,623       2,268       7,909       5,565  
                                 
Interest and Financing Expense
     491       238       1,214       594  
Other Expense/(Income)
     4       17       134       205  
Net Income before Income Taxes
     2,128       2,013       6,561       4,766  
                                 
   Provision for /(benefit from)Income Tax
     795       775       2,432       1,739  
                                 
Net Income
     1,333       1,238       4,129       3,027  
                                 
                                 
Basic Earnings Per Share
   $ 0.14     $ 0.14     $ 0.43     $ 0.34  
Diluted Earnings Per Share
   $ 0.13     $ 0.13     $ 0.42     $ 0.32  
                                 
                                 
Basic Shares
     9,776,888       9,055,280       9,524,874       8,955,212  
Diluted Shares
     10,021,932       9,629,326       9,932,446       9,606,748  

 
 
 

IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)

   
ACTUAL
    
PRIOR
    
ACTUAL
    
PRIOR
  
   
QUARTER
    
QUARTER
    
YTD
    
YTD
  
   
JUL 01, 2011
    
JUN 25, 2010
    
JUL 01, 2011
    
JUN 25, 2010
  
                         
Net Income
     1,333       1,238       4,129       3,027  
                                 
Provision for /(benefit from) Income Tax
     795       775       2,432       1,739  
                                 
Depreciation and Amortization Expense
     864       304       2,150       707  
                                 
Net Interest Expense / (Income)
     491       238       1,214       594  
EBITDA
     3,483       2,555       9,925       6,067  
                                 
                                 
Basic Earnings Per Share
   $ 0.36     $ 0.28     $ 1.04     $ 0.68  
Diluted Earnings Per Share
   $ 0.35     $ 0.27     $ 1.00     $ 0.63  
                                 
                                 
Basic Shares
     9,776,888       9,055,280       9,524,874       8,955,212  
Diluted Shares
     10,021,932       9,629,326       9,932,446       9,606,748  

 
 
 

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