IWG Technologies Inc. Announces Revenue and Operating Income for the Third Quarter of Fiscal 2016

BURNABY, BC, July 28, 2016 /CNW/ - Today, IWG Technologies Inc. (TSX-V: IWG) ("the Company" or "IWG") released its results for the quarter ended June 30, 2016. All amounts are expressed in Canadian dollars unless otherwise indicated.

The company reports third quarter revenue of $2,344,268, a 4% decrease from $2,453,910 earned in the third quarter of fiscal 2015. Income from operating activities was $365,565 (2015 - $465,065), while net income was $284,509 (2015 - $328,525).

Nine month revenue was $7,003,348, a 3% increase over $6,782,853 from the same period of the prior year.  Income from operating activities was $1,188,726 (2015 - $1,267,437), while net income was $904,581 (2015 – $881,766).  

This year's third quarter results provided net earnings of 0.7¢ per share (2.3¢ year-to-date) compared to 0.8¢ in the same period of the prior year (2.3¢ 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

Nine month period ended




June 30



June 30

Expressed in thousands of dollars

2016

2015

Change

2016

2015

Change

(except per share amounts)   














Revenue 

$ 2,344

$ 2,454

(4%)

$ 7,003

$ 6,783

3%

Gross Profit  

1,263

1,112

14%

3,782

3,202

18%

Operating Income

366

465

(21%)

1,189

1,267

(6%)

Net Income   

285

329

(13%)

905

882

3%

Net Income per Share 

0.7¢  

0.8¢  


2.3¢  

2.3¢  


EBITDA          

529

676

(22%)

1,688

1,654

2%

EBITDA per Share  

1.3¢  

1.7¢  


4.3¢  

4.2¢  


 

Bruce Gowan, IWG Chairman stated "Product timing issues and a recent decline in business jet deliveries saw the quarter come in lighter than the previous year. While the industry has estimated that business jet deliveries are down 4.7% over last year, IWG has seen a 3% revenue increase in the first 9 months of fiscal 2016. Also, customer-driven changes have delayed the certification process for a newly developed commercial aviation product which is expected to provide revenue growth in fiscal 2017 and beyond. The company is confident that its ability to deliver strong results will continue, as evidenced by maintaining the year-over-year performance in the face of these recent events."

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.water.aero

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890