IWG Announces Growing Revenues and Operating Income for the Third Quarter of Fiscal 2013

BURNABY, BC, July 25, 2013 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for fiscal 2013's third quarter ended June 30, 2013.

The Company is pleased to report third quarter revenue of $1,700,341, a 5% increase over last year's figure of $1,622,335.  Income from Operating Activities was $344,998 vs. $38,401 in 2012 while net earnings were $180,891 compared to a $10,503 loss in 2012. These comparisons include a 2012 exceptional item of $294,666, or $210,392 after tax.

The nine month revenue was $4,886,746, a 12% increase over the comparable period of the prior year's revenue of $4,354,909, with income from Operating Activities of $973,406 increasing 75% over the prior year's nine month results when normalized by excluding the exceptional item noted above.  Net earnings for the nine months were $555,429, up 167% over last year.

This year's third quarter results provided net earnings of 0.5¢ per share (1.5¢ year-to-date) compared to nil in the prior year (0.6¢ prior 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       Nine month period ended
                         June 30       June 30
Expressed in thousands of dollars     2013 2012 Change       2013 2012 Change
  (except per share amounts)                          
Revenue  $ 1,700 $ 1,622 5%       $ 4,887 $  4,355 12%
Gross profit     883   948 (7%)         2,529   2,328 9%
Operating income     345   38 798%         973    262 271%
Net income     181    (11)           555   208 167%
Net income per share     0.5¢   0.0¢           1.5¢   0.6¢  
EBITDA  $ 299  $  41         $ 927 $ 450  
EBITDA per share     0.8¢   0.1¢           2.5¢   1.2¢  

"Third quarter results continue the Company's growth in revenue and earnings which has been our focus during the year." says Bruce Gowan, IWG's Chairman.

"The third quarter results were impacted primarily by fluctuating after-market sales but the year-to-date results are indicative of the overall growth of the business year-over-year" says Bruce MacCoubrey, President and CEO of International Water-Guard Industries Inc. "We are continuing our growth strategy of expanding existing product markets and providing new products to the industry"

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.

For further information:

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.com

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IWG Technologies Inc.

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