CALGARY, May 22 /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 2009 first quarter financial results.
Inventronics reported sales of $2,885,000 for the first quarter of 2009,
compared to first quarter sales of $5,555,000 in 2008. The reduction in sales
reflects the loss of the Company's largest customer.
The net earnings for the quarter ended March 31, 2009 were $57,000 or 1.3
cents per share, compared to $172,000 or 3.9 cents per share for the same
quarter in 2008. Earnings before reorganization costs were $155,000 for 2009
compared to $172,000 in 2008 which reflects an improvement from 3.1% to 5.4%
as a percentage of sales.
"The large sales reduction from 2008 saw the company lose its lowest
margin revenue and its exposure to foreign exchange fluctuations," said Dan
Stearne, President and CEO. "The improved margins mean that less revenue is
required to replace lost net income."
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.
Inventronics' 2009 first quarter results will be filed with SEDAR at
www.sedar.com before May 27, 2009.
Selected Financial Information:
(in thousands of dollars, except per share amounts)
Income Statement Highlights Three Months Ended
March 31, March 31,
Sales 2,885 5,555
EBITDA, before reorganization costs 364 397
Net earnings, before reorganization costs 155 172
Net earnings 57 172
Basic earnings per share 0.01 0.04
Balance Sheet Highlights March 31, December 31,
Working capital (deficiency) (2,326) (2,549)
Capital assets 5,152 5,318
Long-term debt (excluding current portion) - -
Shareholders' equity 2,826 2,769
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 2009, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Dan J. Stearne, President and CEO, (403)