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.
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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.
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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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