Inventronics Announces
2007 Q2 Results
Continued Strength of Sales and Earnings
Calgary, Alberta – (August 24, 2007) – Inventronics Limited (IVX:TSXV), a designer and
manufacturer of metal enclosures for the communications, electronics and other industries
in North America, today announced its 2007 second quarter financial results.
Inventronics reported sales of $5.604 million for the
second quarter of 2007, which is 10% higher than the first quarter sales of
$5.087 million in 2006. This level
of sales reflects the continuing strength of the telecommunications market and
growing sales to new customers.
The net earnings for the quarter ended June 30, 2007
were $186,000 or 4 cents per share, compared to $102,000 or 2 cents per share
for the same quarter in 2006. The difference is attributable to a growing
proportion of sales in
“With
the repayment of subordinated debt, which was due December 31, 2007, and
continuing strength in our markets, the fundamentals for continued profit and
growth are in place,” said Dan Stearne, President and CEO. “The only significant area of risk
is the continued weakening of the
About
Inventronics
Inventronics Limited designs and manufactures custom
enclosures and other products for an array of customers in the
telecommunications, electronics, traffic controls, 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.
Inventronics’ 2007 second quarter results will
be filed with SEDAR at www.sedar.com by August 29, 2007.
Disclaimer
This news release contains 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 in 2006, 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. The Corporation does not undertake to
update any forward-looking information in this document whether as to new
information, future events or otherwise.
Selected Financial Information:
Income Statement Highlights
|
Three Months Ended |
Six Months Ended |
||
|
June 30, 2007 |
June 30, 2006 |
June 30, 2007 |
June 30, 2006 |
|
|
|
|
|
|
|
|
Sales |
$ 5,604 |
$ 5,087 |
$
10,735 |
$
10,148 |
EBITDA
|
420 |
347 |
910 |
1,001 |
|
Net earnings |
$ 186 |
$ 102 |
$ 442 |
$ 501 |
|
Earnings per
share – Basic |
4¢ |
2¢ |
10¢ |
11¢ |
|
Balance
Sheet Highlights |
June 30, 2007 |
December 31, 2006 |
|
|
|
|
|
Working
capital |
$ 835 |
$ (2,918) |
|
Capital
assets |
5,747 |
5,941 |
|
Long-term
debt (excluding current portion) |
3,125 |
- |
|
Shareholders’
equity |
$ 3,481 |
$ 3,023 |
|
|
|
|
|
|
|
|
11,404
FOR FURTHER
INFORMATION PLEASE CONTACT:
Dan J.
Stearne, President and CEO (403) 265-4880,