CALGARY, Aug. 28, 2012 /CNW/ - Inventronics Limited ("Inventronics" or the "Corporation") (TSXV: IVX), a designer and manufacturer of custom enclosures for the telecommunications, electric transmission, cable television and other industries in North America, today announced its unaudited 2012 second quarter financial results.
For the three months ended June 30, 2012, Inventronics reported a net loss of $53,000, or 1.2 cents per share, on revenues of $1,282,000 compared to net earnings of $113,000, or 2.6 cents per share, on revenues of $1,564,000 for the three months ended June 30, 2011. For the six months ended June 30, 2012, Inventronics reported a net loss of $90,000, or 2.1 cents per share, on revenues of $2,458,000 compared to net earnings of $52,000, or 1.2 cents per share, on revenues of $2,726,000 for the six months ended June 30, 2011.
On June 21, 2012, the Corporation and its new long-term debt lender finalized a lending agreement to provide the Corporation a $2,400,000 long-term loan in the form of a 30-year fixed rate mortgage at a rate of 7.1%. On June 21, 2012, proceeds of the new loan were used to fully repay and discharge the Corporation's then existing term loan in the amount of $2,279.000.
|Selected Financial Information|
| Income Statement Highlights
(in thousands of dollars, except per share amounts)
|Three Months Ended||Six Months Ended|
| June 30
| June 30
| June 30
| June 30
|Net earnings (loss)||(53)||113||(90)||52|
|Basic loss per share||(1.2)¢||2.6¢||(2.1)¢||1.2¢|
| Balance Sheet Highlights
(in thousands of dollars)
|As at|| June 30
| December 31
|Long-term debt, excluding current portion||2,347||-|
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.
SOURCE: Inventronics Limited
For further information:
W. Garth Wilson, CFO