IWG Announces Second Quarter results - Fiscal 2012
BURNABY, BC, May 14, 2012 /CNW/ - IWG Technologies Inc. today announced financial results for the second quarter fiscal 2012 ended March 31, 2012.
Company highlights:
- Quarterly sales of $1.46M up 41% from the same quarter a year ago
- Quarterly earnings of $95K, up 350% from the same quarter a year ago
- Six Months sales of $2.73M up 27% from FY2011 1.
- Six month earnings of $219K up 53% from FY2011
- Results reflect the impact of new programs entering early production phase and customer acceptance of our newly acquired on-demand water heater products.
- A new milestone was the signing of agreement with Embraer for installation of water treatment units as an option on the Legacy 600/ 650 aircraft as previously reported.
The Company reported sales of $1,463,213 compared to $1,038,333 for the same quarter of the previous year. Second quarter net earnings after taxes were $94,953 compared to net earnings of $26,783 in the previous year. Six month sales to March 31st were $2,732,574 compared to $2,152,423 in the prior year with net earnings of $218,848 compared to net earnings of $143,061.
The results for the quarter provide 0.3¢ net earnings per share in the current quarter (0.6¢ net earnings year-to-date) compared to net earnings of 0.1¢ per share in the second quarter last year (0.4¢ 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.
"We have just completed a very strong quarter, where revenues from new programs including the on-demand water heater line are making a difference," said David Fox, IWG's president & CEO. "Our profitability has increased, and our cash reserves have been maintained. We look forward to seeing this trend continue,"
IWG Technologies, Inc is the public holding company for International Water-Guard Industries Inc., a Canadian aerospace company focusing 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 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 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 securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
TSX VENTURE: IWG
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
[email protected]
www.howardgroupinc.com
Share this article