BURNABY, BC, Nov. 20, 2014 /CNW/ - IWG Technologies Inc.
(IWG) today announced its financial results for the fiscal year
ended September 30 2014. All amounts
are expressed in Canadian dollars unless otherwise indicated.
The Company is reporting the fifth consecutive year of revenue
growth with $7,396,697 for fiscal
2014, a 12% increase over the previous year's figure of
$6,606,464. Net earnings were
$751,022, a 23% decrease compared to
$969,996 in the prior year. The
annual amounts include fourth quarter revenues of $2,169,502, a 26% increase, and net earnings of
$283,081, a 28% decrease from the
prior year fourth quarter, attributed to infrastructure
improvements and product liability costs.
This year's results provided net earnings of 2.0 cents per share (1.9
cents fully diluted) compared to 2.6 in the prior year
(2.5 cents fully diluted).
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
September 30
|
|
|
Year
ended September 30
|
Expressed in
thousands of dollars
(except per share amounts)
|
|
|
|
|
2014
|
|
|
2013
|
|
Change
|
|
|
|
2014
|
|
|
2013
|
|
Change
|
Revenue
|
|
|
|
$
|
2,170
|
|
$
|
1,720
|
|
26%
|
|
|
$
|
7,397
|
|
$
|
6,606
|
|
12%
|
Gross
profit
|
|
|
|
|
901
|
|
|
1,037
|
|
(13%)
|
|
|
|
3,621
|
|
|
3,566
|
|
2%
|
Operating
income
|
|
|
|
|
423
|
|
|
506
|
|
(16%)
|
|
|
|
1,188
|
|
|
1,480
|
|
(20%)
|
Net income
|
|
|
|
|
283
|
|
|
415
|
|
(28%)
|
|
|
|
751
|
|
|
970
|
|
(23%)
|
Net income per
share
|
|
|
|
|
0.9¢
|
|
|
1.1¢
|
|
|
|
|
|
2.0¢
|
|
|
2.6¢
|
|
|
EBITDA
|
|
|
|
$
|
512
|
|
$
|
621
|
|
|
|
|
$
|
1,362
|
|
$
|
1,547
|
|
|
EBITDA per
share
|
|
|
|
|
1.3¢
|
|
|
1.6¢
|
|
|
|
|
|
3.6¢
|
|
|
4.1¢
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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"The results for fiscal 2014 show record revenues both in the
fourth quarter and the year. IWG continues its path of growth while
laying the groundwork necessary to meet the company's strategic
plan" says Bruce Gowan, IWG's
Chairman.
"2014 has been a transitional year for the company in that it
has produced record revenue, ramped up delivery of the IWG-M1, and
announced the IWG-TSeries Tankless Water Heater and the IWG-UV1
Water Treatment Unit" says Darryl
Jacobs, President of International Water-Guard Industries
Inc. "In addition, we have invested in larger and improved
facilities, reorganized and strengthened our leadership team and
expanded our product lines. Also, during the fourth quarter,
the Company addressed a new warranty cost. This issue is
being actively resolved with our customers and aircraft operators
to ensure the product experience IWG
promises."
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.