Inventronics Announces 2020 Q3 Financial Results

Inventronics Limited
·3-min read

CALGARY, Alberta, Nov. 26, 2020 (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 2020 Q3 financial results.

For the three months ended September 30, 2020, Inventronics reported net earnings of $284,000, or 6.5 cents per share, on revenue of $2,050,000 compared to net earnings of $192,000, or 4.4 cents per share, on revenue of $1,898,000 for the three months ended September 30, 2019. For the nine months ended September 30, 2020, Inventronics reported net earnings of $699,000, or 15.9 cents per share, on revenue of $4,685,000 compared to net earnings of $346,000, or 7.9 cents per share, on revenue of $4,708,000 for the nine months ended September 30, 2019. The improvement in net earnings for both the three and nine month periods of 2020 were positively impacted by the government support received through the Canada Emergency Wage Subsidy program, which amounted to $73,000 and $363,000, respectively.

Selected Financial Information

Income Highlights

Three months ended

Nine months ended

(in thousands of dollars, except per share amounts)

Sept 30

Sept 30

Sept 30

Sept 30

2020

2019

2019

2019

Revenue

2,050

1,898

4,685

4,708

EBITDA

344

261

887

538

Net earnings

284

192

699

346

Basic earnings per share

6.5¢

4.4¢

15.9¢

7.9¢


Statement of Financial Position Highlights

(in thousands of dollars)

Sept 30

Dec 31

As at

2020

2019

Working capital

1,164

620

Property, plant and equipment

2,250

2,145

Long-term debt, excluding current portion

2,091

2,108

Shareholders’ equity

1,322

621

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, 2020 and accompanying management's discussion and analysis ("2020 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 2020 Q3 MD&A.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dan J. Stearne, President and CEO

(204) 717-0487

dstearne@inventronics.com

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.