WFI Industries Ltd. 2006 Results: Sales Up 27%, Earnings Per Share Up 38% (U.S.$)



    FORT WAYNE, IN, March 9 /CNW/ - Bruce Ritchey, President and CEO of WFI
Industries Ltd., today announced the Company's fourth quarter and 2006
results. "The Company continued its double digit growth rate for the third
consecutive year. The fourth quarter was the best sales quarter of the year
and surpassed the very strong fourth quarter we recorded in 2005. Energy
efficiency and concern over global warming seem to be driving consumers and
institutions to our geothermal technology."
    Tim Shields, Chairman of the Board, said, "The board is very pleased with
the Company's strong performance for the year. Earnings per share increased
38% over a very strong performance in 2005. The Annual Report is available on
our website at www.waterfurnace.com and will be mailed to shareholders of
record. Management will conduct a web cast covering the results for the
quarter and the year at 11:00 a.m. Eastern Standard Time on Monday, March
12th. Interested parties can listen live or to the recorded version for the
next 90 days at www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1730960. The
Annual Shareholders meeting will be held at 10:00 a.m., May 9th at the Albany
Club, 91 King Street E., in Toronto."


    
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                             WFI Industries Ltd.
                      Consolidated Statements of Income
       Prepared using Canadian generally accepted accounting principles
                 (Thousands of U.S.$ except per share data)

                                               Unaudited             Audited
                                      Three months ended          Year ended
                                             December 31,        December 31,
                                     --------------------  ------------------
                                            2006    2005        2006    2005
                                           --------------      --------------

    Sales                                 26,615  23,960      90,700  71,522

    Cost of sales                         18,390  14,514      61,226  48,123
                                          ------  ------      ------  ------

    Gross profit                           8,225   9,446      29,474  23,399

    Operating expenses                     3,836   3,815      14,468  11,994

    Research and development
     expenses                                479     550       1,624   1,707
                                          ------  ------      ------  ------

    Income before interest and
     income taxes                          3,910   5,081      13,382   9,698

    Interest income                           79      22         240      80

    Interest on long-term debt               (14)    (12)        (54)    (45)
                                          ------  ------      ------  ------

    Income before income taxes             3,975   5,091      13,568   9,733

    Income taxes                           1,607   1,885       5,236   3,713
                                          ------  ------      ------  ------

    Net income                             2,368   3,206       8,332   6,020
                                          ------  ------      ------  ------
                                          ------  ------      ------  ------

    Basic and diluted earnings
     per share U.S.$                        0.20    0.27        0.69    0.50

    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                             WFI Industries Ltd.
                         Consolidated Balance Sheets
       Prepared using Canadian generally accepted accounting principles
                         (Audited-Thousands of U.S.$)

                                                   December 31,  December 31,
                                                          2006          2005
                                                  ------------- -------------
    ASSETS
    Current assets
      Cash and cash equivalents                          1,961         1,394
      Short-term investments                             4,500         5,205
      Receivables                                       13,521        11,633
      Inventory                                          5,825         4,564
      Other current assets                               1,520         1,158
                                                        ------        ------
    Total current assets                                27,327        23,954

    Capital assets                                       4,760         4,139

    Other assets                                         1,273           970
                                                        ------        ------

    TOTAL ASSETS                                        33,360        29,063
                                                        ------        ------
                                                        ------        ------

    LIABILITIES
    Current liabilities
      Payables and accruals                              8,280         7,000
      Income taxes payable                                 605         1,057
      Provision for warranty claims
       - current portion                                 1,415         1,049
      Long-term debt - current portion                     130           130
                                                        ------        ------
    Total current liabilities                           10,430         9,236

    Long-term debt                                         960         1,090

    Provision for warranty claims                        3,200         2,021

                                                        ------        ------
    TOTAL LIABILITIES                                   14,590        12,347
                                                        ------        ------

    SHAREHOLDERS' EQUITY
      Share capital                                     14,740        14,674
      Contributed surplus                                   11             9
      Retained earnings                                  4,019         2,033
                                                        ------        ------
    TOTAL SHAREHOLDERS' EQUITY                          18,770        16,716
                                                        ------        ------

    TOTAL LIABILITIES & SHAREHOLDERS' EQUITY            33,360        29,063
                                                        ------        ------
                                                        ------        ------

    -------------------------------------------------------------------------
    

    More Information: Additional information is available on the Company's
web site: www.waterfurnace.com. WFI Industries Ltd. is traded on the Toronto
Stock Exchange under the symbol WFI.

    Risk and Uncertainties: This press 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: Bruce Ritchey, President, (260) 479-3224

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WaterFurnace Renewable Energy, Inc.

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