BURNABY, BC, Feb. 6, 2015 /CNW/ - IWG Technologies
Inc. (IWG) today announced its financial results for the fiscal
year ended December 31, 2014. All
amounts are expressed in Canadian dollars unless otherwise
indicated.
The Company is pleased to report first quarter revenue of
$1,994,886, a substantial increase
(35%) over the previous year's figure of $1,481,068. Income from operating
activities was $377,784 (vs.
$228,755 in fiscal 2014), while net
earnings were $256,443 (vs.
$115,545 in fiscal 2014).
This year's results provided net earnings of 0.7¢ per share
(0.7¢ fully diluted) compared to 0.3¢ in the prior year (0.3¢ 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
December 31
|
Expressed in
thousands of dollars
(except per share amounts)
|
2014
|
2013
|
Change
|
Revenue
|
$ 1,995
|
$ 1,481
|
35%
|
Gross
profit
|
978
|
749
|
31%
|
Operating
income
|
378
|
229
|
65%
|
Net Income
|
256
|
116
|
121%
|
Net Income per
Share
|
0.7¢
|
0.3¢
|
|
EBITDA
|
465
|
211
|
|
EBITDA per
Share
|
1.2¢
|
0.6¢
|
|
"The results for the first quarter of FY15 are substantially
higher than those of the same period in the previous year. The
company has delivered 10 consecutive quarters of profitability,
with a steadily increasing year-over-year revenue growth" says
Bruce Gowan, IWG's Chairman.
"It has been a very productive quarter for the company" said
Darryl Jacobs, President of
International Water-Guard. "We saw an increase of product
deliveries over first quarter of the previous year that has
exceeded our growth objectives. A strengthening US dollar also
supported improvement and we are starting to see results from our
company improvements which we expect will continue throughout this
fiscal year".
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.