Inventronics Announces 2023 Year End Financial Results

/EIN News/ -- CALGARY, Alberta, March 28, 2024 (GLOBE NEWSWIRE) -- Inventronics Limited (“Corporation”) (IVX:TSX Venture), a designer and manufacturer of enclosures for the telecommunication, cable, electric distribution, energy, and other industries in North America, today announced its 2023 audited annual and unaudited 2023 Q4 financial results.

For the year ended December 31, 2023, the Corporation reported net earnings of $369,000, or 7.6 cents per share, on revenue of $8,859,000 compared to net earnings of $2,093,000, or 43.4 cents per share, on revenue of $14,245,000 for the 2022 fiscal year. For the three months ended December 31, 2023, the Corporation reported a net loss of $207,000, or 4.2 cents per share, on revenue of $959,000 compared to net earnings of $252,000, or 5.2 cents per share, on revenue of $2,739,000, for the same period in 2022.

Income Highlights	Three months ended					Twelve months ended
(in thousands of dollars, except per share amounts)	Dec 31 2023		Dec 31 2022			Dec 31 2023			Dec 31 2022
Revenue	959		2,739			8,859			14,245
Net earnings (loss)	(207	)	252			369			2,093
Basic earnings (loss) per share	(4.2	)¢	5.2	¢		7.6	¢		43.4	¢

Statement of Financial Position Highlights
(in thousands of dollars) As at	Dec 31 2023		Dec 31 2022
Working capital	2,253		2,394
Property, plant and equipment	3,234		2,491
Long-term debt, including current portion	2,611		2,047
Shareholders’ equity	2,814		2,892

Further information about the financial results of the Corporation can be found in the Corporation's audited financial statements for the year ended December 31, 2023 and accompanying management's discussion and analysis, which have been 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 telecommunication, 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.

Neither the 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
                    dstearne@inventronics.com