BURNABY, BC, Feb. 3, 2012 /CNW/ - IWG Technologies Inc. today announced financial results for the first quarter fiscal 2012 ended December 31, 2011.
The Company reported sales of $1,269,361 compared to $1,114,089 for the same quarter of the previous year. First quarter earnings before taxes were $173,245 compared to a restated amount of $169,978 a year earlier. First quarter net earnings after taxes were $123,895 compared to a restated amount of $116,278 in the previous year. This is the first quarter in which the Company is reporting its financial results under IFRS and certain amounts related to expenses in prior periods have been restated to conform to meet IFRS requirements.
The results for the quarter provide 0.3¢ net earnings per share in the current quarter compared to net earnings of 0.3¢ per share in the first quarter last 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.
"This solid first quarter marked a good entry to 2012," said David Fox, IWG Technologies president & CEO. "With more activity in the market in general, and the addition of our IWG-ES series of on-demand aircraft water heaters, we look forward to this continuing through the year."
IWG Technologies, Inc is the public holding company for International Water-Guard Industries Inc., a Canadian aerospace company focusing on aircraft potable water treatment, water systems and components. 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 lightweight, 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 including statements with respect to completion of proposed or future transactions. 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 including the risk that required approvals will not be obtained and that suitable additional businesses may not be identified. IWG assumes no future obligation to update these forward looking statements except as required by applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
TSX VENTURE: IWG
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