BURNABY, BC,
May 7, 2014 /CNW/ - IWG Technologies
Inc. (IWG) today announced its financial results for fiscal 2014's
second quarter ended March 31,
2014.
The Company is pleased to report second quarter revenue of
$1,844,773, in line with the previous
year's figure of $1,835,041.
Income from operating activities was $274,396 vs. $452,566 a year earlier. Net earnings were
$157,757 compared to $266,311 for last year.
Six month revenue was $3,325,907,
a 4% increase over the revenue of $3,186,405 from the comparable period of the
prior year. Income from operating activities was $503,217 (vs. $628,407 in fiscal 2013) and net earnings were
$273,368 (vs. $374,539 in fiscal 2013).
This year's second quarter results provided net earnings of 0.4¢
per share (0.7¢ year-to-date) compared to 0.7¢ in the prior year
(1.0¢ 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 |
Six month period ended |
|
March 31 |
March
31 |
Expressed in thousands of dollars |
2014 |
2013 |
Change |
2014 |
2013 |
Change |
(except per share amounts) |
|
|
|
|
|
|
Revenue |
$ 1,845 |
$ 1,835 |
1% |
$ 3,326 |
$ 3,186 |
4% |
Gross Profit |
950 |
986 |
(4%) |
1,699 |
1,646 |
3% |
Operating Income |
274 |
453 |
(40%) |
503 |
628 |
(20%) |
Net Income |
158 |
266 |
(41%) |
273 |
375 |
(27%) |
Net Income per Share |
0.004 |
0.007 |
|
0.007 |
0.010 |
|
EBITDA |
285 |
417 |
(32%) |
496 |
627 |
(21%) |
EBITDA per Share |
0.007 |
0.011 |
|
0.013 |
0.017 |
|
Bruce Gowan, IWG's Chairman
commented that "the company is pleased to continue its trend of
revenue growth along with first deliveries of its new IWG-M1
compact water system during a quarter of significant transitional
activities. These compact water system sales are scheduled to
increase in the coming quarters."
"Revenues of the second quarter this year were slightly better
than those of the second quarter 2013, but the decline in operating
income for the quarter was primarily due to the cost of added
facilities to accommodate growth, a higher weighting of lower
margin products in the quarter's sales mix and other one-time
engineering and administration costs incurred. The company
continues to position itself for growth through investment in new
and improved products" said President of International Water-Guard
Industries Inc., Darryl Jacobs.
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.