Business
Inventronics Announces 2008 Q4 Audited Results
CALGARY, April 16 /CNW/ - Inventronics Limited (IVX:TSX Venture), a designer and manufacturer of ...
About this update from Inventronics Limited
[{"type":"text","content":"\n\n\n\nCALGARY, April 16 /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 audited 2008 fourth quarter financial results.\n\n\nInventronics' independent auditors have now finished the audit of the\n2008 financial statements. The unaudited financial results previously\ndisclosed in a news release dated February 5, 2009 have not changed except for\nthe reclassification of the Corporation's long term debt to current\nliabilities. Because the Corporation continues to be in violation of one of\nits banking covenant ratios the long term debt is callable. Under generally\naccepted accounting principles the full amount of the obligation must be shown\nas current. The Corporation is not in default with respect to any payment of\ninterest or principle.\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\nThe Corporation's full 2008 annual financial results will be filed with\nSEDAR at www.sedar.com by April 17, 2009.\n\n\nSelected Financial Information:\n(in thousands of dollars, except per share amounts)\n\nIncome Statement Highlights Three Months Twelve Months\n Ended Ended\n Dec 31, Dec 31, Dec 31, Dec 31,\n 2008 2007 2008 2007\n\nSales 1,539 6,137 16,695 22,026\n\nEBITDA, before reorganization costs (482) 577 494 1,386\n\nNet earnings (loss) (927) 350 (785) 465\n\nBasic earnings (loss) per share (21.0) 7.9 (17.8) 10.6\n cents cents cents cents\n\n\n Balance Sheet Highlights December 31, December 31,\n 2008 2007\n\nWorking capital (deficiency) (2,549) 735\n\nCapital assets 5,318 5,718\n\nLong-term debt (excluding current portion) - 2,940\n\nShareholders' equity 2,769 3,513\n\n\nDisclaimer\n\n\nThis news release contains forward looking information t...