Inventronics Announces 2011 Annual Financial Results and Appointment of CEO

    




 CALGARY, March 13, 2012 /CNW/ - Inventronics Limited ("Inventronics" or  the "Corporation") , a designer and manufacturer of  custom enclosures for the telecommunications, electric transmission,  cable television and other industries in North America, today announced  its audited 2011 annual financial results and announced the appointment  of Dan J. Stearne as President and CEO of the Corporation. 

 For the year ended December 31, 2011, Inventronics reported a net loss  of $140,000, or 3.2 cents per share, on revenue of $4,979,000 compared  to a net loss of $606,000, or 13.8 cents per share, on revenue of  $4,938,000 for the 2010 fiscal year. 

 For the three months ended December 31, 2011, Inventronics reported a  net loss of $113,000, or 2.6 cents per share, on revenue of $1,092,000  compared to a net loss of $159,000, or 3.6 cents per share, on revenue  of $1,067,000, for the three months ended December 31, 2010. 

 At December 31, 2011, Inventronics was not in compliance with two of  three long-term debt covenants under its lending agreement making the  loan callable. Under International Financial Reporting Standards,  Inventronics had reclassified as a current liability the portion of its  debt scheduled to be paid subsequent to the one-year period from its  December 31, 2011 balance sheet date.  Inventronics is not in default  with respect to any payment of loan principal or interest. 





    Selected Financial Information

                                                                          

    Income Highlights                                  
    (in thousands of
    dollars, except per
    share amounts)             Three Months Ended       TwelveMonths Ended

                               Dec.31      Dec.31       Dec.31      Dec.31
                                 2011        2010         2011        2010

    Revenue                     1,092       1,067        4,979       4,938

    EBITDA                         18          31          398         169

    Net loss                    (113)       (159)        (140)       (606)

    Basis loss per share       (2.6)¢      (3.6)¢       (3.2)¢     (13.8)¢






  





    Statement of                                                          
    Financial Position
    Highlights
    (in thousands of
    dollars)

                                             December 31       December 31
    As at                                           2011              2010

    Working capital                              (2,049)           (2,258)

    Property, plant and                            3,764             4,113
    equipment

    Long-term debt,                                    -                 -
    excluding current
    portion

    Total long-term debt                           2,336             2,564

    Shareholders' equity                           1,715             1,855






  

 About Inventronics 

 Inventronics Limited designs and manufactures custom enclosures and  other products for an array of customers in the telecommunications,  electric utility, cable television, 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. 

 Disclaimer 

 This news release may contain forward looking information that  represents the Corporation's internal projections, expectations,  estimates or beliefs concerning, among other things, future operating  results and various components thereof or the Corporation's future  economic performance.  These statements relate to future events or  future performance.  All statements other than the statements of  historical fact may be forward-looking statements.  In some cases,  forward-looking statements can be identified by terminology such as  "may", "will", "should", "expects", "projects", "plans", "anticipates",  and similar expressions.  The projections, estimates and beliefs  contained in such forward-looking statements are based on management's  assumptions relating to the production performance of Inventronics'  assets, the cost and competition throughout the telecommunications  industry and the continuation of the current regulatory and tax regimes  in the jurisdictions in which the Corporation operates, and necessarily  involve known and unknown risks and uncertainties, including risks and  assumptions relating to exchange rates, costs of production, outlook  for sales, and other factors that may cause actual performance and  financial results in future periods to differ materially from any  projections of future performance or results expressed or implied by  such forward-looking statements.  Accordingly, readers are cautioned  that events or circumstances could cause results to differ materially  from those predicted.  Except as otherwise required under applicable  securities laws, the Corporation does not undertake to update any  forward-looking information in this document whether as to new  information, future events or otherwise. 

 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.  

Inventronics Limited


CONTACT:  W. Garth Wilson, CFO(204) [e-mail] 


    

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