Inventronics Announces 2008 Q4 Results



    CALGARY, Feb. 6 /CNW/ - Inventronics Limited (IVX:TSX Venture), a
designer and manufacturer of custom enclosures for the telecommunications,
electric transmission, cable and other industries in North America, today
announced its unaudited 2008 fourth quarter financial results.
    Inventronics reported sales of $1,539,000 for the fourth quarter of 2008,
compared to $6,137,000 for the fourth quarter of 2007.
    The net loss for the quarter ended December 31, 2008 was $927,000 or 21
cents per share, compared to a profit of $350,000 or 8 cents per share for the
same quarter in 2007.
    Included in the net loss was $273,000 of severance and other costs
incurred in the reorganization of operations done in response to the loss of
future revenue. The revenue decrease is the result of the Corporation's
largest customer not extending a supply agreement for products into the U.S.
which expired on October 15, 2008. Sales to that customer's U.S. operations in
the fourth quarter of 2008 were $400,000 and in the fourth quarter of 2007
were $4,171,000.
    As at December 31, 2008, Inventronics was in breach of one of the
financial covenants with its banker. Inventronics has engaged in discussion
with its banker in respect of such breach. Also, Inventronics has agreed with
its banker to amend its credit facility to reduce its principle payments for
the next 12 months from $50,000 per month to $10,000 per month and has
extended the term of the loan for one year from July, 2013 to July 2014,
during which extension Inventronics will make monthly payments of $40,000 per
month.

    About Inventronics

    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.

    
    Selected Financial Information:
    (in thousands of dollars, except per share amounts)

    Income Statement
     Highlights                 Three Months Ended       Twelve Months Ended
                               Dec 31,      Dec 31,      Dec 31,      Dec 31,
                                 2008         2007         2008         2007

    Sales                       1,539        6,137       16,695       22,026
    EBITDA                       (755)         577           78        1,385
    Net earnings (loss)          (927)         350         (785)         465
    Basic earnings
     (loss) per share    (21.1) cents    8.0 cents  (17.8) cents  10.6 cents

                                                 December 31,    December 31,
    Balance Sheet Highlights                            2008            2007

    Working capital                                      307             735
    Capital assets                                     5,318           5,718
    Long-term debt (excluding current portion)         2,855           2,940
    Shareholders' equity                               2,769           3,513
    

    Disclaimer

    This news release contains 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 in 2008, 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. The Corporation does not undertake to update any
forward-looking information in this document whether as to new information,
future events or otherwise.





For further information:

For further information: Dan J. Stearne, President and CEO, (403)
265-4880, dstearne@inventronics.com

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Inventronics Limited

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