BURNABY, BC, May 7, 2014 /CNW/ - IWG Technologies Inc. (IWG) today
announced its financial results for fiscal 2014's second quarter ended
March 31, 2014.
The Company is pleased to report second quarter revenue of $1,844,773,
in line with the previous year's figure of $1,835,041. Income from
operating activities was $274,396 vs. $452,566 a year earlier. Net
earnings were $157,757 compared to $266,311 for last year.
Six month revenue was $3,325,907, a 4% increase over the revenue of
$3,186,405 from the comparable period of the prior year. Income from
operating activities was $503,217 (vs. $628,407 in fiscal 2013) and net
earnings were $273,368 (vs. $374,539 in fiscal 2013).
This year's second quarter results provided net earnings of 0.4¢ per
share (0.7¢ year-to-date) compared to 0.7¢ in the prior year (1.0¢
year-to-date), 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
|
Six month period ended
|
|
March 31
|
March 31
|
Expressed in thousands of dollars
|
2014
|
2013
|
Change
|
2014
|
2013
|
Change
|
(except per share amounts)
|
|
|
|
|
|
|
Revenue
|
$ 1,845
|
$ 1,835
|
1%
|
$ 3,326
|
$ 3,186
|
4%
|
Gross Profit
|
950
|
986
|
(4%)
|
1,699
|
1,646
|
3%
|
Operating Income
|
274
|
453
|
(40%)
|
503
|
628
|
(20%)
|
Net Income
|
158
|
266
|
(41%)
|
273
|
375
|
(27%)
|
Net Income per Share
|
0.004
|
0.007
|
|
0.007
|
0.010
|
|
EBITDA
|
285
|
417
|
(32%)
|
496
|
627
|
(21%)
|
EBITDA per Share
|
0.007
|
0.011
|
|
0.013
|
0.017
|
|
Bruce Gowan, IWG's Chairman commented that "the company is pleased to
continue its trend of revenue growth along with first deliveries of its
new IWG-M1 compact water system during a quarter of significant
transitional activities. These compact water system sales are
scheduled to increase in the coming quarters."
"Revenues of the second quarter this year were slightly better than
those of the second quarter 2013, but the decline in operating income
for the quarter was primarily due to the cost of added facilities to
accommodate growth, a higher weighting of lower margin products in the
quarter's sales mix and other one-time engineering and administration
costs incurred. The company continues to position itself for growth
through investment in new and improved products" said President of
International Water-Guard Industries Inc., Darryl Jacobs.
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.
TSX VENTURE: IWG
SOURCE IWG Technologies Inc.