Return to Profitability
CALGARY, Aug. 10 /CNW/ - Inventronics Limited (IVT:TSXV), a designer and
manufacturer of custom metal enclosures for the communications, electronics
and other industries in North America, today announced its 2005 second-quarter
financial results.
Sales were $4,187,000 in the second quarter of 2005, an increase of 22%
over the second quarter sales of $3,437,000 in 2004. The increase in sales is
partly reflective of growing sales outside the communications market but is
most significantly affected by a growing activity in the telecom sector.
Net earnings for the quarter were $157,000 (1 cent per share) compared to
the net loss of $198,000 (3 cents per share) in the same period last year, and
EBITDA rose from $226,000 in the second quarter last year to $414,000 this
year.
"The recent restructuring set the stage for profitability," said
Dan Stearne, Inventronics' President and CEO. "We have now restructured our
contracts so that our largest customers share the fluctuating costs of steel
and currency, our debt and contingent liabilities have been repaid or
restructured to an affordable level, our traditional markets are improving and
we are gaining business from new customers. We are once again profitable with
every expectation for continued profitability."
About Inventronics
Inventronics Limited designs and manufactures custom enclosures and other
products for an array of customers in the telecommunications, electronics,
traffic controls, electric utilities and computer services industries in North
America. Inventronics' enclosures are sophisticated products that function as
permanent packaging to address a variety of customer concerns including
security, protection from the outside environment, ventilation and thermal
management, noise abatement, aesthetics and styling, electromagnetic
compatibility and component integration. The Corporation owns its
ISO 9001-registered production facility in Brandon, Manitoba, and has sales
and corporate offices in Calgary, Alberta.
Shares of Inventronics trade on the TSX Venture Exchange under the symbol
"IVT." For more information about the Corporation, its products and its
services, go to www.inventronics.com.
Inventronics' 2005 second-quarter results will be filed with SEDAR at
www.sedar.com by August 29, 2005.
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Selected Financial Information:
Three Months Ended Six Months Ended
Income Statement Highlights June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Sales $ 4,187 $ 3,437 $ 7,805 $ 6,701
EBITDA $ 414 $ 226 $ 678 $ 377
Restructuring Costs - - $ (1,383) -
Net earnings (loss) $ 157 $ (198) $ (1,299) $ (467)
Earning (Loss) per share - Basic 1 cents (3) cents (7) cents (7) cents
Balance Sheet Highlights June 30, 2005 December 31, 2004
Working capital $ (410) $ (673)
Capital assets $ 6,344 $ 6,586
Long-term debt (excluding current portion) $ 3,530 $ 4,669
Shareholders' equity $ 2,355 $ 1,404
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