Business
Inventronics Announces 2005 Financial Results
Inventronics Announces 2005 Financial Results.
About this update from Inventronics Limited
[{"type":"text","content":"\n\n\n\n\nIVT achieves profitability before restructuring costs\n\nCALGARY, March 8 /CNW/ - Inventronics Limited (IVT:TSX Venture), a\ndesigner and manufacturer of custom enclosures for the communications,\nelectronics and other industries in North America, today announced its 2005\nyear-end financial results.\nFor the year ended December 31, Inventronics recorded a net loss of\n$1,323,000 or 7 cents per share in 2005 compared to a net loss of $2,620,000\nor 38 cents per share in 2004. For the three months ended December 31,\nInventronics reported a net loss of $142,000 or 1 cent per share in 2005\ncompared to a net loss of $1,886,000 or 27 cents per share in 2004.\nThe 2005 loss was entirely attributable to restructuring charges of\n$1,390,000 related to the debt restructuring approved by the shareholders on\nMarch 8, 2005. Before the restructuring costs, profit for the year was\n$67,000.\nInventronics' EBITDA before restructuring costs increased to $1,186,000\nin 2005, compared to $403,000 in 2004. Selling and administrative expenses\nwere reduced to $722,000 in 2005 from $984,000 in 2004.\nSales were $17,669,000 in 2005 compared to $13,706,000 in 2004 - a 29%\nincrease resulting from a recovering telecom sector and new customer sales.\nInfrastructure spending in Inventronics' core markets of\ntelecommunications and electronics has begun to increase at a modest annual\nrate. In addition, the Corporation's emphasis on growing sales outside its\ncore markets is continuing. Inventronics' number of non-telecom customers is\ngaining momentum, and increases in sales to these customers are projected for\n2006.\n\"Our profit of $67,000 (before restructuring costs) is small, but marks\nan important turning point,\" said Dan Stearne, Inventronics' President and\nCEO. \"Our loss of $142,000 in the fourth quarter was the result of incurring\ncosts required to ramp-up the operations to a level of activity not seen in\nmore than four years. This increased and growing sales activity is expected to\ncarry on through 2006 as telecom spending continues to grow and as we continue\nto gain new customers.\"\n\nAbout Inventronics\n\nInventronics Limited designs and manufactures custom enclosures and other\nproducts for an array of customers in the telecommunications, electronics,\nelectric utilities and computer services industries in North America...