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IEHC.. $4.15 Latest 10Q

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10 bagger   Friday, 08/06/10 12:49:43 PM
Re: 10 bagger post# 7
Post # of 18 
IEHC.. $4.15 Latest 10Q

As of June 25, 2010 and March 26, 2010

June 25, March 26,
2010 2010
(Unaudited)

ASSETS

CURRENT ASSETS:
Cash $ 427,131 $ 320,006
Accounts receivable, less allowances for doubtful accounts of $11,562 at June 25, 2010 and March 26, 2010 1,805,394 1,520,364
Inventories (Note 3) 2,757,200 2,573,196
Excess payments to accounts receivable factor (Note 6) - 224,040
Prepaid expenses and other current assets (Note 4) 568,516 110,320

Total Current Assets 5,558,241 4,747,926


PROPERTY, PLANT AND EQUIPMENT, less accumulated
depreciation and amortization of $7,122,052 at June 25, 2010 and $7,084,552 at March 26, 2010 (Note 5) 1,217,985 1,195,240
1,217,985 1,195,240

OTHER ASSETS:
Other assets 25,059 25,019
25,059 25,019

Total Assets $ 6,801,285 $ 5,968,185



















The accompanying notes should be read in conjunction with the financial statements.


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IEH CORPORATION


BALANCE SHEETS


As of June 25, 2010 and March 26, 2010




June 25, March 26,
2010 2010
(Unaudited)

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts receivable financing (Note 6) $ 26,054 $ -
Accrued corporate income taxes 350,809 8,009
Accounts payable 383,819 389,013
Workers compensation insurance assessments-
current portion (Note 8) 39,285 39,285
Other current liabilities (Note 7) 511,829 432,188

Total Current Liabilities 1,311,796 869,495

LONG-TERM LIABILITIES:
Workers compensation insurance assessments- net of
current portion (Note 8) 169,296 174,365
Total Long-Term Liabilities 169,296 174,365

Total Liabilities 1,481,092 1,042,860

STOCKHOLDERS’ EQUITY:
Common stock, $.01 par value; 10,000,000 shares authorized;
2,303,468 shares issued and outstanding at June 25, 2010 and March 26, 2010 23,035 23,035
Capital in excess of par value 2,744,573 2,744,573
Retained earnings (Note 9) 2,552,585 2,157,717
Total Stockholders’ Equity 5,320,193 4,925,325

Total Liabilities and Stockholders’ Equity $ 6,801,285 $ 5,968,185















The accompanying notes should be read in conjunction with the financial statements.


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IEH CORPORATION


STATEMENT OF OPERATIONS
(Unaudited)


For the Three Months Ended June 25, 2010 and June 26, 2009


Three Months Ended
June 25, June 26,
2010 2009

REVENUE, net sales $ 3,353,081 $ 2,877,700

COSTS AND EXPENSES

Cost of products sold 2,109,906 1,893,533
Selling, general and administrative 460,763 417,889
Interest expense 7,408 11,580
Depreciation 37,500 45,714
2,615,577 2,368,716


OPERATING INCOME 737,504 508,984

OTHER INCOME 164 90

INCOME BEFORE INCOME TAXES 737,668 509,074

PROVISION FOR INCOME TAXES (342,800 ) (157,800 )

NET INCOME $ 394,868 $ 351,274

BASIC AND DILUTED EARNINGS PER SHARE (Note 2) $ .17 $ .15

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (in thousands) 2,303 2,303













The accompanying notes should be read in conjunction with the financial statements.


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IEH CORPORATION


STATEMENT OF CASH FLOWS
(Unaudited)


For the Three Months Ended June 25, 2010 and June 26, 2009


Three Months Ended
June 25, June 26,
2010 2009


CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 394,868 $ 351,274

Adjustments to reconcile net income to net cash used in
operating activities:
Depreciation 37,500 45,714

Changes in assets and liabilities:
(Increase) in accounts receivable (285,030 ) (11,100 )
(Increase) in inventories (184,004 ) (119,497 )
Decrease in excess payments to accounts receivable factor 224,040 -
(Increase) in prepaid expenses and other current assets (458,196 ) (6,367 )
(Increase) in other assets (40 ) (25 )
(Decrease) in accounts payable (5,194 ) (34,020 )
Increase in other current liabilities 79,641 115,498
Increase in accrued corporate income taxes 342,800 71,184
(Decrease) in workers compensation assessment (5,069 ) (5,067 )

Total adjustments (253,552 ) 56,320

NET CASH PROVIDED BY OPERATING ACTIVITIES 141,316 407,594

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition of fixed assets (60,245 ) (42,381 )

NET CASH USED BY INVESTING ACTIVITIES $ (60,245 ) $ (42,381 )

























The accompanying notes should be read in conjunction with the financial statements.


- 6 -
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IEH CORPORATION


STATEMENT OF CASH FLOWS
(Unaudited)


For the Three Months Ended June 25, 2010 and June 26, 2009




Three Months Ended
June 25, June 26,
2010 2009

CASH FLOWS FROM FINANCING ACTIVITIES:
Net Activity of accounts receivable financing $ 26,054 $ (308,132 )

NET CASH (USED) BY FINANCING ACTIVITIES 26,054 (308,132 )

INCREASE IN CASH 107,125 57,081

CASH, beginning of period 320,006 169,316

CASH, end of period $ 427,131 $ 226,397

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the three months for:

Interest $ 3,563 $ 11,580

Income Taxes $ 355,000 $ 42,000

















The accompanying should be read in conjunction with the financial statements.


- 7 -
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IEH CORPORATION


NOTES TO FINANCIAL STATEMENTS
(Unaudited)


Note 1- INTERIM RESULTS AND BASIS OF PRESENTATION:


The accompanying unaudited financial statements as of June 25, 2010 and June 26, 2009 and for the three months then ended have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 25, 2010 and June 26, 2009 and the results of operations and cash flows for the three months then ended. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three months ended June 25, 2010, are not necessarily indicative of the results to be expected for any subsequent quarter or the entire fiscal year. The balance sheet at March 26, 2010 has been derived from the audited financial statements at that date.


Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes, however, that the disclosures in this report are adequate to make the information presented not misleading in any material respect. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto of IEH Corporation for the fiscal year ended March 26, 2010 included in the Company’s Annual Report on Form 10-K as filed with the SEC and the attached Management’s Discussion and Analysis of Financial Condition and Results of Operations.




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