BURNABY, BC, May 12 /CNW/ - International Water-Guard Industries Inc.
today announced the financial results for the second quarter fiscal 2009 ended
March 31, 2009.
The Company reported sales of $1,325,494 compared to $856,064 for the
same quarter of the previous year, representing a 55% increase. Second quarter
net earnings were $39,195 compared to a net loss of ($102,760) in the prior
year's second quarter. Six month sales to March 31st were $2,540,410 compared
to $1,710,447 in the prior year. Six month net earnings were $99,284 compared
to a loss of ($183,451) a year earlier. The Company has continued its near
term new product development and marketing. The related expenditures have
reduced net income in this period.
"The financial performance of the company has been very pleasing over the
first half of our year, despite the overall economic difficulties. We have now
seen reports from some major customers indicating a slow down, and we are
operating with caution given these negative indicators. However, IWG continues
to work on mitigating these factors with increased sales initiatives to
complementary aviation markets, and we are maintaining our long term growth
initiatives," said David Fox, IWG's president & CEO.
The results for the quarter provide 0.1 cents net earnings per share in
the current quarter (0.3 cents year to date) compared to a net loss of -0.3
cents per share in the first quarter of the prior year (-0.5 cents year to
date) 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.
TSX VENTURE: IWG
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