IWG TECHNOLOGIES INC V.IWG

IWG Announces Growth in Revenues and Operating Inc

[dfi69]

IWG Announces Growth in Revenues and Operating Income for the First Quarter of Fiscal 2013

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TSX VENTURE: IWG


BURNABY, BC, Jan. 29, 2013 /CNW/ - IWG Technologies Inc. (IWG) today
announced its financial results for fiscal 2013's first quarter ended
December 31, 2012.




The Company is pleased to report quarter revenue of $1,351,363 a 6%
increase over the previous year's figure of $1,269,361. Income from
Operating Activities was $175,841 vs. $112,138 a 57% increase over a
year earlier. Net earnings were $108,227 compared to $123,793 for last
year's first quarter. Prior year's first quarter results benefited
with a foreign exchange gain.




This year's first quarter results provided net earnings of 0.3cents per
share compared to 0.3cents in the prior year, on both a basic and fully
diluted basis. 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








2012











2011








Change








(except per share amounts)



































Revenue





$


1,351








$


1,269








6%





Gross profit








660











668








-1%





Operating income








176











112








57%





Net Income








108











124








-13%





Net Income per Share








0.3cents











0.3cents














EBITDA





$


211








$


213














EBITDA per Share








0.6cents











0.6cents





















"First quarter revenue provided a continuation of revenue growth that
commenced in fiscal 2012 which resulted in record margins and net
profit. Operating income is also stronger but was offset in part by a
weaker US$ during the quarter that reduced the Company's net income
during the quarter," says Bruce Gowan, IWG's Chairman.




"Revenue growth is continuing in 2013 as IWG delivers to existing
contracts, the new Gulfstream 650 contract and introduces new
products", says Bruce MacCoubrey, President and CEO of International
Water-Guard Industries Inc.




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.










SOURCE: IWG Technologies Inc.



For further information:



IWG Technologies, Inc. Unit One - 3771 North Fraser Way, Burnaby, BC V5J 5G5 Canada Tel: [phone], Fax: [phone] www.iwgtech.com

Investor Relations: The Howard Group Inc. Jeff Walker / Grant Howard Toll Free: [e-mail]

[theinvestor22]

At first blush, earnings appear weaker than expected.  Some of this was due to currency fluctuation, but still the top line wasn't what I thought it would be.  Looking back over the years, I don't see a lot of seasonality, so that's not it.    The latest contracts are not in the earnings yet, so these results are not reflective of future potential.

[Sir_Holler]

Revenue was down about $300,000 vs. the prior quarter. It could just be quarter-to-quarter lumpiness. They should be able to make that up with the new contracts, growth, and given lumpiness in future quarters. The company has alot of cash.

[Sir_Holler]

At $.12 it is still selling for only 10 times earnings, and growing. Take the million in cash off the balance sheet, and and $.12 is like 8 times earnings. Might be best to average the last few quarters to cope with lumpiness.