Inventronics Announces 2020 Q2 Financial Results

CALGARY, Alberta, Aug. 27, 2020 (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 2020 Q2 financial results.

For the three months ended June 30, 2020, Inventronics reported net earnings of $371,000, or 8.4 cents per share, on revenue of $1,591,000 compared to net earnings of $134,000, or 3.0 cents per share, on revenue of $1,678,000 for the three months ended June 30, 2019.  For the six months ended June 30, 2020, Inventronics reported net earnings of $415,000, or 9.4 cents per share, on revenue of $2,635,000 compared to net earnings of $154,000, or 3.5 cents per share, on revenue of $2,810,000 for the six months ended June 30, 2019. The significant improvement in net earnings for both the three and six month periods of 2020 were positively impacted by the government support received through the Canada Emergency Wage Subsidy program, which amounted to $291,000 in the second quarter.

Selected Financial Information
Income Highlights		Three months ended		Six months ended
(in thousands of dollars, except per share amounts)		Jun 30 2020	Jun 30 2019	Jun 30 2020	Jun 30 2019
Revenue		1,591	1,678	2,635	2,810
EBITDA		435	197	544	278
Net earnings		371	134	415	154
Basic earnings per share		8.4¢	3.0¢	9.4¢	3.5¢

Statement of Financial Position Highlights
(in thousands of dollars) As at		Jun 30 2020	Dec 31 2019
Working capital		1,005	620
Property, plant and equipment		2,141	2,145
Long-term debt, excluding current portion		2,103	2,108
Shareholders’ equity		1,038	621

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, 2020 and accompanying management's discussion and analysis ("2020 Q2 MD&A") which have been filed on SEDAR at www.sedar.com.