Business
Inventronics Announces 2009 Q3 Results
Inventronics Announces 2009 Q3 Results
About this update from Inventronics Limited
[{"type":"text","content":"\n\n\n\nNov. 26, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 26 /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 third quarter financial results.Inventronics reported sales of $1,552,000 for the third quarter of 2009 compared to third quarter sales of $4,132,000 in 2008.The net losses for the quarter ended September 30, 2009 were $170,000 or 3.9 cents per share, compared to a loss of $235,000 or 5.3 cents per share for the same quarter in 2008. Losses before reorganization costs were $149,000 for the quarter ended September 30, 2009 compared to losses of $92,000 in 2008.\"Sales for this quarter were substantially lower than the first half of this year because nearly all of our large customers suspended or depleted their capital budgets for 2009,\" said Dan Stearne, President and CEO. \"This low level of sales is expected to continue to the end of the year.\"About InventronicsInventronics 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 its 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 third quarter results will be filed with SEDAR at www.sedar.com before November 29, 2009.Selected Financial Information(in thousands of dollars, except per share amounts)Income StatementHighlights Three Months Ended Nine Months EndedSept 30 Sept 30 Sept 30 Sept 302009 2008 2009 2008Sales 1,552 4,132 7,980 15,156EBITDA, beforereorganization costs 51 141 975 976Net earnings (losses),before reorganizationcosts (149) (92) 361 285Net earnings (loss) (170) (235) 135 142Basic earnings (loss)per share, beforereorganizationcosts (3.9) cents (5.3) cents 3.1 cents 3.2 centsBalance Sheet Highlights September 30 December 312009 2008Working capital (deficiency) 667 (2,549)Capital assets 4,855 5,318Long-term debt (excluding current portion) 2,621 -Shar...