BURNABY, BC, Feb. 13, 2014 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for fiscal 2014's first quarter ended December 31, 2013.
The Company is pleased to report quarter revenue of $1,481,068 a 10% increase over the previous year's figure of $1,351,363. Income from Operating Activities (before interest, foreign exchange losses and taxes) was $228,755 vs. $175,841, a 30% increase over a year earlier. Net earnings were $115,545 compared to $108,227 in the prior year's first quarter.
This year's first quarter results provided net earnings of 0.3¢ per share compared to 0.3¢ in the prior year, on both a basic and fully diluted basis. Detailed financial statements and MD&A will be available on www.sedar.com and the company website at www.iwgtech.com.
|The results are summarized as follows:|
|Three month period ended|
|Expressed in thousands of dollars||2013||2012||Change|
|(except per share amounts)|
|Net Income per Share||0.003||0.003|
|EBITDA per Share||0.006||0.006|
"First quarter revenue provided a continuation of revenue growth that commenced in fiscal 2012 which resulted in record margins and net profit. Operating income is also stronger, augmented in part by a strong US dollar during the quarter that increased the Company's net income during the period." says Bruce Gowan, IWG's Chairman.
On January 6, 2014, the Company welcomed a new President for its wholly owned subsidiary, International Water-Guard Industries Inc. Darryl Jacobs is a seasoned aerospace executive with expertise in complex aircraft systems, design, development, airworthiness engineering and installation. He adds "I am pleased that IWG is continuing to meet its growth targets in Q1 fiscal 2014. The new IWG-M1 compact water unit developed during 2013 saw deliveries to FACC in the first quarter and volumes are expected to grow throughout 2014. Combined with an upgrade to the ES water heater product and strong OEM sales, we expect to meet our targets for fiscal 2014."
IWG Technologies, Inc. is the public holding company for International Water-Guard Industries Inc., a Canadian aerospace company focused on aircraft potable water treatment, water systems, water heaters and components. IWG has expertise in all aspects of water treatment, 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
Chairman of the Board
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. IWG assumes no future obligation to update these forward looking statements except as required by applicable securities laws.
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TSX VENTURE: IWG
SOURCE: IWG Technologies Inc.
For further information:
IWG Technologies, Inc.
Unit One - 3771 North Fraser Way,
Burnaby, BC V5J 5G5 Canada
Tel: (604) 255-5555, Fax: (604) 255-5685
Investor Relations: The Howard Group Inc.
Jeff Walker / Grant Howard
Toll Free: 1-888-221-0915