Inventronics Announces 2010 Q1 Results

CALGARY, May 27 /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 first quarter financial results.

For the three months ended March 31, 2010, Inventronics reported a net loss of $114,000, or 2.6 cents per share, on sales of $1,560,000 compared to net earnings of $57,000, or 1.3 cents per share, on sales of $2,885,000 for the first quarter of 2009. Inventronics did not incur any reorganization expenses in 2010 while it charged $98,000 against income during the first quarter of 2009.

    
    Selected Financial Information

    Income Statement Highlights
    (in thousands of dollars, except per share amounts)   Three Months Ended
                                                         March 31   March 31
                                                             2010       2009
    -------------------------------------------------------------------------

    Sales                                                   1,560      2,885
    EBITDA, before Reorganization costs                        81        364
    Net earnings (loss)                                      (114)        57
    Basic earnings (loss) per share                   (2.6) cents  1.3 cents


    Balance Sheet Highlights
    (in thousands of dollars)
                                              March 31   December   March 31
    As at                                         2010    31 2009       2009
    -------------------------------------------------------------------------

    Working capital                                302        323     (2,326)
    Capital assets                               4,552      4,702      5,152
    Long-term debt, excluding current portion    2,507      2,564          -
    Shareholders' equity                         2,347      2,461      2,826
    

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, 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.

For further information: Dan J. Stearne, President and CEO, [phone], [email protected]