WaterFurnace Renewable Energy, Inc. Announces Second Quarter Results: Net Earnings Up 6.5% in the Second Quarter Versus Prior Year (U.S.$)



    FORT WAYNE, IN, Aug. 6 /CNW/ - WaterFurnace Renewable Energy, Inc.
(WFI:TSX) announced second quarter results today. Tom Huntington, President
and CEO stated, "Net profit was up 6.5% while sales were slightly lower than
last year's second quarter, sales through our higher margin channels and
expense control enabled the Company to post an increase in profit for the
period. While the Company is still bullish in long-term growth and continues
to invest in key elements of infrastructure and new product development, the
confusing economic environment has stunted sales growth in the short-term."
Chairman of the Board Tim Shields noted, "Increasing profit in a time of
negative growth is the sign of a solid and well managed operation. We are
moving forward on key elements of our strategic plan and expect that when the
economy moves upward, WaterFurnace will be well positioned to meet greatly
increased demand."
    During the last Board of Directors meeting, Tom Huntington was appointed
to fill the director vacancy that occurred with the retirement of Bruce
Ritchey in May 2009.
    The Board of Directors approved a dividend of $0.19 per share to be paid
September 1, 2009, to shareholders of record at the market close of August 19,
2009. The complete quarterly report is posted on the Company's website: www.
waterfurnace.com. Management will conduct a webcast covering the results of
the quarter at 11:00 am Eastern Daylight Time on Friday, August 7th.
Interested parties can listen live or to the recorded version at
www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2739660 or at the Company's
website: www.waterfurnace.com.

    
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                     WaterFurnace Renewable Energy, Inc.
                      Consolidated Statements of Income

       Prepared using Canadian generally accepted accounting principles
           (Unaudited - Thousands of U.S.$ except per share data)


                                 Three months ended       Six Months ended
                                      June 30,                June 30,
                               ----------------------  ----------------------
                                  2009        2008        2009        2008
                               ----------  ----------  ----------  ----------
    Sales                      $  29,772   $  31,330   $  53,446   $  55,143
      Cost of sales               18,793      20,782      35,454      37,314
                               ----------  ----------  ----------  ----------
    Gross profit                  10,979      10,548      17,992      17,829
      Operating expenses           4,885       4,728      10,250       9,508
      Research and development
       expenses                      552         575       1,215         944
                               ----------  ----------  ----------  ----------
    Income before interest and
     income taxes                  5,542       5,245       6,527       7,377
      Interest income                  2          34           8          93
      Interest expense                (5)         (8)         (8)        (18)
                               ----------  ----------  ----------  ----------
    Income before income taxes     5,539       5,271       6,527       7,452
      Income taxes                 1,891       1,846       2,049       2,445
                               ----------  ----------  ----------  ----------
    Net income                 $   3,648   $   3,425   $   4,478   $   5,007
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------
    Basic and diluted earnings
     per share U.S.$           $    0.30   $    0.28   $    0.37   $    0.41
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

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                     WaterFurnace Renewable Energy, Inc.
                         Consolidated Balance Sheets

       Prepared using Canadian Generally Accepted Accounting Principles
                       (Unaudited - Thousands of U.S.$)


                                                        June 30, December 31,
    Assets                                               2009       2008
                                                       --------- ------------
    Current assets
      Cash and cash equivalents                        $   3,808   $   6,029
      Short-term investments                               6,368       5,316
      Receivables                                         15,393      18,797
      Inventory                                            7,346       8,714
      Other current assets                                 2,852       2,433
                                                       ----------  ----------
    Total current assets                                  35,767      41,289

    Capital assets                                         4,569       4,643
    Other assets                                           2,575       2,080
                                                       ----------  ----------

    Total Assets                                       $  42,911   $  48,012
                                                       ----------  ----------
                                                       ----------  ----------
    Liabilities
    Current liabilities
      Payables and accruals                            $   6,853   $  10,542
      Income taxes payable                                   347       2,027
      Provision for warranty claims - current portion      2,048       1,824
                                                       ----------  ----------
    Total current liabilities                              9,248      14,393

    Deferred compensation                                    185       1,085
    Provision for warranty claims                          7,003       5,827
                                                       ----------  ----------

    Total Liabilities                                     16,436      21,305
                                                       ----------  ----------
                                                       ----------  ----------
    Shareholders' Equity
      Share capital                                       14,865      14,865
      Retained earnings                                   11,610      11,842
                                                       ----------  ----------
    Total Shareholders' Equity                            26,475      26,707
                                                       ----------  ----------
                                                       ----------  ----------

    Total Liabilities & Shareholders' Equity           $  42,911   $  48,012
                                                       ----------  ----------
                                                       ----------  ----------

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    More Information: Additional information is available on the Company's
website: www.waterfurnace.com. WaterFurnace Renewable Energy, Inc. is traded
in both Canadian dollars and U.S. dollars on the Toronto Stock Exchange under
the symbol WFI for Canadian dollars and WFI.U for U.S. dollars.

    Risk and Uncertainties: This news release contains certain
forward-looking statements that may or may not be realized. Investors should
not rely solely on this information to make investment decisions. The
Company's sales are related to the cost and stability of electricity, fuel
oil, propane and natural gas. Federal, state and provincial building codes and
energy incentives can also impact sales. The Company is subject to standard
risks associated with most companies, such as normal competitive pressures.





For further information:

For further information: www.waterfurnace.com

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