Business
Inventronics Announces 2009 Annual Financial Results
Inventronics Announces 2009 Annual Financial Results
About this update from Inventronics Limited
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 18, 2010 (Canada NewsWire Group) -- /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 audited 2009 annual financial results.For the year ended December 31, 2009, Inventronics reported a net loss of $304,000, or 6.9 cents per share, on sales of $8,563,000 compared to a net loss of $785,000, or 17.8 cents per share, on sales of $16,695,000 for fiscal 2008. Included in the net loss for 2009 were reorganization expenses totalling $226,000 compared to $417,000 incurred during the prior year.For the three month period ended December 31, 2009, Inventronics reported a net loss of $439,000, or 10.0 cents per share, on sales of $583,000 compared to a net loss of $927,000, or 21.0 cents per share, on sales of $1,539,000 for the final quarter of 2008. Inventronics did not incur any reorganization expenses during the final quarter of 2009 compared to $273,000 incurred during the comparative quarter of 2008.Selected Financial InformationIncome Statement Highlights(in thousands of dollars,except per share Three Months Ended Twelve Months Endedamounts) Dec.31 Dec.31 Dec.31 Dec.312009 2008 2009 2008-------------------------------------------------------------------------Sales 583 1,539 8,563 16,695EBITDA, beforeReorganization costs (242) (482) 734 494Net loss (439) (927) (304) (785)Basis lossper share (10.0) cents (21.0) cents (6.9) cents (17.8) centsBalance Sheet Highlights(in thousands of dollars)December 31 December 31As at 2009 2008-------------------------------------------------------------------------Working capital 323 (2,549)Capital assets 4,702 5,318Long-term debt, excluding current portion 2,564 -Shareholders' equity 2,461 2,769About InventronicsInventronics 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 ...