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Inventronics Announces 2019 Q2 Financial Results

CALGARY, Alberta, Aug. 27, 2019 (GLOBE NEWSWIRE) -- 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 unaudited 2019 Q2 financial results.

For the three months ended June 30, 2019, Inventronics reported a net income of $134,000, or 3.0 cents per share, on revenue of $1,678,000 compared to a net loss of $47,000, or 1.1 cents per share, on revenue of $874,000 for the three months ended June 30, 2018.  For the six months ended June 30, 2019, Inventronics reported a net income of $154,000, or 3.5 cents per share, on revenue of $2,810,000 compared to a net loss of $140,000, or 3.2 cents per share, on revenue of $1,626,000 for the six months ended June 30, 2018.

Selected Financial Information  
 
Income Highlights   Three months ended Six months ended
(in thousands of dollars, except per share
amounts)
    Jun 30
2019
Jun 30
2018
Jun 30
2019
Jun 30
2018
             
Revenue     1,678 874 2,810 1,626
EBITDA     197 14 278 (21)
Net income (loss)     134 (47) 154 (140)
Basic income (loss) per share     3.0¢ (1.1)¢ 3.5¢ (3.2)¢


Statement of Financial Position Highlights      
(in thousands of dollars)
As at
  Jun 30
2019
Dec 31
2018
       
Working capital   633 492
Property, plant and equipment   2,144 2,177
Long-term debt, excluding current portion   2,197 2,242
Shareholders’ equity   580 426
       

Further information about the financial results of the Corporation can be found in the Corporation's unaudited interim financial statements for the quarter ended June 30, 2019 and accompanying management's discussion and analysis ("2019 Q2 MD&A") which have been filed on SEDAR at www.sedar.com.

About Inventronics

Inventronics Limited designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electric utility, cable television, oil and gas, 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 news 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 2019 Q2 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. 

FOR FURTHER INFORMATION PLEASE CONTACT:

Dan J. Stearne, President and CEO               (204) 717-0487                  dstearne@inventronics.com