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. $115,545 in fiscal 2014).
This year's results provided net earnings of 0.7¢ per share (0.7¢ fully diluted) compared to 0.3¢ in the prior year (0.3¢ fully diluted). Detailed financial statements and MD&A will be available on www.sedar.com and the company website at www.iwgtech.com.
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The results are summarized as follows:
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Three month period ended
December 31
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Expressed in thousands of dollars
(except per share amounts)
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2014
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2013
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Change
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Revenue
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$ 1,995
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$ 1,481
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35%
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Gross profit
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978
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749
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31%
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Operating income
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378
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229
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65%
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Net Income
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256
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116
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121%
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Net Income per Share
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0.7¢
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0.3¢
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EBITDA
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465
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211
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EBITDA per Share
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1.2¢
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0.6¢
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"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.
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IWG Technologies, Inc., Unit One - 3771 North Fraser Way, Burnaby, BC V5J 5G5 Canada, Tel: (604) 255-5555, Fax: (604) 255-5685, www.iwgtech.com; Investor Relations: The Howard Group Inc., Jeff Walker / Grant Howard, Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.comCopyright CNW Group 2015