WFI Industries Ltd. 4th Quarter Results: Net Income Up 35% (U.S.$)



    FORT WAYNE, IN, March 13 /CNW/ - Bruce Ritchey, President and CEO of WFI
Industries Ltd., today announced the Company's fourth quarter and 2007
results. "The Company continued its double digit growth rate for the fourth
consecutive year. Net profit for the quarter was up 35% over previous year and
sales were at an all time high. Sales for the year were up 13.7%. Energy
efficiency and concern over global warming continue to drive 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 quarter and the year despite a very
tough residential housing market in the U.S. The Annual Report is available on
our website at www. waterfurnace.com and will be mailed to shareholders of
record. The Annual Shareholders meeting will be held at 2:00 PM, May 15th at
the Company's headquarters in Fort Wayne, Indiana."
    Management will conduct a web cast covering the results of the quarter
and the year at 10:00 a.m. Eastern Standard Time on Friday, March 14th.
Interested parties can listen live or to the recorded version for the next
90 days at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2159960.

    
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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            Year        
                                       ended December 31,  ended December 31,
                                     -------------------- -------------------
                                        2007      2006      2007      2006
                                     ---------- --------- --------- ---------

    Sales                             $ 27,971  $ 26,615  $103,171  $ 90,700
    Cost of sales                       17,902    18,390    69,751    61,226
                                     ---------- --------- --------- ---------
    Gross profit                        10,069     8,225    33,420    29,474
    Operating expenses                   4,751     3,836    16,647    14,468
    Research and
     development expenses                  435       479     1,948     1,624
                                     ---------- --------- --------- ---------
    Income before interest and
     income taxes                        4,883     3,910    14,825    13,382
    Interest income                         91        79       301       240
    Interest on long-term debt             (12)      (14)      (51)      (54)
                                     ---------- --------- --------- ---------
    Income before income taxes           4,962     3,975    15,075    13,568
    Income taxes                         1,764     1,607     5,450     5,236
                                     ---------- --------- --------- ---------
    Net income                        $  3,198  $  2,368  $  9,625  $  8,332
                                     ---------- --------- --------- ---------
                                     ---------- --------- --------- ---------
    Basic and diluted earnings
     per share U.S.$                  $   0.26  $   0.20  $   0.80  $   0.69
                                     ---------- --------- --------- ---------
                                     ---------- --------- --------- ---------

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

                                                          December  December
                                                             31,       31,
    ASSETS                                                  2007      2006
                                                          --------- ---------
    Current Assets
      Cash and cash equivalents                           $  2,021  $  1,961
      Short-term investments                                 6,410     4,500
      Receivables                                           13,846    13,521
      Inventory                                              4,932     5,825
      Other current assets                                   1,762     1,520
                                                          --------- ---------
    Total Current Assets                                    28,971    27,327

    Capital assets                                           4,596     4,760
    Other assets                                             1,527     1,273
                                                          --------- ---------
    TOTAL ASSETS                                          $ 35,094  $ 33,360
                                                          --------- ---------
                                                          --------- ---------

    LIABILITIES
    Current Liabilities
      Payables and accruals                               $  7,876  $  8,280
      Income taxes payable                                     353       605
      Provision for warranty claims - current portion        1,483     1,415
      Long-term debt - current portion                         130       130
                                                          --------- ---------
    Total Current Liabilities                                9,842    10,430

    Long-term debt                                             830       960
    Provision for warranty claims                            4,087     3,200
                                                          --------- ---------
    TOTAL LIABILITIES                                       14,759    14,590
                                                          --------- ---------
                                                          --------- ---------

    SHAREHOLDERS' EQUITY
      Share capital                                         14,830    14,740
      Contributed surplus                                        1        11
      Retained earnings                                      5,504     4,019
                                                          --------- ---------
    TOTAL SHAREHOLDERS' EQUITY                              20,335    18,770
                                                          --------- ---------
                                                          --------- ---------
    TOTAL LIABILITIES & SHAREHOLDERS' EQUITY              $ 35,094  $ 33,360
                                                          --------- ---------
                                                          --------- ---------

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    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: Additional information is available on the
Company's web site: www.waterfurnace.com

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WaterFurnace Renewable Energy, Inc.

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