BURNABY, BC, Feb. 11 /CNW/ - International Water-Guard Industries Inc.
today announced the financial results for the first quarter fiscal 2009 ended
December 31, 2008.
The Company reported sales of $1,214,916 compared to $854,384 for the
same quarter of the previous year, representing a 42% increase. First quarter
net earnings were $60,120 compared to a net loss of ($80,691) in the prior
year's first quarter.
"As previously reported, we have strong sales and backlog for this year,
notwithstanding the world financial crisis, although one cannot foresee if and
when a downturn may affect the business," said David Fox, IWG's president &
CEO. "In management's opinion, our first quarter results have been very
gratifying, and we will continue with our growth initiatives while operating
with due caution in the current industry climate."
The Company has continued its strategic new product development and
marketing efforts with a view to long term growth. The related expenditures
reduced the Company's net income in this period, however, this was more than
mitigated by increases in unit sales and the impact of the higher value of the
The results for the quarter provide 0.2 cents net earnings per share in
the current quarter compared to a net loss of 0.2 cents per share in the first
quarter of the prior year on both a basic and fully diluted basis.
The full version of the Company's financial statements can be viewed at
www.sedar.com and on IWG's website.
International Water-Guard is a Canadian aerospace company focusing on
aircraft potable water treatment and full water system solutions. IWG has
expertise in all aspects of water treatment, and has the products and know-how
to provide high quality water for passengers and crew, and light weight, space
saving solutions for the aircraft operator.
On behalf of the Board of Directors
International Water-Guard Industries Inc.
"David C. Fox"
President and CEO
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. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
TSX VENTURE: IWG
For further information:
For further information: International Water-Guard Industries Inc., Unit
One - 3771 North Fraser Way, Burnaby, BC, V5J 5G5, Canada, Tel: (604)
255-5555, 1-800-667-0331, Fax: (604) 255-5685, www.water.aero; Investor
Relations: The Howard Group Inc., Bob Beaty, Grant Howard, Toll Free:
1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com