Subject: ERN
Inventronics Announces 2022 Q2 Financial Results
CALGARY, AB, Aug. 12, 2022 /CNW/ - Inventronics Limited ("Inventronics" or the "Corporation") (TSXV: IVX), a designer and manufacturer of enclosures for the telecommunications, cable, power distribution, energy and other industries in North America, today announced its unaudited 2022 Q2 financial results.
For the three months ended June 30, 2022, Inventronics reported net earnings of $803,000, or 16.7 cents per share, on revenue of $4,219,000 compared to net earnings of $440,000, or 9.8 cents per share, on revenue of $2,776,000 for the three months ended June 30, 2021. For the six months ended June 30, 2022, Inventronics reported net earnings of $1,305,000, or 27.2 cents per share, on revenue of $7,974,000 compared to net earnings of $621,000, or 13.8 cents per share, on revenue of $4,576,000 for the comparative period in 2021. The increase in revenue and profitability is a result of increased demand in both Canada and the USA for internet bandwidth and changing communication technologies that utilize the Corporation's enclosures.
Selected Financial Information | |||||
Income Highlights | Three months ended | Six months ended | |||
(in thousands of dollars, except per share amounts) | Jun 30 2022 | Jun 30 2021 | Jun 30 2022 | Jun 30 2021 | |
Revenue | 4,219 | 2,776 | 7,974 | 4,576 | |
Net earnings | 803 | 440 | 1,305 | 621 | |
Basic earnings per share | 16.7¢ | 9.8¢ | 27.2¢ | 13.8¢ | |
Statement of Financial Position Highlights | |||
(in thousands of dollars) As at | Jun 30 2022 | Dec 31 2021 | |
Working capital | 3,284 | 1,527 | |
Property, plant and equipment | 2,341 | 2,298 | |
Long-term debt, excluding current portion | 2,018 | 2,049 | |
Shareholders' equity | 3,637 | 2,287 |
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, 2022 and accompanying management's discussion and analysis ("2022 Q2 MD&A") which have been filed on SEDAR at www.sedar.com.
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.
SOURCE Inventronics Limited
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