CALGARY, Alberta, April 22, 2019 (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 2018 audited annual and unaudited 2018 Q4 financial results.

For the year ended December 31, 2018, Inventronics reported net income of $16,000, or 0.4 cents per share, on revenue of $4,616,000 compared to a net income of $81,000, or 1.8 cents per share, on revenue of $4,480,000 for the 2017 fiscal year.

For the three months ended December 31, 2018, Inventronics reported a net income of $189,000, or 4.3 cents per share, on revenue of $1,708,000 compared to a net loss of $45,000, or 1.0 cents per share, on revenue of $1,135,000, for the three months ended December 31, 2017.


Selected Financial Information    
     
Income HighlightsThree Months EndedTwelve Months Ended
(in thousands of dollars, except per share amounts)Dec 31
2018
Dec 31
2017
Dec 31
2018
Dec 31
2017
Revenue1,7081,1354,6164,480
EBITDA24912257321
Net income(loss)189(451681
Basic earnings(loss) per share4.3¢(1.0)¢0.4¢1.8¢


Statement of Financial Position Highlights  
(in thousands of dollars)
As at
December 31
2018
December 31
2017
Working capital491349
Property, plant and equipment2,1772,225
Long-term debt, excluding current portion2,1432,189
Shareholders’ equity426410


Effective April 18, 2019, Garth Wilson, who has been working a shortened work-week since August 2018, resigned from his position as Chief Financial Officer of the Corporation; however, Mr. Wilson will continue to perform regular monthly accounting activities for the Corporation on a contract basis.

Further information about the financial results of the Corporation can be found in the Corporation's audited annual financial statements for the year ended December 31, 2018 and accompanying management's discussion and analysis ("2018 Annual 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 2018 Annual MD&A.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dan J. Stearne, President and CEO
(204) 717-0487