BURNABY, BC, May 7, 2014 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for fiscal 2014's second quarter ended March 31, 2014.
The Company is pleased to report second quarter revenue of $1,844,773, in line with the previous year's figure of $1,835,041. Income from operating activities was $274,396 vs. $452,566 a year earlier. Net earnings were $157,757 compared to $266,311 for last year.
Six month revenue was $3,325,907, a 4% increase over the revenue of $3,186,405 from the comparable period of the prior year. Income from operating activities was $503,217 (vs. $628,407 in fiscal 2013) and net earnings were $273,368 (vs. $374,539 in fiscal 2013).
This year's second quarter results provided net earnings of 0.4¢ per share (0.7¢ year-to-date) compared to 0.7¢ in the prior year (1.0¢ year-to-date), on both a basic and fully diluted basis. Detailed financial statements and MD&A will be available on www.sedar.com and the company website at www.iwgtech.com.
The results are summarized as follows:
|Three month period ended||Six month period ended|
|March 31||March 31|
|Expressed in thousands of dollars||2014||2013||Change||2014||2013||Change|
|(except per share amounts)|
|Revenue||$ 1,845||$ 1,835||1%||$ 3,326||$ 3,186||4%|
|Net Income per Share||0.004||0.007||0.007||0.010|
|EBITDA per Share||0.007||0.011||0.013||0.017|
Bruce Gowan, IWG's Chairman commented that "the company is pleased to continue its trend of revenue growth along with first deliveries of its new IWG-M1 compact water system during a quarter of significant transitional activities. These compact water system sales are scheduled to increase in the coming quarters."
"Revenues of the second quarter this year were slightly better than those of the second quarter 2013, but the decline in operating income for the quarter was primarily due to the cost of added facilities to accommodate growth, a higher weighting of lower margin products in the quarter's sales mix and other one-time engineering and administration costs incurred. The company continues to position itself for growth through investment in new and improved products" said President of International Water-Guard Industries Inc., Darryl Jacobs.
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