Inventronics Announces 2013 Annual and Q4 Financial Results

CALGARY, March 6, 2014 /CNW/ - Inventronics Limited ("Inventronics" or the "Corporation") (IVX:TSX Venture), a designer and manufacturer of custom enclosures for the telecommunications, electric transmission, cable television and other industries in North America, today announced its audited 2013 annual financial results.

For the year ended December 31, 2013, Inventronics reported a net loss of $54,000, or 1.2 cents per share, on revenue of $5,577,000 compared to a net loss of $270,000, or 6.1 cents per share, on revenue of $4,672,000 for the 2012 fiscal year.

For the three months ended December 31, 2013, Inventronics reported a net loss of $161,000, or 3.7 cents per share, on revenue of $1,177,000 compared to a net loss of $108,000, or 2.4 cents per share, on revenue of $1,056,000, for the three months ended December 31, 2012.

Selected Financial Information
         
Income Highlights
(in thousands of dollars, except per share amounts)
Three Months Ended Twelve Months Ended
  Dec.31
2013
Dec.31
2012
Dec.31
2013
Dec.31
2012
         
Revenue 1,177 1,056 5,577 4,672
EBITDA (38) 38 467 277
Net loss (161) (108) (54) (270)
Basic loss per share (3.7)¢ (2.4)¢ (1.2)¢ (6.1)¢

Statement of Financial Position Highlights
(in thousands of dollars)
   
As at December 31
2013
December 31
2012
     
Working capital 577 355
Property, plant and equipment 3,134 3,431
Long-term debt, excluding current portion 2,338 2,365
Total long-term debt 2,365 2,390
Shareholders' equity 1,403 1,452

Further information about the financial results of the Corporation can be found in the Corporation's financial statements for the year ended December 31, 2013 and accompanying management's discussion and analysis (the "2013 MD&A") which have been filed on SEDAR at www.sedar.com.

About Inventronics

Inventronics Limited designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electric utility, cable television, electronics and computer services industries in North America. The Corporation owns its ISO 9001-registered production facility in Brandon, Manitoba.

Shares of Inventronics trade on the TSX Venture Exchange under the symbol "IVX." For more information about the Corporation, its products and its services, go to www.inventronics.com.

Non-IFRS Measures

Earnings before interest, tax, depreciation and amortization ("EBITDA"), as presented in this press release, is not a recognized measure under International Financial Reporting Standards ("IFRS").  However, management believes that EBITDA is a useful supplementary measure to net earnings, as it provides investors with an indication of cash earnings prior to debt service, capital expenditure, income tax and non-cash items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Corporation's performance or to cash flows from operating, investing and financing activities as a measure of liquidity or cash flows. The Corporation's method of calculating EBITDA may differ from the methods by which other companies calculate EBITDA and, accordingly, the EBITDA used herein may not be comparable to measures used by other companies. For further information relating to how the Corporation calculates EBITDA, including a reconciliation of EBITDA to net earnings, please see the Annual MD&A.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

SOURCE Inventronics Limited

For further information:


Dan J. Stearne, President and CEO
(204) 728-2001 ext. 145
dstearne@inventronics.com