CALGARY, March 13, 2012 /CNW/ - Inventronics Limited ("Inventronics" or the "Corporation") (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 2011 annual financial results and announced the appointment of Dan J. Stearne as President and CEO of the Corporation.
For the year ended December 31, 2011, Inventronics reported a net loss of $140,000, or 3.2 cents per share, on revenue of $4,979,000 compared to a net loss of $606,000, or 13.8 cents per share, on revenue of $4,938,000 for the 2010 fiscal year.
For the three months ended December 31, 2011, Inventronics reported a net loss of $113,000, or 2.6 cents per share, on revenue of $1,092,000 compared to a net loss of $159,000, or 3.6 cents per share, on revenue of $1,067,000, for the three months ended December 31, 2010.
At December 31, 2011, Inventronics was not in compliance with two of three long-term debt covenants under its lending agreement making the loan callable. Under International Financial Reporting Standards, Inventronics had reclassified as a current liability the portion of its debt scheduled to be paid subsequent to the one-year period from its December 31, 2011 balance sheet date. Inventronics is not in default with respect to any payment of loan principal or interest.
|Selected Financial Information|
| Income Highlights
(in thousands of dollars, except per share amounts)
|Three Months Ended||Twelve Months Ended|
|Basis loss per share||(2.6)¢||(3.6)¢||(3.2)¢||(13.8)¢|
| Statement of Financial Position Highlights
(in thousands of dollars)
|As at|| December 31
| December 31
|Property, plant and equipment||3,764||4,113|
|Long-term debt, excluding current portion||-||-|
|Total long-term debt||2,336||2,564|
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.
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.
This news release may contain 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. Except as otherwise required under applicable securities laws, 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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
W. Garth Wilson, CFO