BURNABY,
BC, July 28, 2016 /CNW/
- Today, IWG Technologies Inc. (TSX-V: IWG) ("the Company" or
"IWG") released its results for the quarter ended June 30, 2016. All amounts are expressed in
Canadian dollars unless otherwise indicated.
The company reports third quarter revenue of
$2,344,268, a 4% decrease from
$2,453,910 earned in the third
quarter of fiscal 2015. Income from operating activities was
$365,565 (2015 - $465,065), while net income was $284,509 (2015 - $328,525).
Nine month revenue was $7,003,348, a 3% increase over $6,782,853 from the same period of the prior
year. Income from operating activities was $1,188,726 (2015 - $1,267,437), while net income was $904,581 (2015 – $881,766).
This year's third quarter results provided net
earnings of 0.7¢ per share (2.3¢ year-to-date) compared to 0.8¢ in
the same period of the prior year (2.3¢ 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:
|
|
|
|
Three month period
ended
|
Nine month period
ended
|
|
|
|
June
30
|
|
|
June
30
|
Expressed in thousands of
dollars
|
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
(except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$ 2,344
|
$ 2,454
|
(4%)
|
$ 7,003
|
$ 6,783
|
3%
|
Gross
Profit
|
1,263
|
1,112
|
14%
|
3,782
|
3,202
|
18%
|
Operating
Income
|
366
|
465
|
(21%)
|
1,189
|
1,267
|
(6%)
|
Net
Income
|
285
|
329
|
(13%)
|
905
|
882
|
3%
|
Net Income per
Share
|
0.7¢
|
0.8¢
|
|
2.3¢
|
2.3¢
|
|
EBITDA
|
529
|
676
|
(22%)
|
1,688
|
1,654
|
2%
|
EBITDA per
Share
|
1.3¢
|
1.7¢
|
|
4.3¢
|
4.2¢
|
|
Bruce Gowan, IWG
Chairman stated "Product timing issues and a recent decline in
business jet deliveries saw the quarter come in lighter than the
previous year. While the industry has estimated that business jet
deliveries are down 4.7% over last year, IWG has seen a 3% revenue
increase in the first 9 months of fiscal 2016. Also,
customer-driven changes have delayed the certification process for
a newly developed commercial aviation product which is expected to
provide revenue growth in fiscal 2017 and beyond. The company is
confident that its ability to deliver strong results will continue,
as evidenced by maintaining the year-over-year performance in the
face of these recent events."
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.