Inventronics Limited (IVX)

Inventronics earns $284,000 in Q3

2020-11-26 14:08 MT - News Release

Mr. Dan Stearne reports

INVENTRONICS ANNOUNCES 2020 Q3 FINANCIAL RESULTS

Inventronics Ltd. has released its unaudited third quarter 2020 financial results.

For the three months ended Sept. 30, 2020, Inventronics reported net earnings of $284,000, or 6.5 cents per share, on revenue of $2.05-million compared with net earnings of $192,000, or 4.4 cents per share, on revenue of $1,898,000 for the three months ended Sept. 30, 2019. For the nine months ended Sept. 30, 2020, Inventronics reported net earnings of $699,000, or 15.9 cents per share, on revenue of $4,685,000 compared with net earnings of $346,000, or 7.9 cents per share, on revenue of $4,708,000 for the nine months ended Sept. 30, 2019. The improvement in net earnings for both the three- and nine-month periods of 2020 was positively impacted by the government support received through the Canada emergency wage subsidy program, which amounted to $73,000 and $363,000, respectively.

SELECTED FINANCIAL INFORMATION
(in thousands of dollars, except per-share amounts)

Income highlights Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2020 2019 2020 2019

Revenue $2,050 $1,898 $4,685 $4,708
EBITDA 344 261 887 538
Net earnings 284 192 699 346
Basic earnings per share (in cents) 6.5 4.4 15.9 7.9

Further information about the financial results of the corporation can be found in the corporation's unaudited interim financial statements for the quarter ended Sept. 30, 2020, and accompanying management's discussion and analysis, which have been filed on SEDAR.

About Inventronics Ltd.

Inventronics designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electric utility, cable television, oil and gas, electronics, and computer service industries in North America. The corporation owns its ISO 9001-registered production facility in Brandon, Man.

Shares of Inventronics trade on the TSX Venture Exchange under the symbol IVX.