TSX VENTURE: IWG
BURNABY, BC, Feb. 4 /CNW/ - International Water-Guard Industries Inc. today announced its financial results for the first quarter fiscal 2010 ended December 31, 2009.
The Company reported sales of $1,036,208 compared to $1,214,916 for the same quarter of the previous year. While equipment unit sales were similar to a year earlier, the revenue decrease is primarily due to the lower value of the U.S. dollar. The decrease was partially offset by reduced operating expenses, minimizing the impact on net earnings. First quarter net earnings were $15,172 compared to $60,120.
"As the business jet sector bottoms out and begins recovery, we continue to pay attention to our costs to ensure performance, especially with a weak US dollar on the revenue line," said David Fox, IWG's president & CEO. "While doing this, we are taking an aggressive look towards future opportunities and growth for the company," he added.
The results for the quarter provide 0.0cents net earnings per share in the current quarter compared to net earnings of 0.2cents per share in the first quarter of the prior year on both a basic and fully diluted basis. The full version of the Company's financial statements can be viewed at www.sedar.com and on IWG's website.
International Water-Guard is a Canadian aerospace company focusing on aircraft potable water treatment and full water system solutions. 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 light weight, space saving solutions for the aircraft operator.
On behalf of the Board of Directors
International Water-Guard Industries Inc.
"David C. Fox"
President and CEO
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. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE IWG Technologies Inc.
For further information: For further information: International Water-Guard Industries Inc., Unit One - 3771 North Fraser Way, Burnaby, BC, V5J 5G5, Canada, Tel: (604) 255-5555, 1-800-667-0331, Fax: (604) 255-5685, www.water.aero; Investor Relations: The Howard Group Inc., Bob Beaty, Grant Howard, Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com