IEC Electronics Corporation provides contract electronic manufacturing services to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The Company's ultra high reliability capabilities include: design, prototype and volume circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution. As a full service EMS provider, IEC is AS9100, ISO-9001:2000, and ISO-13485 registered, and an NSA approved supplier under the COMSEC standard. The Company is headquartered outside of Rochester, New York and also has operations in Victor, New York and Albuquerque, New Mexico. Additional information about IEC can be found on its web site at www.iec-electronics.com. The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, competition and technological change, the ability of the Company to control manufacturing and operating costs, satisfactory relationships with vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2009 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 25, 2010 AND SEP 30, 2009
(In Thousands)
JUN 25, 2010 SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash 1,274 0
Accounts Receivable 16,070 10,354
Inventories 10,281 6,491
Deferred Income Taxes 2,050 2,050
Other Current Assets 273 110
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Total Current Assets 29,948 19,005
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NET FIXED ASSETS 11,368 2,391
NON-CURRENT ASSETS
Intangible Asset 340 0
Deferred Income Taxes 11,473 13,026
Other Non-Current Assets 104 47
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TOTAL ASSETS 53,233 34,469
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings 2,494 1,147
Accounts Payable 6,495 4,183
Accrued Payroll and Related Taxes 1,926 1,564
Other Accrued Expenses 1,245 531
Other Current Liabilities 115 190
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Total Current Liabilities 12,275 7,615
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LONG TERM DEBT 17,278 6,600
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TOTAL LIABILITIES 29,553 14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued - 10,103,759, Outstanding - 9,090,886
Common stock, par value $.01 per share 101 97
Treasury Shares at Cost - 1,012,873 shares (1,413) (1,413)
Additional Paid-in Capital 41,027 40,632
Retained Earnings (16,035) (19,062)
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TOTAL SHAREHOLDER'S EQUITY 23,680 20,254
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TOTAL LIABILITIES & EQUITY 53,233 34,469
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IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JUN 25, 2010 JUN 26, 2009 JUN 25, 2010 JUN 26, 2009
Sales 26,095 17,346 69,387 49,538
Cost of Sales 21,439 14,556 57,900 41,908
------------ ------------ ------------ ------------
Gross Profit 4,656 2,790 11,487 7,630
Less: Operating
Expenses
Selling & G&A 2,388 1,463 5,922 4,214
Restructuring 0 0 0 0
------------ ------------ ------------ ------------
Total Operating
Expenses 2,388 1,463 5,922 4,214
------------ ------------ ------------ ------------
Operating Profit 2,268 1,327 5,565 3,416
Interest and
Financing
Expense 238 90 594 304
Other Expense/
(Income) 17 (151) 205 (217)
------------ ------------ ------------ ------------
Net Income before
Income Taxes 2,013 1,388 4,766 3,329
Provision for/
(benefit from)
Income Tax 775 485 1,739 (724)
------------ ------------ ------------ ------------
Net Income 1,238 903 3,027 4,053
============ ============ ============ ============
Basic Earnings
Per Share $ 0.14 $ 0.11 $ 0.34 $ 0.46
Diluted Earnings
Per Share $ 0.13 $ 0.10 $ 0.32 $ 0.43
Basic Shares 9,055,280 8,524,317 8,955,212 8,745,240
Diluted Shares 9,629,326 9,322,368 9,608,748 9,386,616
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JUN 25, 2010 JUN 26, 2009 JUN 25, 2010 JUN 26, 2009
Net Income 1,238 903 3,027 4,053
Provision for/
(benefit from)
Income Tax 775 485 1,739 (724)
Depreciation and
Amortization
Expense 312 93 725 215
Net Interest
Expense/(Income) 238 90 594 304
------------ ------------ ------------ ------------
EBITDA 2,563 1,571 6,085 3,848
------------ ------------ ------------ ------------
Basic Earnings
Per Share $ 0.28 $ 0.18 $ 0.68 $ 0.44
Diluted Earnings
Per Share $ 0.27 $ 0.17 $ 0.63 $ 0.41
Basic Shares 9,055,280 8,524,317 8,955,212 8,745,240
Diluted Shares 9,629,326 9,322,368 9,608,748 9,386,616
Contact Information: Contact: Heather Keenan IEC Electronics Corp. (315) 332-4262 John Nesbett/Jennifer Belodeau Institutional Marketing Services (203) 972-9200