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

BURNABY, BC, May 5, 2016 /CNW/ - IWG Technologies Inc. (TSX-V: IWG) ("the Company" or "IWG") today announced its results for the quarter ended March 31, 2016.  All amounts are expressed in Canadian dollars unless otherwise indicated.

The company reports second quarter revenue of $2,536,062, a 9% increase over $2,334,056 earned in the second quarter of fiscal 2015. Income from operating activities was $478,486 (2015 - $424,577), while net income was $346,581 (2015 - $296,787).

Six month revenue was $4,659,080, an 8% increase over $4,328,943 from the same period of the prior year.  Income from operating activities was $823,146 (2015 - $802,372), while net income was $619,975 (2015 – $553,241).  

This year's second quarter results provided net earnings of 0.9¢ per share (1.6¢ year-to-date) compared to 0.8¢ in the same period of the prior year (1.4¢ year-to-date).  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


Six month period ended



 March 31



March 31

Expressed in thousands of dollars 

2016

2015

Change 


2016

2015

    Change

(except per share amounts)
















Revenue    

$ 2,536

$ 2,334

9%


$ 4,659

$ 4,329

8%

Gross Profit     

1,401

1,112

26%


2,519

2,090

21%

Operating Income 

478

425

13%


823

802

3%

Net Income        

347

297

17%


620

553

12%

Net Income per Share      

0.009

0.008



0.016

0.014


EBITDA       

643

514

25%


1,159

979

18%

EBITDA per Share      

0.016

0.013



0.029

0.025


"In addition to reporting solid financial results, the Company continues to invest in the development of new products and the pursuit of new markets" says Bruce Gowan, IWG Chairman.

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 has 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

RELATED LINKS
www.iwgtech.com

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