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Inventronics Announces 2021 Q2 Financial Results

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CALGARY, Alberta, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Inventronics Limited (ā€œInventronicsā€ or the ā€œCorporationā€) (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 Q2 financial results.

For the three months ended June 30, 2021, Inventronics reported net earnings of $440,000, or 9.8 cents per share, on revenue of $2,776,000 compared to net earnings of $371,000, or 8.4 cents per share, on revenue of $1,591,000 for the three months ended June 30, 2020. For the six months ended June 30, 2021, Inventronics reported net earnings of $621,000, or 13.8 cents per share, on revenue of $4,576,000 compared to net earnings of $415,000, or 9.4 cents per share, on revenue of $2,635,000 for the six months ended June 30, 2020. Net earnings for both the three and six month periods of 2021 were substantially improved over the same periods of 2020 considering that $291,000 of government support had been received in the 2020 periods.

Selected Financial Information

Income Highlights

Three months ended

Six months ended

(in thousands of dollars, except per share amounts)

Jun 30
2021

Jun 30
2020

Jun 30
2021

Jun 30
2020

Revenue

2,776

1,591

4,576

2,635

EBITDA

508

435

751

544

Net earnings

440

371

621

415

Basic earnings per share

9.8Ā¢

8.4Ā¢

13.8Ā¢

9.4Ā¢


Statement of Financial Position Highlights

(in thousands of dollars)
As at

Jun 30
2021

Dec 31
2020

Working capital

1,685

1,078

Property, plant and equipment

2,309

2,310

Long-term debt, excluding current portion

2,054

2,079

Shareholdersā€™ equity

1,940

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 June 30, 2021 and accompanying management's discussion and analysis ("2021 Q2 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 ā€œIVX.ā€ 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 (ā€œEBITDAā€), as presented in this news release, is not a recognized measure under International Financial Reporting Standards (ā€œIFRSā€). 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 Corporationā€™s performance or to cash flows from operating, investing and financing activities as a measure of liquidity or cash flows. The Corporationā€™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 Q2 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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