Inventronics Announces 2009 Annual Financial Results

CALGARY, March 18 /CNW/ - Inventronics Limited (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 2009 annual financial results.

For the year ended December 31, 2009, Inventronics reported a net loss of $304,000, or 6.9 cents per share, on sales of $8,563,000 compared to a net loss of $785,000, or 17.8 cents per share, on sales of $16,695,000 for fiscal 2008. Included in the net loss for 2009 were reorganization expenses totalling $226,000 compared to $417,000 incurred during the prior year.

For the three month period ended December 31, 2009, Inventronics reported a net loss of $439,000, or 10.0 cents per share, on sales of $583,000 compared to a net loss of $927,000, or 21.0 cents per share, on sales of $1,539,000 for the final quarter of 2008. Inventronics did not incur any reorganization expenses during the final quarter of 2009 compared to $273,000 incurred during the comparative quarter of 2008.

    
    Selected Financial Information

    Income Statement Highlights
    (in thousands of dollars,
     except per share           Three Months Ended       Twelve Months Ended
     amounts)                  Dec.31       Dec.31       Dec.31       Dec.31
                                 2009         2008         2009         2008
    -------------------------------------------------------------------------

    Sales                         583        1,539        8,563       16,695
    EBITDA, before
     Reorganization costs        (242)        (482)         734          494
    Net loss                     (439)        (927)        (304)        (785)
    Basis loss
     per share           (10.0) cents (21.0) cents  (6.9) cents (17.8) cents



    Balance Sheet Highlights
    (in thousands of dollars)
                                                    December 31  December 31
    As at                                                  2009         2008
    -------------------------------------------------------------------------

    Working capital                                         323       (2,549)
    Capital assets                                        4,702        5,318
    Long-term debt, excluding current portion             2,564            -
    Shareholders' equity                                  2,461        2,769
    

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 and maintains a corporate office 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.

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.

SOURCE Inventronics Limited

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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