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IEC ELECTRONICS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 27, 2002 AND SEPTEMBER 30, 2002
(in thousands)
DECEMBER 27,2002 SEPTEMBER 30,2002
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ASSETS (Unaudited)
Current Assets:
Accounts receivable $ 4,578 $ 5,480
Inventories 2,847 3,412
Other current assets 205 186
Current assets-discontinued operations 286 348
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Total current assets 7,916 9,426
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Fixed Assets:
Land and land improvements 768 768
Building and improvements 3,995 3,995
Machinery and equipment 46,501 46,501
Furniture and fixtures 5,850 5,850
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Sub-total gross property 57,114 57,114
Less accumulated depreciation (53,195) (52,781)
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Total fixed assets - net 3,919 4,333
Asset held for sale - 497
Other non-current assets 139 -
Non-current assets - discontinued operations 801 809
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$ 12,775 $ 15,065
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 2,987 $ 3,128
Accounts payable 4,311 6,250
Accrued payroll and related expenses 550 697
Other accrued expenses 1,164 1,497
Other current liabilities -
discontinued operations 645 1,426
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Total current liabilities 9,657 12,998
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Long-term vendor payable 736 -
Long-term debt 1,141 1,268
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Total liabilities 11,534 14,266
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Shareholders’ Equity:
Preferred stock, par value $.01 per share
Authorized - 500,000 shares;
Issued and outstanding - none - -
Common stock, par value $.01 per share
Authorized - 50,000,000 shares
Issued and outstanding - 7,692,076 77 77
Treasury stock, 573 shares; at cost (11) (11)
Additional paid-in capital 38,418 38,418
Retained earnings (37,197) (37,640)
Accumulated other comprehensive loss -
Cumulative translation adjustments (46) (45)
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Total shareholders’ equity 1,241 799
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$ 12,775 $ 15,065
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