IVX Earns 11 cents per share in 2007
CALGARY, March 19 /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 2007 year-end financial results.
For the year ended December 31, Inventronics recorded a net profit of $465,000 or 11 cents per share in 2007 compared to a net profit of $642,000 or 15 cents per share in 2006. For the three months ended December 31, Inventronics reported net earnings of $350,000 or 8 cents per share in 2007 compared to a net loss of $125,000 or 3 cents per share in 2006.
Sales were $22,026,000 in 2007 compared to $20,216,000 in 2006 for an increase of 9%. This increase is the product of a growing customer base and increased infrastructure spending in the telecommunications and electronics industries.
"Sales were nicely higher in 2007 over 2006 yet net earnings were lower as a result of the devaluation of the United States dollar, particularly in the third quarter," said Dan Stearne, Inventronics' President and CEO. "In October we renegotiated our contract with our largest customer so that prices are now denominated in Canadian dollars. This resulted in improved earnings in the fourth quarter and the outlook for 2008."
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-registered production facility in Brandon, Manitoba and has head offices 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.
The Corporation's full 2007 annual financial results will be filed with SEDAR at www.sedar.com by March 25, 2008.
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 2008, 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.
Selected Financial Information:
Three Months Ended Year Ended
Income Statement Highlights Dec 31, Dec 31, Dec 31, Dec 31,
2007 2006 2007 2006
Sales $ 6,137 $ 4,505 $22,026 $20,216
EBITDA before restructuring
charges 578 115 1,386 1,631
Net earnings (loss) $ 350 $ (125) $ 465 $ 642
Basic earnings (loss) per
share $ 0.08 $ (0.03) $ 0.11 $ 0.15
December 31, December 31,
Balance Sheet Highlights 2007 2006
Working capital (deficiency) $ 735 $ (2,918)
Capital assets 5,718 5,941
Long-term debt (excluding current portion) 2,940 -
Shareholders' equity $ 3,513 $ 3,023