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Inventronics Announces 2019 Q3 Financial Results

CALGARY, Alberta, Nov. 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 Q3 financial results.

For the three months ended September 30, 2019, Inventronics reported a net income of $192,000, or 4.4 cents per share, on revenue of $1,898,000 compared to a net loss of $34,000, or 0.8 cents per share, on revenue of $1,282,000 for the three months ended September 30, 2018. For the nine months ended September 30, 2019, Inventronics reported a net income of $346,000, or 7.9 cents per share, on revenue of $4,708,000 compared to a net loss of $173,000, or 3.9 cents per share, on revenue of $2,908,000 for the nine months ended September 30, 2018.

Selected Financial Information        
         
Income Highlights Three months ended
Nine months ended
(in thousands of dollars, except per share amounts) Sept 30
2019
Sept 30
2018
Sept 30
2019
Sept 30
2018
         
Revenue 1,898 1,282  4,708 2,908 
EBITDA 261 216  538 195 
Net income (loss) 192 (34)
346 (173)
Basic income (loss) per share 4.4¢ (0.8)¢ 7.9¢ (3.9)¢


Statement of Financial Position Highlights    
(in thousands of dollars)
As at
Sept 30
2019
Dec 31
2018
     
Working capital 784 492
Property, plant and equipment 2,159 2,177
Long-term debt, excluding current portion 2,171 2,242
Shareholders’ equity 772 426

Further information about the financial results of the Corporation can be found in the Corporation's unaudited interim financial statements for the quarter ended September 30, 2019 and accompanying management's discussion and analysis ("2019 Q3 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