Inventronics Announces 2010 Q2 Results

CALGARY, Aug. 20 /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 unaudited 2010 second quarter financial results.

For the three months ended June 30, 2010, Inventronics reported a net loss of $337,000, or 7.7 cents per share, on sales of $993,000 compared to net earnings of $248,000, or 5.6 cents per share, on sales of $3,543,000 for the second quarter of 2009.  Inventronics did not incur any reorganization expenses in 2010 while it charged $107,000 against income during the second quarter of 2009.

"Although we had anticipated lower sales year over year, some of our regular customers dramatically reduced their seasonal spending pattern", said Dan Stearne, President & CEO. "We have adjusted our costs, and orders have picked up so Q3 is expected to be an improvement."

Selected Financial Information
         
Income Statement Highlights
(in thousands of dollars, except per share amounts)
Three Months Ended Six Months Ended
  June 30
2010
June 30
2009
June 30
2010
June 30
2009
Sales 993 3,543 2,553 6,428
EBITDA, before Reorganization costs (143) 561 (61) 925
Net earnings (loss) (337) 248 (451) 305
Basic earnings (loss) per share (7.7)¢ 5.6¢ (10.2)¢ 6.9¢


Balance Sheet Highlights
(in thousands of dollars)
     
As at June 30
2010
December 31
2009
June 30
2009
Working capital 58 323 738
Capital assets 4,402 4,702 5,011
Long-term debt, excluding current portion 2,450 2,564 2,678
Shareholders' equity 2010 2,461 3,071

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, maintains a corporate office in Calgary, Alberta and a regional sales office in Ontario.

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, 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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