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Inventronics Announces 2021 Q3 Financial Results

  • Oct 21, 2021
  • 51 views
Source: 
GlobeNewswire

CALGARY, Alberta, Oct. 21, 2021 (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 2021 Q3 financial results.
 

For the three months ended September 30, 2021, Inventronics reported net earnings of $967,000, or 20.8 cents per share, on revenue of $3,348,000 compared to net earnings of $284,000, or 6.5 cents per share, on revenue of $2,050,000 for the same period in 2020. For the nine months ended September 30, 2021, Inventronics reported net earnings of $1,587,000, or 34.9 cents per share, on revenue of $7,924,000 compared to net earnings of $699,000, or 15.9 cents per share, on revenue of $4,685,000 for the nine months ended September 30, 2020. Net earnings for the three and nine month periods of 2021 were increased by $389,000 or 8.4 cents per share as a result of the recognition of the deferred tax benefit of non-capital loss carryforwards previously reported in the notes to the financial statements. These losses were recognised under IFRS reporting guidelines due to revenue and profit growth over the past few years and management’s anticipation of continuing profitability.

The net earnings performance in 2021 is further accentuated by the fact that in the three and nine month periods of 2020 net earnings benefited from COVID-19 related government support of $73,000 and $363,000, respectively.

On September 22, 2021, based on the strength of the 2021 financial results, the Inventronics Board of Directors declared a special dividend of 20 cents per share, payable on November 3, 2021. The declaration of this dividend has the effect of lowering the working capital for the Corporation into a more typical range required to support the future operation of the business.

Selected Financial Information
         
Income Highlights Three months ended Nine months ended
(in thousands of dollars, except per share amounts) Sept 30

2021
Sept 30

2020
Sept 30

2021
Sept 30

2020
Revenue 3,348 2,050 7,924 4,685
EBITDA 646 344 1,392 878
Net earnings 967 284 1,587 699
Basic earnings per share 20.8¢ 6.5¢ 34.9¢ 15.9¢


 

Statement of Financial Position Highlights    
(in thousands of dollars)

As at
Sept 30

2021
Dec 31

2020
Working capital 1,344 1,078
Property, plant and equipment 2,292 2,310
Long-term debt, excluding current portion 2,041 2,079
Shareholders’ equity 1,984 1,309

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, 2021 and accompanying management's discussion and analysis ("2021 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, energy, 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 2021 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.



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Source: Inventronics Limited

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