Continued Strength of Sales and Earnings
CALGARY, May 24 /CNW/ - Inventronics Limited (IVT:TSXV), a designer and manufacturer of custom metal enclosures for the communications, electronics and other industries in North America, today announced its 2007 first-quarter financial results.
Inventronics reported sales of $5.131 million for the first quarter of 2007, compared to first-quarter sales of $5.061 million in 2006. This level of sales reflects a strong telecommunications market and growing sales to new customers compared to the same quarter in the previous year when unusually large orders were sold to one Canadian customer.
The net earnings for the quarter ended March 31, 2007 were $256,000 or 6 cents per share, compared to $398,000 or 9 cents per share for the same quarter in 2006. The difference is the result of a larger proportion of sales to United States customers in 2007 which attract a lower level of profit.
"The profits earned in this quarter reflect a normal mix between Canadian and United States denominated sales unlike the same quarter last year when one large project resulted in very high Canadian sales," said Dan Stearne, President and CEO. "This level of sales and profitability is expected for the balance of 2007."
About Inventronics
Inventronics Limited designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electronics, traffic controls, electric utilities and computer services industries in North America. Inventronics' enclosures are sophisticated products that function as permanent packaging to address a variety of customer concerns including security, protection from the outside environment, ventilation and thermal management, noise abatement, aesthetics and styling, electromagnetic compatibility and component integration. The Corporation owns its ISO 9001-registered production facility in Brandon, Manitoba, and has sales and corporate offices in Calgary, Alberta.
Shares of Inventronics trade on the TSX Venture Exchange under the symbol "IVT." For more information about the Corporation, its products and its services, go to www.inventronics.com.
Inventronics' 2007 first-quarter results will be filed with SEDAR at www.sedar.com by May 23, 2007.
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 2006, 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:
Income Statement Highlights Three Months Ended
Mar 31, Mar 31,
2007 2006
Sales $ 5,131 $ 5,061
EBITDA 490 653
Net earnings $ 256 $ 398
Earnings per share - Basic 6 cents 9 cents
Balance Sheet Highlights March 31, December 31,
2007 2006
Working capital $ 700 $ (2,918)
Capital assets 5,785 5,941
Long-term debt (excluding current portion) 3,200 -
Shareholders' equity $ 3,285 $ 3,023