Inventronics Announces 2020 Year End Financial Results
CALGARY, Alberta, April 13, 2021 (GLOBE NEWSWIRE) — Inventronics Limited (“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 2020 audited annual and unaudited 2020 Q4 financial results.
For the year ended December 31, 2020, the Corporation reported net earnings of $684,000, or 15.5 cents per share, on revenue of $5,640,000 compared to net earnings of $195,000, or 4.4 cents per share, on revenue of $5,656,000 for the 2019 fiscal year. For the three months ended December 31, 2020, the Corporation reported a net loss of $15,000, or 0.4 cents per share, on revenue of $955,000 compared to a net loss of $151,000, or 3.5 cents per share, on revenue of $947,000, for the same period in 2019.
| Selected Financial Information | |||||
| Income Highlights | Three months ended | Twelve months ended | |||
| (in thousands of dollars, except per share amounts) | Dec 31 2020 | Dec 31 2019 | Dec 31 2020 | Dec 31 2019 | |
| Revenue | 955 | 947 | 5,640 | 5,656 | |
| EBITDA | 41 | (87) | 930 | 452 | |
| Net earnings (loss) | (15) | (151) | 684 | 195 | |
| Basic earnings (loss) per share | (0.4)¢ | (3.5)¢ | 15.5¢ | 4.4¢ | |
| Statement of Financial Position Highlights | ||
| (in thousands of dollars) As at | Dec 31 2020 | Dec 31 2019 |
| Working capital | 1,078 | 620 |
| Property, plant and equipment | 2,310 | 2,145 |
| Long-term debt, including current portion | 2,129 | 2,148 |
| Shareholders’ equity | 1,309 | 621 |
Further information about the financial results of the Corporation can be found in the Corporation’s audited financial statements for the year ended December 31, 2020 and accompanying management’s discussion and analysis, 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 refer to the MD&A posted on SEDAR.
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.