Inventronics Announces 2006 Financial Results
IVX Earns
15˘ per share in 2006
Calgary, Alberta –
March 1, 2007 –
Inventronics Limited (IVX:TSX Venture), a designer and manufacturer of custom
enclosures for the communications, electronics and other industries in North
America, today announced its 2006 year-end financial results.
For the year ended December 31, Inventronics recorded a net
profit of $642,000 or 15 cents per share in 2006 compared to a net loss of
$1,324,000 or 35 cents per share loss in 2005. For the
three months ended December 31, Inventronics reported a net loss of $125,000 or
3 cents per share in 2006 compared to a net loss of $161,000 or 4 cents per
share in 2005.
Sales were
$20,216,000 in 2006 compared to $17,699,000 in 2005 for an increase of 14%.
This increase is the product of a growing customer base and increased
infrastructure spending in the telecommunications and electronics industries.
At
December 31, 2006 the balance sheet of Inventronics shows no bank debt and
$3,500,000 of subordinated debt. This latter obligation is due in full on
December 31, 2007. Management believes that this obligation will be paid by way
of new debt financing and is working with a major chartered bank from which the
Company has received and accepted a letter of commitment.
“Our profit of $642,000 is reflective of our growing
financial and market strength,” said Dan Stearne, Inventronics’ President and
CEO. “The loss of $125,000 in the fourth quarter was the result of a number of
our customers reaching their capital budget spending limits before the end of
the year. Most of these customers have resumed spending in 2007 at the levels
experienced in 2006. Sales and profits are expected to strengthen in 2007 as
our customer base continues to expand and telecommunications spending grows.”
About
Inventronics
Inventronics Limited designs and manufactures custom
enclosures and other products for an array of customers in the
telecommunications, electronics, electric utilities and computer services
industries in
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.
The Corporation’s full 2006 annual financial results
will be filed with SEDAR at www.sedar.com by March 9, 2007.
Selected Financial Information:
|
Income
Statement Highlights |
Three Months Ended |
Year Ended |
||
|
Dec 31, 2006 |
Dec 31, 2005 |
Dec 31, 2006 |
Dec 31, 2005 |
|
|
|
|
|
|
|
|
Sales |
$ 4,505 |
$ 5,498 |
$
20,216 |
$
17,699 |
|
EBITDA before restructuring charges |
115 |
102 |
1,631 |
1,186 |
|
Restructuring charges |
- |
- |
- |
(1,390) |
|
Net earnings (loss) |
$ (125) |
$ (161) |
$ 642 |
$ (1,323) |
|
Basic and
diluted earnings (loss) per share: |
$ (0.03) |
$ (0.04) |
$ 0.15 |
$ (0.35) |
|
Balance
Sheet Highlights |
December 31, 2006 |
December 31, 2005 |
|
|
|
|
|
|
|
Working
capital deficiency |
$ (3,045)* |
$ (673) |
|
|
Capital
assets |
5,941 |
6,148 |
|
|
Long-term
debt (excluding current portion) |
- |
3,980 |
|
|
Shareholders’
equity |
$ 3,023 |
$ 2,350 |
|
* Subsequent
to December 31, 2007, the Company received and accepted a conditional letter of
commitment from a major chartered bank to provide credit facilities, including
a $3,500,000 term loan.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Dan J. Stearne, President and CEO (403) 265-4880, dstearne@inventronics.com