Inventronics Announces 2008 Q2 Results

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[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 21 /CNW/ - Inventronics Limited (IVX:TSX Venture), a\ndesigner and manufacturer of custom enclosures for the telecommunications,\nelectric transmission, cable and other industries in North America, today\nannounced its 2008 second quarter financial results.\n\n\nInventronics reported sales of $5,468,000 for the second quarter of 2008,\ncompared to second quarter sales of $5,604,000 in 2007.\n\n\nThe net earnings for the quarter ended June 30, 2008 were $205,000 or 4.7\ncents per share, compared to $186,000 or 4.2 cents per share for the same\nquarter in 2007.\n\n\nAs previously announced the Corporation's largest customer, representing\n78% of sales in the first half of 2008, has notified the Corporation that it\nis not going to extend the contract with the Corporation as primary supplier\npast its expiry on October 15, 2008 and that the Corporation wil become its\nsecond supplier operating without a contract. In addition to the loss of\nrevenue expected with this significant reduction in sales, reorganization of\nthe operations is necessary and downsizing costs such as severance will be\nmaterial. Management has not yet fully assessed the consequences of the loss\nof the contract and the potential reductions in sales volume but expects\naggregate corporate sales volumes to be reduced by approximately 40% to 60% in\nfuture periods.\n\n\nAbout Inventronics\n\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. The\nCorporation owns its ISO 9001-registered production facility in Brandon,\nManitoba and has head offices in Calgary, Alberta.\n\n\nShares of Inventronics trade on the TSX Venture Exchange under the symbol\n"IVX." For more information about the Corporation, its products and its\nservices, go to www.inventronics.com.\n\n\nInventronics' 2008 first-quarter results will be filed with SEDAR at\nwww.sedar.com by August 29, 2008.\n\n\nSelected Financial Information:\n(in thousands, except per share amounts)\n\nIncome Statement Highlights Three Months Ended Six Months Ended\n June 30, June 30, June 30, June 30,\n 2008 2007 2008 2007\n\nSales 5,468 5,604 11,023 10,735\nEBITDA 438 420 836 910\nNet earnings 205 186 377 442\nBasic ea...

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