TSX VENTURE: IWG
BURNABY, BC, July 23 /CNW/ - International Water-Guard Industries Inc.
today announced the financial results of the quarter ended June 30, 2008.
"We are pleased to report that the anticipated recovery in sales has
taken place during this quarter as predicted," said David Fox, IWG's president
& CEO. "We are deep into our accelerated product development schedule, which
will continue to impact overall profitability this year but is positioning us
well for future revenue and earnings growth."
The Company reported sales during the third quarter of fiscal 2008 of
$1,292,745, a 24% increase from $1,042,882 in the same quarter of the previous
year. Third quarter net earnings were $46,338 compared to net earnings of
$91,368 in the prior year's third quarter. Nine month sales to June 30th were
$3,003,193 compared to $3,206,203 in the prior year. The nine month net loss
was $137,113 compared to earnings of $403,111 a year earlier.
In both the current quarter and the nine month period, the Company has
been executing new product development programs to meet emerging requirements
for complementary products in aircraft water treatment and systems. The
related expenditures have reduced the Company's net income in this period,
which will continue for the balance of the fiscal year. Also, in what has
become common to Canadian exporters since the middle of 2007, the impact of
the stronger Canadian dollar on the Company's sales and earnings have
continued to be felt while adjustments are being implemented.
The results for the quarter provided 0.1 cents net earnings per share in
the current quarter (net loss of 0.4 cents year to date), compared to net
earnings of 0.3 cents per share in the third quarter of the prior year
(1.2 cents year to date) 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.
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