Continued Strength of Sales and Earnings
CALGARY, May 29 /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 2008 first quarter financial results.
Inventronics reported sales of $5.555 million for the first quarter of 2008, compared to first quarter sales of $5.131 million in 2007. This level of sales reflects the strong telecommunications market.
The net earnings for the quarter ended March 31, 2008 were $172,000 or 4 cents per share, compared to $256,000 or 6 cents per share for the same quarter in 2007. The difference is mainly related to human resource costs for recruiting and compensation.
"In Q1 and continuing into Q2 are abnormal costs related to sales force recruiting and the addition of a senior financial manager," said Dan Stearne, President and CEO. "Sales and margins are expected to remain strong for balance of 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.
Inventronics' 2008 first-quarter results will be filed with SEDAR at www.sedar.com by May 30, 2008.
Selected Financial Information:
Three Months Ended
Income Statement Highlights
March 31, 2008 March 31, 2007
Sales $ 5,555 $ 5,131
EBITDA before restructuring charges $ 397 $ 490
Net earnings $ 172 $ 256
Basic earnings per share $ 0.04 $ 0.06
Balance Sheet Highlights
March 31, 2008 December 31, 2007
Working capital $ 928 $ 735
Capital assets $ 5,645 $ 5,718
Long-term debt (excluding
current portion) $ 2,867 $ 2,940
Shareholders' equity $ 3,706 $ 3,513
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.