Inventronics Announces 2010 Q3 Results
24 Novembro 2010 - 8:00PM
PR Newswire (Canada)
CALGARY, Nov. 24 /CNW/ -- CALGARY, Nov. 24 /CNW/ - Inventronics
Limited (IVX:TSX Venture), a designer and manufacturer of custom
enclosures for the telecommunications, electric transmission, cable
television and other industries in North America, today announced
its unaudited 2010 third quarter financial results. For the three
months ended September 30, 2010, Inventronics reported net income
of $4,000, or 0.1 cents per share, on sales of $1.3 million
compared to a net loss of $170,000, or 3.9 cents per share, on
sales of $1.55 million for the third quarter of 2009. "Although
Inventronics experienced a difficult second quarter, with some of
our regular customers dramatically reducing their typical seasonal
spending pattern, the adjustments we made to our costs in the
second and third quarters allowed us to take advantage of the
modest improvement in customer demand that occurred during Q3",
said Dan Stearne, President & CEO. Selected Financial
Information Income Statement Highlights (in thousands of dollars,
except per share amounts) Three Months Ended Nine Months Ended Sept
30 Sept 30 Sept 30 Sept 30 2010 2009 2010 2009
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Sales 1,318 1,552 3,871 7,980 EBITDA, before Reorganization costs
200 51 139 975 Net earnings (loss) 4 (170) (447) 135 Basic earnings
(loss) per share 0.1 cents (3.9) cents (10.1) cents 3.1 cents
Balance Sheet Highlights (in thousands of dollars) Sept 30 Dec 31
Sept 30 As at 2010 2009 2009
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Working capital 153 323 667 Capital assets 4,254 4,702 4,855
Long-term debt, excluding current portion 2,393 2,564 2,621
Shareholders' equity 2,014 2,461 2,901 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 and
maintains a 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. 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, 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. Dan J. Stearne, President
and CEO, (403) 265-4880, dstearne@inventronics.com
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