BURNABY, BC, Nov. 21, 2013 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the fiscal year ended September 30, 2013. All amounts are expressed in Canadian dollars unless otherwise indicated.
The Company is reporting fiscal 2013 revenue of $6,606,464, a 10% increase over the previous year's figure of $6,014,067. Net earnings were $969,996, a 84% increase compared to $526,310 in the prior year. Fiscal 2012 net earnings were reduced by one-time termination costs of $218,000 after tax. The annual amounts include fourth quarter revenues of $1,719,718, a 4 % increase, and net earnings of $414,567, a 30% increase, representing 1.1 cents/share.
This year's results provided net earnings of 2.6 cents per share (2.5 cents fully diluted) compared to 1.4 cents in the prior year, on both a basic and fully diluted basis. Detailed financials including MD&A will be available on SEDAR and the company website at www.iwgtech.com.
The results are summarized as follows:
| Three month period ended
| Year ended
| Expressed in thousands of dollars (except per
|Revenue||$ 1,720||$ 1,660||+4%||$6,606||$ 6,014||+10%|
|Net Income per Share (cents)||1.1||0.8||+38%||2.6||1.4||+86%|
|EBITDA||$ 621||$ 434||+17%||$ 1,547||$ 884||+75%|
| EBITDA cents per Share
* EBITDA is an often-used earnings measure but is
not recognized by IFRS
"Fiscal 2013 showed continued revenue growth for the Company which resulted in a record net profit. All of us at IWG are very proud of this achievement" says Bruce Gowan, IWG's Chairman.
"Fiscal 2013 proved to be another busy year for the IWG team. Water treatment products experienced strong growth and the new IWG-A6 product was delivered to support the full year of Gulfstream 650 aircraft production. The ES water heater and water pump products experienced good sales with the completion centers. The development of the new M-1 compact water module for FACC on the Bombardier CL350 aircraft was completed in the fourth quarter. M-1 product deliveries will begin in the second quarter of fiscal 2014. Product repairs and parts sales continued to set new highs in annual revenue" says Bruce MacCoubrey, President and CEO of International Water-Guard Industries Inc. "During 2013 IWG continued to identify potential new products that will support its long term growth strategy."
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
Bruce Gowan 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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