IEHC..$3.96. latest 10 Q.. down earnings..
IEH CORPORATION
BALANCE SHEETS
As of September 24, 2010 and March 26, 2010
September 24, March 26,
2010 2010
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 452,100 $ 320,006
Accounts receivable, less allowances for doubtful accounts of $11,562 at September 24, 2010 and March 26, 2010 1,718,625 1,520,364
Inventories (Note 3) 3,041,900 2,573,196
Excess payments to accounts receivable factor (Note 6) - 224,040
Prepaid expenses and other current assets (Note 4) 861,340 110,320
Total Current Assets 6,073,965 4,747,926
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation and amortization of $7,159,552 at September 24, 2010 and $7,084,552 at March 26, 2010 (Note 5) 1,247,440 1,195,240
1,247,440 1,195,240
OTHER ASSETS:
Other assets 25,109 25,019
25,109 25,019
Total Assets $ 7,346,514 $ 5,968,185
The accompanying notes should be read in conjunction with the financial statements.
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IEH CORPORATION
BALANCE SHEETS (Continued)
As of September 24, 2010 and March 26, 2010
September 24, March 26,
2010 2010
(Unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts receivable financing (Note 6) $ 97,838 $ -
Accrued corporate income taxes 728,351 8,009
Accounts payable 435,287 389,013
Workers compensation insurance assessments-
current portion (Note 8) 47,638 39,285
Other current liabilities (Note 7) 365,733 432,188
Total Current Liabilities 1,674,847 869,495
LONG-TERM LIABILITIES:
Workers compensation insurance assessments- net of
current portion (Note 8) 141,209 174,365
Total Long-Term Liabilities 141,209 174,365
Total Liabilities 1,816,056 1,042,860
STOCKHOLDERS’ EQUITY:
Common stock, $.01 par value; 10,000,000 shares authorized;
2,303,468 shares issued and outstanding at September 24, 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) 2,762,850 2,157,717
Total Stockholders’ Equity 5,530,458 4,925,325
Total Liabilities and Stockholders’ Equity $ 7,346,514 $ 5,968,185
The accompanying notes should be read in conjunction with the financial statements.
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IEH CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
For the Six Months Ended September 24, 2010 and September 25, 2009
Six Months Ended Three Months Ended
Sept. 24, Sept. 25, Sept. 24, Sept. 25,
2010 2009 2010 2009
REVENUE, net sales $ 6,667,527 $ 5,864,724 $ 3,314,446 $ 2,987,024
COSTS AND EXPENSES
Cost of products sold 4,274,228 3,870,207 2,164,322 1,976,674
Selling, general and administrative 975,911 843,517 515,148 425,628
Interest expense 17,225 26,175 9,817 14,595
Depreciation 75,000 88,314 37,500 42,600
5,342,364 4,828,213 2,726,787 2,459,497
OPERATING INCOME 1,325,163 1,036,511 587,659 527,527
OTHER INCOME 312 122 148 32
INCOME BEFORE INCOME TAXES 1,325,475 1,036,633 587,807 527,559
PROVISION FOR INCOME TAXES 720,342 315,600 377,542 157,800
NET INCOME $ 605,133 $ 721,033 $ 210,265 $ 369,759
BASIC AND DILUTED EARNINGS PER SHARE (Note 2) $ .26 $ .31 $ .09 $ .16
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
(in thousands) 2,303 2,303 2,303 2,303
AI
