CALGARY,
March 20, 2013 /CNW/ - Inventronics
Limited ("Inventronics" or the "Corporation") (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 audited 2012 annual financial results and the
addition of Mr. Robert Brookwell to
its board of directors.
For the year ended December 31, 2012, Inventronics reported a net
loss of $270,000, or 6.1 cents per share, on revenue of $4,672,000 compared to a net loss of $140,000, or 3.2
cents per share, on revenue of $4,979,000 for the 2011 fiscal year.
For the three months ended December 31, 2012, Inventronics reported a net
loss of $108,000, or 2.4 cents per share, on revenue of $1,056,000 compared to a net loss of $113,000, or 2.6
cents per share, on revenue of $1,092,000, for the three months ended
December 31, 2011.
Selected Financial Information |
|
|
|
|
|
Income Highlights
(in thousands of dollars, except per share amounts) |
Three Months Ended |
Twelve Months
Ended |
|
Dec.31
2012 |
Dec.31
2011 |
Dec.31
2012 |
Dec.31
2011 |
Revenue |
1,056 |
1,092 |
4,672 |
4,979 |
EBITDA |
38 |
18 |
277 |
398 |
Net loss |
(108) |
(113) |
(270) |
(140) |
Basis loss per share |
(2.4)¢ |
(2.6)¢ |
(6.1)¢ |
(3.2)¢ |
Statement of Financial Position
Highlights
(in thousands of dollars) |
|
|
As at |
December 31
2012 |
December 31
2011 |
Working capital |
355 |
(2,049) |
Property, plant and equipment |
3,431 |
3,764 |
Long-term debt, excluding current portion |
2,365 |
- |
Total long-term debt |
2,390 |
2,336 |
Shareholders' equity |
1,452 |
1,715 |
Further information about the financial results
of the Corporation can be found in the Corporation's financial
statements for the year ended December 31,
2012 and accompanying management's discussion and analysis
(the "2012 MD&A") which have been filed on SEDAR at
www.sedar.com.
New Director
Mr. Robert Brookwell is Executive
Vice President of Gemini Corporation and has 30 years of experience
in senior management positions within a number of different
industry sectors spanning all aspects of corporate services with
particular emphasis on finance, accounting, operations management,
information technology and human resources. From 2000 to
2005, Mr. Brookwell was Senior Vice President and Chief Financial
Officer for Inventronics. The appointment of Mr. Brookwell as a
director of the Corporation is subject to the approval of the TSX
Venture Exchange.
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.
Non-IFRS Measures
Earnings before interest, tax, depreciation and
amortization ("EBITDA"), as presented in this press release,
is not a recognized measure under International Financial Reporting
Standards ("IFRS"). However, management believes that
EBITDA is a useful supplementary measure to net earnings, as it
provides investors with an indication of cash earnings prior to
debt service, capital expenditure, income tax and non-cash items.
Readers should be cautioned, however, that EBITDA should not be
construed as an alternative to net earnings determined in
accordance with IFRS as an indicator of the Corporation's
performance or to cash flows from operating, investing and
financing activities as a measure of liquidity or cash flows. The
Corporation's method of calculating EBITDA may differ from the
methods by which other companies calculate EBITDA and, accordingly,
the EBITDA used herein may not be comparable to measures used by
other companies. For further information relating to how the
Corporation calculates EBITDA, including a reconciliation of EBITDA
to net earnings, please see the Annual MD&A.
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.
SOURCE Inventronics Limited