Inventronics Announces 2011 Annual Financial Results and Appointment of CEO
13 Março 2012 - 3:40PM
PR Newswire (Canada)
CALGARY, March 13, 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 audited 2011 annual financial results
and announced the appointment of Dan J. Stearne as President and
CEO of the Corporation. For the year ended December 31, 2011,
Inventronics reported a net loss of $140,000, or 3.2 cents per
share, on revenue of $4,979,000 compared to a net loss of $606,000,
or 13.8 cents per share, on revenue of $4,938,000 for the 2010
fiscal year. For the three months ended December 31, 2011,
Inventronics reported a net loss of $113,000, or 2.6 cents per
share, on revenue of $1,092,000 compared to a net loss of $159,000,
or 3.6 cents per share, on revenue of $1,067,000, for the three
months ended December 31, 2010. At December 31, 2011, Inventronics
was not in compliance with two of three long-term debt covenants
under its lending agreement making the loan callable. Under
International Financial Reporting Standards, Inventronics had
reclassified as a current liability the portion of its debt
scheduled to be paid subsequent to the one-year period from its
December 31, 2011 balance sheet date. Inventronics is not in
default with respect to any payment of loan principal or interest.
Selected Financial Information Income Highlights (in thousands of
dollars, except per share amounts) Three Months Ended TwelveMonths
Ended Dec.31 Dec.31 Dec.31 Dec.31 2011 2010 2011 2010 Revenue 1,092
1,067 4,979 4,938 EBITDA 18 31 398 169 Net loss (113) (159) (140)
(606) Basis loss per share (2.6)¢ (3.6)¢ (3.2)¢ (13.8)¢ Statement
of Financial Position Highlights (in thousands of dollars) December
31 December 31 As at 2011 2010 Working capital (2,049) (2,258)
Property, plant and 3,764 4,113 equipment Long-term debt, - -
excluding current portion Total long-term debt 2,336 2,564
Shareholders' equity 1,715 1,855 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) 728-2001investor@inventronics.com
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