CALGARY, April 16 /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 audited 2008 fourth quarter financial results.
Inventronics' independent auditors have now finished the audit of the 2008 financial statements. The unaudited financial results previously disclosed in a news release dated February 5, 2009 have not changed except for the reclassification of the Corporation's long term debt to current liabilities. Because the Corporation continues to be in violation of one of its banking covenant ratios the long term debt is callable. Under generally accepted accounting principles the full amount of the obligation must be shown as current. The Corporation is not in default with respect to any payment of interest or principle.
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 2008 annual financial results will be filed with SEDAR at www.sedar.com by April 17, 2009.
Selected Financial Information:
(in thousands of dollars, except per share amounts)
Income Statement Highlights Three Months Twelve Months
Ended Ended
Dec 31, Dec 31, Dec 31, Dec 31,
2008 2007 2008 2007
Sales 1,539 6,137 16,695 22,026
EBITDA, before reorganization costs (482) 577 494 1,386
Net earnings (loss) (927) 350 (785) 465
Basic earnings (loss) per share (21.0) 7.9 (17.8) 10.6
cents cents cents cents
Balance Sheet Highlights December 31, December 31,
2008 2007
Working capital (deficiency) (2,549) 735
Capital assets 5,318 5,718
Long-term debt (excluding current portion) - 2,940
Shareholders' equity 2,769 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.