BURNABY, BC, May 5, 2016 /CNW/ - IWG Technologies Inc.
(TSX-V: IWG) ("the Company" or "IWG") today announced its results
for the quarter ended March 31,
2016. All amounts are expressed in Canadian dollars unless
otherwise indicated.
The company reports second quarter revenue of $2,536,062, a 9% increase over $2,334,056 earned in the second quarter of fiscal
2015. Income from operating activities was $478,486 (2015 - $424,577), while net income was $346,581 (2015 - $296,787).
Six month revenue was $4,659,080,
an 8% increase over $4,328,943 from
the same period of the prior year. Income from operating
activities was $823,146 (2015 -
$802,372), while net income was
$619,975 (2015 – $553,241).
This year's second quarter results provided net earnings of 0.9¢
per share (1.6¢ year-to-date) compared to 0.8¢ in the same period
of the prior year (1.4¢ year-to-date). Detailed financial
statements and MD&A will be available on www.sedar.com and the
company website at www.iwgtech.com.
The results are summarized as follows:
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Three month
period ended
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Six month period
ended
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March
31
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March
31
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Expressed in
thousands of dollars
|
2016
|
2015
|
Change
|
|
2016
|
2015
|
Change
|
(except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
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$ 2,536
|
$ 2,334
|
9%
|
|
$ 4,659
|
$ 4,329
|
8%
|
Gross
Profit
|
1,401
|
1,112
|
26%
|
|
2,519
|
2,090
|
21%
|
Operating
Income
|
478
|
425
|
13%
|
|
823
|
802
|
3%
|
Net
Income
|
347
|
297
|
17%
|
|
620
|
553
|
12%
|
Net Income per
Share
|
0.009
|
0.008
|
|
|
0.016
|
0.014
|
|
EBITDA
|
643
|
514
|
25%
|
|
1,159
|
979
|
18%
|
EBITDA per
Share
|
0.016
|
0.013
|
|
|
0.029
|
0.025
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"In addition to reporting solid financial results, the Company
continues to invest in the development of new products and the
pursuit of new markets" says Bruce
Gowan, IWG Chairman.
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, heating, pressurization control and storage, 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.