News Column

IWG Announces Revenues and Operating Income for the Third Quarter of Fiscal 2014

August 6, 2014

BURNABY, BC, Aug. 6, 2014 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for fiscal 2014's third quarter ended June 30, 2014.

The Company is pleased to report third quarter revenue of $1,901,066, a 12% increase over the previous year's figure of $1,700,341.  Income from operating activities was $261,414 (vs. $344,998 in fiscal 2013), while net earnings were $194,549 (vs. to $180,891 in fiscal 2013).

The nine month revenue was $5,226,973, a 7% increase over the revenue of $4,886,746 from the comparable period of the prior year.  Income from operating activities was $764,632 (vs. $973,406 in fiscal 2013) and net earnings were $467,941 (vs. $555,429 in fiscal 2013).

This year's second quarter results provided net earnings of 0.5˘ per share (1.2˘ year-to-date) compared to 0.5˘ in the prior year (1.5˘ year-to-date), on both a basic and fully diluted basis.  Detailed financial statements and MD&A will be available on www.sedar.com and the company website at www.iwgtech.com.


The results are summarized as follows:  
          Three month period ended        Nine month period ended  
          June 30        June 30  
Expressed in thousands of dollars          2014 2013 Change        2014 2013 Change  
(except per share amounts)                                                
                                                 
Revenue          $ 1,901    $ 1,700      12%        $ 5,227    $ 4,887      7%  
Gross Profit            1,022      883      16%          2,720      2,529      8%  
Operating Income            261      345      (24%)          765      973      (21%)  
Net Income            195      181      8%          468      555      (16%)  
Net Income per Share            0.005      0.005                0.012      0.015         
EBITDA            354      299      18%          850      927      (8%)  
EBITDA per Share            0.009      0.008                0.022      0.025          



"The third quarter shows continued revenue growth, which has been a key focus for the Company since 2012" says Bruce Gowan, IWG's Chairman.

"Revenues for the third quarter this year were an improvement from the third quarter of fiscal 2013, with the strong US dollar and deliveries of IWG-M1 compact water systems increasing as anticipated.  Operating income declined for the quarter due to the engineering costs related to modifications of a product, and the cost of added facilities to accommodate growth.  The company continues to position itself for growth through investment in new and improved products" adds Darryl Jacobs, President of International Water-Guard Industries Inc.

IWG Technologies Inc. is the public holding company for International Water-Guard Industries Inc., a Canadian aerospace company focused on aircraft potable water treatment, water systems, water heaters and components. IWG has expertise in all aspects of water treatment, has the products and know-how to provide high quality water for passengers and crew, and lightweight, space-saving solutions for the aircraft operator.

On behalf of the Board of Directors

Bruce Gowan

Chairman of the Board

This news release contains certain forward-looking statements that reflect the current views and/ or expectations of IWG with respect to its performance, business and future events including statements with respect to completion of proposed or future transactions. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied.  IWG assumes no future obligation to update these forward looking statements except as required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

TSX VENTURE: IWG

 

SOURCE IWG Technologies Inc.


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Source: Canada Newswire


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