BURNABY, BC, May 11, 2015 /CNW/ - IWG Technologies Inc.
(IWG) today announced its financial results for the quarter ended
March 31, 2015. All amounts are
expressed in Canadian dollars unless otherwise indicated.
The Company announces second quarter revenue of $2,334,056, a 27% increase over $1,844,773 earned in the second quarter of fiscal
2014. Income from operating activities was $424,577 (vs. $274,396 in fiscal 2014), while net earnings were
$296,802 (vs. $157,757 in fiscal 2014).
Six month revenue was $4,328,943,
a 30% increase over $3,325,907 from
the same period of the prior year. Income from operating
activities was $802,372 (vs.
$503,217 in fiscal 2014) and net
earnings were $553,256 (vs.
$273,368 in fiscal 2014).
This year's second quarter results provided net earnings of 0.8¢
per share (1.4¢ year-to-date) compared to 0.4¢ in the same period
of the prior year (0.7¢ year-to-date). 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
March 31
|
|
Six month period
ended
March 31
|
|
Expressed in
thousands of dollars
|
2015
|
2014
|
Change
|
|
2015
|
2014
|
Change
|
|
(except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$2,334
|
$1,845
|
27%
|
|
$ 4,329
|
$ 3,326
|
30%
|
|
Gross
Profit
|
1,112
|
950
|
17%
|
|
2,090
|
1,699
|
23%
|
|
Operating
Income
|
425
|
274
|
55%
|
|
802
|
503
|
59%
|
|
Net Income
|
297
|
158
|
88%
|
|
553
|
273
|
103%
|
|
Net Income per
Share
|
0.008
|
0.004
|
|
|
0.014
|
0.007
|
|
|
EBITDA
|
514
|
285
|
80%
|
|
979
|
496
|
97%
|
|
EBITDA per
Share
|
0.013
|
0.007
|
|
|
0.025
|
0.013
|
|
"We are very pleased with these record results for FY15 second
quarter. With 11 consecutive quarters of profitability and steady
year-over-year revenue growth behind us, the company continues to
meet our growth expectations." says Bruce
Gowan, IWG's Chairman.
"The first half of this fiscal year has been a significant
improvement over the same period as last year, and customer demand
for our products continues to grow. The strong US dollar has
amplified these increases, and allowed us to absorb costs of
product improvements as well as investments in the operation to
accommodate future growth" said Darryl
Jacobs, President of International Water-Guard.
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 has 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.