WFI Industries Ltd. Third Quarter Results: Year to Date Sales Up 17% - Regular Quarterly Dividend Increased to $0.17



    (U.S.$)

    FORT WAYNE, IN, Nov. 5 /CNW/ - WFI Industries Ltd. (WaterFurnace)
announced results for its third quarter. Sales and profitability continued to
increase despite the decline in residential construction in the USA. Year to
date sales for the Company are up 17.3% and sales for the trailing 12 months
were $102 million, exceeding $100 million for the first time.
    The Board of Directors approved an increase of the regular quarterly
dividend per share to $0.17 US. The dividend will be paid on December 3, 2007
to shareholders of record as of the end of trading on November 16, 2007.

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

                               Three months ended         Nine months ended
                                  September 30,             September 30,
                             ----------------------    ----------------------
                                2007         2006         2007         2006
                             ---------    ---------    ---------    ---------
    Sales                    $ 28,383     $ 26,073     $ 75,200     $ 64,085
    Cost of sales              18,964       17,372       51,849       42,836
                             ---------    ---------    ---------    ---------
    Gross profit                9,419        8,701       23,351       21,249
    Operating expenses          3,777        3,470       11,896       10,632
    Research and
     development expenses         482          419        1,513        1,145
                             ---------    ---------    ---------    ---------
    Income before interest
     and income taxes           5,160        4,812        9,942        9,472
    Interest income                75           73          210          161
    Interest on long-term
     debt                         (13)         (14)         (39)         (40)
                             ---------    ---------    ---------    ---------
    Income before income
     taxes                      5,222        4,871       10,113        9,593
    Income taxes                1,867        1,831        3,686        3,629
                             ---------    ---------    ---------    ---------
    Net income               $  3,355     $  3,040     $  6,427     $  5,964
                             ---------    ---------    ---------    ---------
                             ---------    ---------    ---------    ---------
    Basic and diluted
     earnings per share
     U.S.$                   $   0.28     $   0.25     $   0.53     $   0.49
                             ---------    ---------    ---------    ---------

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



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

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

                                                   September 30, December 31,
                                                       2007          2006
                                                   ------------- ------------
    ASSETS
    Current Assets
      Cash and cash equivalents                      $    5,044    $   1,961
      Short-term investments                              2,700        4,500
      Receivables                                        13,560       13,521
      Inventory                                           5,141        5,825
      Other current assets                                1,748        1,520
                                                   ------------- ------------
    Total Current Assets                                 28,193       27,327

    Capital assets                                        4,631        4,760
    Other assets                                          1,485        1,273
                                                   ------------- ------------

    TOTAL ASSETS                                     $   34,309    $  33,360
                                                   ------------- ------------
                                                   ------------- ------------
    LIABILITIES
    Current Liabilities
      Payables and accruals                          $    8,075    $   8,280
      Income taxes payable                                  715          605
      Provision for warranty claims - current
       portion                                            1,414        1,415
      Long-term debt - current portion                      130          130
                                                   ------------- ------------
    Total Current Liabilities                            10,334       10,430

    Long-term debt                                          895          960
    Provision for warranty claims                         3,780        3,200
                                                   ------------- ------------

    TOTAL LIABILITIES                                    15,009       14,590
                                                   ------------- ------------
    SHAREHOLDERS' EQUITY
      Share capital                                      14,830       14,740
      Contributed surplus                                     1           11
      Retained earnings                                   4,469        4,019
                                                   ------------- ------------
    TOTAL SHAREHOLDERS' EQUITY                           19,300       18,770
                                                   ------------- ------------

    TOTAL LIABILITIES & SHAREHOLDERS' EQUITY         $   34,309    $  33,360
                                                   ------------- ------------
                                                   ------------- ------------

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

    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, 9000 Conservation
Way, Fort Wayne, IN 46809, (260) 479-3224

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WaterFurnace Renewable Energy, Inc.

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