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IEHC..$3.96. latest 10 Q.. down earnings..

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10 bagger   Tuesday, 11/09/10 10:13:27 AM
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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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Table of Contents



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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Table of Contents



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





















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