Business
Inventronics Announces 2010 Q2 Results
Inventronics Announces 2010 Q2 Results
About this update from Inventronics Limited
[{"type":"text","content":"\n\n\n\n Aug. 20, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n CALGARY, Aug. 20 /CNW/ - Inventronics Limited (IVX:TSX Venture), a\n designer and manufacturer of custom enclosures for the\n telecommunications, electric transmission, cable television and other\n industries in North America, today announced its unaudited 2010 second\n quarter financial results.\n \n\n For the three months ended June 30, 2010, Inventronics reported a net\n loss of $337,000, or 7.7 cents per share, on sales of $993,000 compared\n to net earnings of $248,000, or 5.6 cents per share, on sales of\n $3,543,000 for the second quarter of 2009.  Inventronics did not incur\n any reorganization expenses in 2010 while it charged $107,000 against\n income during the second quarter of 2009.\n \n\n "Although we had anticipated lower sales year over year, some of our\n regular customers dramatically reduced their seasonal spending pattern",\n said Dan Stearne, President & CEO. "We have adjusted our costs, and\n orders have picked up so Q3 is expected to be an improvement."\n \n\n\n \n\n\n\n Selected Financial Information\n \n\n\n\n  \n \n\n  \n \n\n  \n \n\n  \n \n\n  \n \n\n\n\n Income Statement Highlights(in thousands of dollars,\n except per share amounts)\n \n\n Three Months Ended\n \n\n Six Months Ended\n \n\n\n\n  \n \n\n June 302010\n \n\n June 302009\n \n\n June 302010\n \n\n June 302009\n \n\n\n\n Sales\n \n\n 993\n \n\n 3,543\n \n\n 2,553\n \n\n 6,428\n \n\n\n\n EBITDA, before Reorganization costs\n \n\n (143)\n \n\n 561\n \n\n (61)\n \n\n 925\n \n\n\n\n Net earnings (loss)\n \n\n (337)\n \n\n 248\n \n\n (451)\n \n\n 305\n \n\n\n\n Basic earnings (loss) per share\n \n\n (7.7)¢\n \n\n 5.6¢\n \n\n (10.2)¢\n \n\n 6.9¢\n \n\n\n\n\n\n Balance Sheet Highlights(in thousands of dollars)\n \n\n  \n \n\n  \n \n\n  \n \n\n\n\n As at\n \n\n June 302010\n \n\n December 312009\n ...