CALGARY, Nov. 26 /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 2009 third quarter financial results.
Inventronics reported sales of $1,552,000 for the third quarter of 2009 compared to third quarter sales of $4,132,000 in 2008.
The net losses for the quarter ended September 30, 2009 were $170,000 or 3.9 cents per share, compared to a loss of $235,000 or 5.3 cents per share for the same quarter in 2008. Losses before reorganization costs were $149,000 for the quarter ended September 30, 2009 compared to losses of $92,000 in 2008.
"Sales for this quarter were substantially lower than the first half of this year because nearly all of our large customers suspended or depleted their capital budgets for 2009," said Dan Stearne, President and CEO. "This low level of sales is expected to continue to the end of the year."
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 9001:2008 registered production facility in Brandon, Manitoba and has its corporate office 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' 2009 third quarter results will be filed with SEDAR at www.sedar.com before November 29, 2009.
Selected Financial Information
(in thousands of dollars, except per share amounts)
Income Statement
Highlights Three Months Ended Nine Months Ended
Sept 30 Sept 30 Sept 30 Sept 30
2009 2008 2009 2008
Sales 1,552 4,132 7,980 15,156
EBITDA, before
reorganization costs 51 141 975 976
Net earnings (losses),
before reorganization
costs (149) (92) 361 285
Net earnings (loss) (170) (235) 135 142
Basic earnings (loss)
per share, before
reorganization
costs (3.9) cents (5.3) cents 3.1 cents 3.2 cents
Balance Sheet Highlights September 30 December 31
2009 2008
Working capital (deficiency) 667 (2,549)
Capital assets 4,855 5,318
Long-term debt (excluding current portion) 2,621 -
Shareholders' equity 2,901 2,769
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 2009, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
