BURNABY, BC, May 11, 2015 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the quarter ended March 31, 2015. All amounts are expressed in Canadian dollars unless otherwise indicated.
The Company announces second quarter revenue of $2,334,056, a 27% increase over $1,844,773 earned in the second quarter of fiscal 2014. Income from operating activities was $424,577 (vs. $274,396 in fiscal 2014), while net earnings were $296,802 (vs. $157,757 in fiscal 2014).
Six month revenue was $4,328,943, a 30% increase over $3,325,907from the same period of the prior year. Income from operating activities was $802,372 (vs. $503,217 in fiscal 2014) and net earnings were$553,256 (vs. $273,368 in fiscal 2014).
This year's second quarter results provided net earnings of 0.8¢ per share (1.4¢ year-to-date) compared to 0.4¢ in the same period of the prior year (0.7¢ year-to-date). Detailed financial statements and MD&A will be available on www.sedar.com and the company website atwww.iwgtech.com.
The results are summarized as follows:
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Three month period ended
March 31
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Six month period ended
March 31
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Expressed in thousands of dollars
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2015
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2014
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Change
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2015
|
2014
|
Change
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(except per share amounts)
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|
|
|
|
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|
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Revenue
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$2,334
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$1,845
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27%
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$ 4,329
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$ 3,326
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30%
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Gross Profit
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1,112
|
950
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17%
|
|
2,090
|
1,699
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23%
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Operating Income
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425
|
274
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55%
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|
802 |
503
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59%
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Net Income
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297
|
158
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88%
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|
553 |
273
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103%
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Net Income per Share
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0.008
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0.004
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0.014
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0.007
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EBITDA
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514
|
285
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80%
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|
979
|
496
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97%
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EBITDA per Share
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0.013
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0.007
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|
|
0.025
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0.013
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"We are very pleased with these record results for FY15 second quarter. With 11 consecutive quarters of profitability and steady year-over-year revenue growth behind us, the company continues to meet our growth expectations." says Bruce Gowan, IWG's Chairman.
"The first half of this fiscal year has been a significant improvement over the same period as last year, and customer demand for our products continues to grow. The strong US dollar has amplified these increases, and allowed us to absorb costs of product improvements as well as investments in the operation to accommodate future growth" said Darryl Jacobs, President of International Water-Guard.
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