IWG Technologies Inc. Announces Increases in Revenues and Operating Income for the First Quarter of Fiscal 2016

BURNABY, BC, Feb. 11, 2016 /CNW/ - IWG Technologies Inc. (TSX-V: IWG) ("the Company" or "IWG") today announced results for the quarter ended December 31, 2015, which include a 7% increase in net income and 6% growth in revenue. All amounts are expressed in Canadian dollars unless otherwise indicated.

The company reports first quarter revenue of $2,123,018, a 6% increase over $1,994,886 earned in the same period of 2015. Income from operating activities for the first quarter of 2016 was $344,662 (2015 - $377,794), while net earnings were $273,395 (2015 - $256,452).

This quarter's results provided net earnings of 0.7 cents per share (0.7 cents fully diluted) compared to 0.7 cents in the prior year (0.7 cents fully diluted).  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








December 31

Expressed in thousands of dollars



2015


2014

Change


(except per share amounts)







Revenue


$

2123

$

1,995

6%

Gross profit



1,118


978

14%

Operating income



345


378

(9%)

Net Income



273


256

7%

Net Income per Share



0.7¢  


0.7¢  


EBITDA



516


465

11%

EBITDA per Share



1.3¢  


1.2¢  


"The Company's legacy water heaters performed very well this quarter. Our market reach is expanding with new and established customers interested in increasingly complex applications opened up by our recently introduced T-Series heaters – the world's smartest, lightest, smallest aviation water heaters" says Bruce Gowan, IWG Chairman.

Darryl Jacobs, President of International Water-Guard Industries, adds "while this year's first quarter did not see a repeat of the surge of new product sales we enjoyed in the first quarter of Fiscal 2015, the mix of higher margin products and strengthening US dollar delivered year-over-year growth to both the top and bottom line for our fourteenth consecutive quarter of profitability."

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, heating, pressurization control and storage, 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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