IVX Earns 15 cents per share in 2006
CALGARY, March 1 /CNW/ - Inventronics Limited (IVX:TSX Venture), a
designer and manufacturer of custom enclosures for the communications,
electronics and other industries in North America, today announced its 2006
year-end financial results.
For the year ended December 31, Inventronics recorded a net profit of
$642,000 or 15 cents per share in 2006 compared to a net loss of $1,324,000 or
35 cents per share loss in 2005. For the three months ended December 31,
Inventronics reported a net loss of $125,000 or 3 cents per share in 2006
compared to a net loss of $161,000 or 4 cents per share in 2005.
Sales were $20,216,000 in 2006 compared to $17,699,000 in 2005 for an
increase of 14%. This increase is the product of a growing customer base and
increased infrastructure spending in the telecommunications and electronics
At December 31, 2006 the balance sheet of Inventronics shows no bank debt
and $3,500,000 of subordinated debt. This latter obligation is due in full on
December 31, 2007. Management believes that this obligation will be paid by
way of new debt financing and is working with a major chartered bank from
which the Company has received and accepted a letter of commitment.
"Our profit of $642,000 is reflective of our growing financial and market
strength," said Dan Stearne, Inventronics' President and CEO. "The loss of
$125,000 in the fourth quarter was the result of a number of our customers
reaching their capital budget spending limits before the end of the year. Most
of these customers have resumed spending in 2007 at the levels experienced in
2006. Sales and profits are expected to strengthen in 2007 as our customer
base continues to expand and telecommunications spending grows."
Inventronics Limited designs and manufactures custom enclosures and other
products for an array of customers in the telecommunications, electronics,
electric utilities and computer services industries in North America. The
Corporation owns its ISO 9001-registered production facility in Brandon,
Manitoba and has head offices in Calgary, Alberta.
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.
The Corporation's full 2006 annual financial results will be filed with
SEDAR at www.sedar.com by March 9, 2007.
Selected Financial Information:
Three Months Ended Year Ended
Income Statement Highlights Dec 31, Dec 31, Dec 31, Dec 31,
2006 2005 2006 2005
Sales $ 4,505 $ 5,498 $ 20,216 $ 17,699
restructuring charges 115 102 1,631 1,186
Restructuring charges - - - (1,390)
Net earnings (loss) $ (125) $ (161) $ 642 $ (1,323)
Basic and diluted earnings
(loss) per share: $ (0.03) $ (0.04) $ 0.15 $ (0.35)
Balance Sheet Highlights December 31, 2006 December 31, 2005
Working capital deficiency $ (3,045)(*) $ (673)
Capital assets 5,941 6,148
(excluding current portion) - 3,980
Shareholders' equity $ 3,023 $ 2,350
(*) Subsequent to December 31, 2007, the Company received and accepted a
conditional letter of commitment from a major chartered bank to provide
credit facilities, including a $3,500,000 term loan.
For further information:
For further information: Dan J. Stearne, President and CEO, (403)