Inventronics Announces 2012 Q2 Financial Results
August 26 2012 - 5:36AM
PR Newswire (Canada)
CALGARY, Aug. 28, 2012 /CNW/ - Inventronics Limited ("Inventronics"
or the "Corporation") , a designer and manufacturer of custom
enclosures for the telecommunications, electric transmission, cable
television and other industries in North America, today announced
its unaudited 2012 second quarter financial results. For the three
months ended June 30, 2012, Inventronics reported a net loss of
$53,000, or 1.2 cents per share, on revenues of $1,282,000 compared
to net earnings of $113,000, or 2.6 cents per share, on revenues of
$1,564,000 for the three months ended June 30, 2011. For the
six months ended June 30, 2012, Inventronics reported a net loss of
$90,000, or 2.1 cents per share, on revenues of $2,458,000 compared
to net earnings of $52,000, or 1.2 cents per share, on revenues of
$2,726,000 for the six months ended June 30, 2011. On June 21,
2012, the Corporation and its new long-term debt lender finalized a
lending agreement to provide the Corporation a $2,400,000 long-term
loan in the form of a 30-year fixed rate mortgage at a rate of
7.1%. On June 21, 2012, proceeds of the new loan were used to
fully repay and discharge the Corporation's then existing term loan
in the amount of $2,279.000. Selected Financial Information Income
Statement Highlights (in thousands of dollars, except per share
amounts) Three Months Ended Six Months Ended June 30 June 30 June
30 June 30 2012 2011 2012 2011 Sales 1,282 1,564 2,458 2,726 EBITDA
80 248 169 326 Net earnings (loss) (53) 113 (90) 52 Basic loss per
share (1.2)¢ 2.6¢ (2.1)¢ 1.2¢ Balance Sheet Highlights (in
thousands of dollars) June 30 December 31 As at 2012 2011 Working
capital 374 (2,049) Capital assets 3,598 3,764 Long-term debt,
excluding current 2,347 - portion Shareholders' equity 1,625 1,715
About Inventronics Inventronics Limited designs and manufactures
custom enclosures and other products for an array of customers in
the telecommunications, electric utility, cable television,
electronics and computer services industries in North America. The
Corporation owns its ISO 9001-registered production facility in
Brandon, Manitoba. 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. Disclaimer This news release may contain
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 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. Except as otherwise
required under applicable securities laws, 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 policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Inventronics Limited CONTACT: W. Garth Wilson, CFO
(204) 728-2001 investor@inventronics.com
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