BURNABY, BC,
Feb. 13, 2014 /CNW/ - IWG
Technologies Inc. (IWG) today announced its financial results for
fiscal 2014's first quarter ended December
31, 2013.
The Company is pleased to report quarter revenue of $1,481,068 a 10% increase over the previous
year's figure of $1,351,363.
Income from Operating Activities (before interest, foreign exchange
losses and taxes) was $228,755 vs.
$175,841, a 30% increase over a year
earlier. Net earnings were $115,545
compared to $108,227 in the prior
year's first quarter.
This year's first quarter results provided net earnings of 0.3¢
per share compared to 0.3¢ in the prior year, 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 |
| |
|
|
|
|
December 31 |
| Expressed in thousands of
dollars |
|
|
|
|
2013 |
|
|
|
2012 |
|
|
Change |
| |
(except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
1,481 |
|
|
$ |
1,351 |
|
|
10% |
| Gross
profit |
|
|
|
|
749 |
|
|
|
660 |
|
|
13% |
| Operating
income |
|
|
|
|
229 |
|
|
|
176 |
|
|
30% |
| Net
Income |
|
|
|
|
116 |
|
|
|
108 |
|
|
7% |
| Net Income per
Share |
|
|
|
|
0.003 |
|
|
|
0.003 |
|
|
|
|
EBITDA |
|
|
|
|
211 |
|
|
|
211 |
|
|
|
| EBITDA per
Share |
|
|
|
|
0.006 |
|
|
|
0.006 |
|
|
|
"First quarter revenue provided a continuation of revenue growth
that commenced in fiscal 2012 which resulted in record margins and
net profit. Operating income is also stronger, augmented in part by
a strong US dollar during the quarter that increased the Company's
net income during the period." says Bruce
Gowan, IWG's Chairman.
On January 6, 2014, the Company
welcomed a new President for its wholly owned subsidiary,
International Water-Guard Industries Inc. Darryl Jacobs is a seasoned aerospace executive
with expertise in complex aircraft systems, design, development,
airworthiness engineering and installation. He adds "I am
pleased that IWG is continuing to meet its growth targets in Q1
fiscal 2014. The new IWG-M1 compact water unit developed
during 2013 saw deliveries to FACC in the first quarter and volumes
are expected to grow throughout 2014. Combined with an
upgrade to the ES water heater product and strong OEM sales, we
expect to meet our targets for fiscal 2014."
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.