Inventronics Announces 2011 Q3 Financial Results

CALGARY, Nov. 29, 2011 /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 unaudited 2011 third quarter financial results.

For the three months ended September 30, 2011, Inventronics reported a net loss of $79,000, or 1.8 cents per share, on sales of $1,161,000 compared to net earnings of $4,000, or 0.1 cents per share, on sales of $1,318,000 for the third quarter of 2010.  For the nine months ended September 30, 2011, Inventronics reported a net loss of $27,000, or 0.6 cents per share, on sales of $3,887,000 compared to a net loss of $447,000, or 10.1 cents per share, on sales of $3,871,000, for the nine months ended September 30, 2010.

During the third quarter of 2011, Inventronics completed a review of useful lives and residual values for its most significant assets and, in accordance with IFRS, accounted for the resulting adjustment prospectively effective the beginning of the current fiscal year.  The effect was to reduce quarterly depreciation expense to approximately $90,000 from $140,000 and to reduce the estimated annual depreciation for 2011 to $369,000 from $565,000.  Inventronics will not issue restated interim financial statements for previously released affected period which consist of the first and second quarters of 2011.

Selected Financial Information
         
Income Statement Highlights
(in thousands of dollars, except per share amounts)
Three Months Ended Nine Months Ended
  Sept 30
2011
Sept 30
2010
Sept 30
2011
Sept 30
2010
Sales 1,161 1,318 3,887 3,871
EBITDA 54 200 380 139
Net earnings (loss) (79) 4 (27) (447)
Basis earnings (loss) per share (1.8)¢ 0.1¢ (0.6)¢ (10.1)¢

Balance Sheet Highlights
(in thousands of dollars)
   
As at September 30
2011
December 31
2010
Working capital (2,026) (2,258)
Capital assets 3,854 4,113
Long-term debt, excluding current portion - -
Shareholders' equity 1,828 1,855

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.

Disclaimer

This news release may contain forward looking information that represents the Corporation's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or the Corporation's future economic performance.  These statements relate to future events or future performance.  All statements other than the statements of historical fact may be forward-looking statements.  In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions.  The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to the production performance of Inventronics' assets, the cost and competition throughout the telecommunications industry and the continuation of the current regulatory and tax regimes in the jurisdictions in which the Corporation operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to exchange rates, costs of production, outlook for sales, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.  Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.  Except as otherwise required under applicable securities laws, the Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.

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:

W. Garth Wilson, CFO     (204) 728-2001           investor@inventronics.com

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Inventronics Limited

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