CALGARY, Nov. 24 /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 third quarter financial results.
For the three months ended September 30, 2010, Inventronics reported net income of $4,000, or 0.1 cents per share, on sales of $1.3 million compared to a net loss of $170,000, or 3.9 cents per share, on sales of $1.55 million for the third quarter of 2009.
"Although Inventronics experienced a difficult second quarter, with some of our regular customers dramatically reducing their typical seasonal spending pattern, the adjustments we made to our costs in the second and third quarters allowed us to take advantage of the modest improvement in customer demand that occurred during Q3", said Dan Stearne, President & CEO.
Selected Financial Information
Income Statement Highlights
(in thousands of dollars,
except per share amounts) Three Months Ended Nine Months Ended
Sept 30 Sept 30 Sept 30 Sept 30
2010 2009 2010 2009
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Sales 1,318 1,552 3,871 7,980
EBITDA, before
Reorganization costs 200 51 139 975
Net earnings (loss) 4 (170) (447) 135
Basic earnings (loss)
per share 0.1 cents (3.9) cents (10.1) cents 3.1 cents
Balance Sheet Highlights
(in thousands of dollars)
Sept 30 Dec 31 Sept 30
As at 2010 2009 2009
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Working capital 153 323 667
Capital assets 4,254 4,702 4,855
Long-term debt, excluding current portion 2,393 2,564 2,621
Shareholders' equity 2,014 2,461 2,901
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, (403) 265-4880, [email protected]
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