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: |
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| |
|
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|
|
Three month period
ended |
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Nine month period ended |
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| |
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June 30 |
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June 30 |
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| Expressed in thousands of dollars |
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|
2014 |
2013 |
Change |
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|
|
2014 |
2013 |
Change |
|
| (except per share amounts) |
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| 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.