BURNABY, BC, July 26, 2012 /CNW/ - IWG Technologies Inc. today announced
financial results for the third quarter fiscal 2012 ended June 30,
A quarterly sales record at $1.62M up 47% from the same quarter a year
Nine month sales of $4.35M up 34% from the same period FY2011.
Quarterly net loss of $11K, vs. net earnings of $14K the same quarter a
Earnings before taxes and an exceptional item for the third quarter were
$280K vs. $112K a year earlier.
Nine month net earnings of $208K up 32% from FY2011.
The Company reported sales of $1,622,335 compared to $1,104,014 for the
same quarter of the previous year. Third quarter net loss after taxes
was ($10,503) compared to net earnings of $14,258 in the previous
year. Nine month sales to June 30th were $4,354,909 compared to $3,256,437 in the prior year with net
earnings of $208,343 compared to net earnings of $157,319.
The results for the quarter provide nil¢ net loss per share in the
current quarter (0.6¢ net earnings year-to-date) compared to net
earnings of nil¢ per share in the third quarter last year (0.4¢
year-to-date) on both a basic and fully diluted basis. Current results
reflect the continued impact of new programs entering early production
phase and customer acceptance of our newly acquired on-demand water
heater products. Also reflected in this quarter is the contract
settlement cost impact as a result of the departure of the Company's
President and CEO. Income from operations before contract settlement
impact was $279,963, a 150% increase over the prior period. The full
version of the Company's financial statements can be viewed at www.sedar.com and on IWG's website.
"With the Company's investments in product development and the
acquisition of the on-demand water heater product line, current year
revenues and earnings are demonstrating the benefits of these
investments," said Bruce Gowan, IWG's Chairman. "Our operating cash
flow has increased providing an increase in working capital. This
trend will provide the Company with the ability to continue investing
in other new product lines in the future."
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, heaters and
components. IWG has expertise in all aspects of water treatment, and
has the products and know-how to provide high quality water for
passengers and crew, and lightweight, space saving solutions for the
On behalf of the Board of Directors
International Water-Guard Industries Inc.
"Bruce W. Gowan"
Chair 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 including the risk that required
approvals will not be obtained and that suitable additional businesses
may not be identified. IWG assumes no future obligation to update
these forward looking statements except as required by applicable
The TSX Venture Exchange has not reviewed and does not accept
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
Investor Relations: The Howard Group Inc.
Jeff Walker / Grant Howard
Toll Free: 1-888-221-0915