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CALGARY, Aug. 20 /CNW/ - Inventronics Limited (IVX:TSX Venture), a designer and manufacturer of custom enclosures for the telecommunications, electric transmission, cable and other industries in North America, today announced its 2009 second quarter financial results.
Inventronics reported sales of $3,543,000 for the second quarter of 2009, compared to second quarter sales of $5,468,000 in 2008.
The net earnings for the quarter ended June 30, 2009 were $248,000 or 5.6 cents per share, compared to $205,000 or 4.7 cents per share for the same quarter in 2008. Earnings before reorganization costs were $355,000 for the quarter ended June 30, 2009 compared to $205,000 in 2008.
"Sales for the first half of 2009 were positively affected by a large unexpected demand from the Canadian telecommunications industry", said Dan Stearne, President and CEO. "Those projects were completed in July so sales for the balance of 2009 are expected to be substantially lower than the first half."
About Inventronics
Inventronics Limited designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electronics, electric utilities and computer services industries in North America. The Corporation owns its ISO 9001-2008 registered production facility in Brandon, Manitoba and has 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 products and its services, go to www.inventronics.com.
Inventronics' 2009 second quarter results will be filed with SEDAR at www.sedar.com before August 29, 2009.
Selected Financial Information:
(in thousands of dollars, except per share amounts)
Income Statement Highlights Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
Sales 3,543 5,468 6,428 11,023
EBITDA, before reorganization costs 561 438 925 835
Net earnings, before reorganization
costs 355 205 510 377
Net earnings 248 205 305 377
Basic earnings per share, before
reorganization costs 8.1 4.7 11.6 8.6
cents cents cents cents
Balance Sheet Highlights June 30, 2009 December 31, 2008
Working capital (deficiency) 738 (2,549)
Capital assets 5,011 5,318
Long-term debt (excluding current portion) 2,678 -
Shareholders' equity 3,071 2,769
Disclaimer
This news release contains forward looking information that represents the Corporation's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or the Corporation's future economic performance. These statements relate to future events or future performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to the production performance of Inventronics' assets, the cost and competition throughout the telecommunications industry in 2009, and the continuation of the current regulatory and tax regimes in the jurisdictions in which the Corporation operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to exchange rates, costs of production, outlook for sales, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.