CALGARY, Alberta, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Inventronics Limited ("Inventronics" or the "Corporation") (IVX:TSX Venture), a designer and manufacturer of enclosures for the telecommunications, cable, power distribution, energy and other industries in North America, today announced its unaudited 2023 Q2 financial results.
For the three months ended June 30, 2023, Inventronics reported net earnings of $346,000, or 7.1 cents per share, on revenue of $3,103,000 compared to net earnings of $803,000, or 16.7 cents per share, on revenue of $4,269,000 for the three months ended June 30, 2022. For the six months ended June 30, 2023, Inventronics reported net earnings of $671,000, or 13.8 cents per share, on revenue of $6,438,000 compared to net earnings of $1,305,000, or 27.2 cents per share, on revenue of $8,056,000 for the comparative period in 2022.
The surge in revenue and profitability of 2022 was the result of customers building up inventories in response to supply chain challenges at that time. Those challenges have subsided, and the pace of installations has moderated to align with the availability of installation crews. These factors have combined to reduce the 2023 revenue and profitability, which is likely to persist through the latter half of 2023 as threats of recession continue to be discussed.
| Selected Financial Information | ||||||||
| Income Highlights | Three months ended | Six months ended | ||||||
| (in thousands of dollars, except per share amounts) | Jun 30 2023 | Jun 30 2022 | Jun 30 2023 | Jun 30 2022 | ||||
| Revenue | 3,103 | 4,269 | 6,438 | 8,056 | ||||
| Net earnings | 346 | 803 | 671 | 1,305 | ||||
| Basic earnings per share | 7.1¢ | 16.7¢ | 13.8¢ | 27.2¢ | ||||
| Statement of Financial Position Highlights | ||||
| As at (in thousands of dollars) | Jun 30 2023 | Dec 31 2022 | ||
| Working capital | 1,807 | 2,394 | ||
| Property, plant and equipment | 3,229 | 2,491 | ||
| Long-term debt, excluding current portion | 1,958 | 1,989 | ||
| Shareholders' equity | 3,074 | 2,892 |
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, 2023 and accompanying management's discussion and analysis ("2023 Q2 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, cable, power 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.
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.
