CALGARY – Inventronics Limited says it may lose over half its revenues for the remainder of the year after learning its largest customer would not extend their contract with the firm beyond October 15.
"In addition to the loss of revenue expected with this significant reduction in sales, reorganization of the operations is necessary and downsizing costs such as severance will be material," Inventronics said in a release.
"Management has not yet fully assessed the consequences of the loss of the contract and the potential reductions in sales volume but expects aggregate corporate sales volumes to be reduced by approximately 40 to 60% in future periods."
Inventronics reported sales of $5.47 million for the second quarter of 2008,
compared to second quarter sales of $5.6 million in 2007.
