CALGARY, Alberta, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Inventronics Limited (“Inventronics” or the “Corporation”) (IVX:TSX Venture), a designer and manufacturer of custom enclosures for the telecommunications, electric transmission, cable television and other industries in North America, today announced its unaudited 2021 Q3 financial results.
For the three months ended September 30, 2021, Inventronics reported net earnings of $967,000, or 20.8 cents per share, on revenue of $3,348,000 compared to net earnings of $284,000, or 6.5 cents per share, on revenue of $2,050,000 for the same period in 2020. For the nine months ended September 30, 2021, Inventronics reported net earnings of $1,587,000, or 34.9 cents per share, on revenue of $7,924,000 compared to net earnings of $699,000, or 15.9 cents per share, on revenue of $4,685,000 for the nine months ended September 30, 2020. Net earnings for the three and nine month periods of 2021 were increased by $389,000 or 8.4 cents per share as a result of the recognition of the deferred tax benefit of non-capital loss carryforwards previously reported in the notes to the financial statements. These losses were recognised under IFRS reporting guidelines due to revenue and profit growth over the past few years and management’s anticipation of continuing profitability.
The net earnings performance in 2021 is further accentuated by the fact that in the three and nine month periods of 2020 net earnings benefited from COVID-19 related government support of $73,000 and $363,000, respectively.
On September 22, 2021, based on the strength of the 2021 financial results, the Inventronics Board of Directors declared a special dividend of 20 cents per share, payable on November 3, 2021. The declaration of this dividend has the effect of lowering the working capital for the Corporation into a more typical range required to support the future operation of the business.
https://www.globenewswire.com/news-release/2021/10/21/2318736/0/en/Inventronics-Announces-2021-Q3-Financial-Results.html