CALGARY, Alberta, May 09, 2024 (GLOBE NEWSWIRE) -- Inventronics Limited ("Corporation") (IVX:TSX Venture), a designer and manufacturer of enclosures for the telecommunications, cable, electric distribution, energy, and other industries in North America, today announced its unaudited 2024 Q1 financial results.
For the three months ended March 31, 2024, the Corporation reported net earnings of $8,000, or 0.2 cents per share, on revenue of $1,432,000 compared to net earnings of $325,000, or 6.7 cents per share, on revenue of $3,335,000 for the same period of 2023. The demand for enclosures has strengthened from the low levels experienced in the fourth quarter of 2023 as customers work their way through their excess inventories.
| Financial Highlights | Three months ended | ||
| (in thousands of dollars, except per share amounts) | Mar 31 2024 | Mar 31 2023 | |
| Revenue | 1,432 | 3,335 | |
| Net earnings | 8 | 325 | |
| Basic earnings per share | 0.2¢ | 6.7¢ | |
| Statement of Financial Position Highlights | |||
| (in thousands of dollars) As at | Mar 31 2024 | Dec 31 2023 | |
| Working capital | 2,206 | 2,254 | |
| Property, plant and equipment | 3,246 | 3,234 | |
| Long-term debt, excluding current portion | 2,391 | 2,437 | |
| Shareholders' equity | 2,824 | 2,814 |
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, 2024 and accompanying management's discussion and analysis ("2024 Q1 MD&A") filed on SEDAR+ at www.sedarplus.ca.
About Inventronics
Inventronics Limited designs and manufactures enclosures and other products for an array of customers in the telecommunications, cable, electric distribution, energy, 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.
