CALGARY, Alberta, April 27, 2023 (GLOBE NEWSWIRE) -- Inventronics Limited (“Inventronics” or the “Corporation”) (IVX:TSX Venture), a designer and manufacturer of enclosures for the telecommunications, electric transmission, cable television and other industries in North America, today announced its unaudited 2023 Q1 financial results.
For the three months ended March 31, 2023, Inventronics reported net earnings of $325,000, or 6.7 cents per share, on revenue of $3,335,000 compared to net earnings of $501,000, or 10.4 cents per share, on revenue of $3,787,000 for the same period of 2022. The inventory build-up by customers that occurred in the first quarter of 2022 moderated in early 2023 as they align their inventories to the availability of installers. The demand for internet bandwidth and changing communication technologies remains strong and the Corporation’s enclosure customers are shifting to a more sustainable long-term pace of installations across Canada and the USA.
| Selected Financial Information | ||
| Income Highlights | Three months ended | |
| (in thousands of dollars, except per share amounts) | Mar 31 2023 | Mar 31 2022 |
| Revenue | 3,335 | 3,787 |
| Net earnings | 325 | 501 |
| Basic earnings per share | 6.7¢ | 10.4¢ |
| Statement of Financial Position Highlights | ||
| (in thousands of dollars) As at | Mar 31 2023 | Dec 31 2022 |
| Working capital | 2,281 | 2,394 |
| Property, plant and equipment | 2,989 | 2,491 |
| Long-term debt, excluding current portion | 1,974 | 1,989 |
| Shareholders’ equity | 3,292 | 2,892 |
The Board of Directors has declared a special dividend of Cdn$0.12 per common share to be paid in cash on June 7, 2023 to shareholders of record on May 17, 2023. The dividend is designated as an “eligible dividend” for Canadian income tax purposes.
Further information about the financial results of the Corporation can be found in the Corporation's unaudited interim financial statements for the quarter ended March 31, 2023 and accompanying management's discussion and analysis ("2023 Q1 MD&A") filed on SEDAR at www.sedar.com.
About Inventronics
Inventronics Limited designs and manufactures enclosures and other products for an array of customers in the telecommunications, electric utility, cable television, oil and gas, electronics and other 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.
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.
