BURNABY, BC, Aug. 4, 2015 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the quarter ended June 30, 2015. All amounts are expressed in Canadian dollars unless otherwise indicated.
The Company is pleased to announce third quarter revenue of $2,453,910, a 29% increase over $1,901,066 earned in the third quarter of fiscal 2014. Income from operating activities was $465,065 (vs. $261,414 in fiscal 2014), while net earnings were $328,525 (vs. $194,549 in fiscal 2014).
Nine month revenue was $6,782,853, a 30% increase over $5,226,973 from the same period of the prior year. Income from operating activities was $1,267,437 (vs. $764,632 in fiscal 2014) and net earnings were $881,766 (vs. $467,940 in fiscal 2014).
This year's third quarter results provided net earnings of 0.8¢ per share (2.3¢ year-to-date) compared to 0.5¢ in the same period of the prior year (1.2¢ year-to-date). Detailed financial statements and MD&A will be available on www.sedar.com and the company website at www.iwgtech.com.
The results are summarized as follows:
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Three month period ended
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Nine month period ended
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June 30
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June 30
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Expressed in thousands of dollars
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2015
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2014
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Change
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2015
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2014
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Change
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(except per share amounts)
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Revenue
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$ 2,454
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$ 1,901
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29%
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$ 6,783
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$ 5,227
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30%
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Gross Profit
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1,112
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1,022
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9%
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3,202
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2,720
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18%
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Operating Income
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465
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261
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78%
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1,267
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765
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66%
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Net Income
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329
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195
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69%
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882
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468
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88%
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Net Income per Share
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0.008
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0.005
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0.023
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0.012
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EBITDA
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676
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354
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91%
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1,654
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850
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95%
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EBITDA per Share
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0.017
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0.009
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0.042
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0.022
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"With this 12th consecutive quarter of profitability, IWG's FY15 is shaping up to be our strongest year yet" says Bruce Gowan, IWG's Chairman.
Darryl Jacobs, President of International Water-Guard Industries commented further. "Our results improved significantly this quarter as a result of new business, increased demand and improved operating performance. As well, the strong US dollar continues to support to our performance for the year. Additionally, deliveries of our T-Series heaters to the completion center market commenced in the final part of the quarter which will add to our product sales moving forward."
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.
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