-- Revenue increased by more than 50% -- Operating Income increased by more than 45% -- EBITDA increased by more than 70%IEC Electronics Corp. (
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
Contact Information: Contact: Susan E. Topel-Samek Vice President & CFO IEC Electronics Corp. (315)332-4308 John Nesbett or Jennifer Belodeau Institutional Marketing Services (203)972-9200