BURNABY, BC, July 29 /CNW/ - International Water-Guard Industries Inc. today announced its financial results for the third quarter fiscal 2010 ended June 30, 2010.
The Company reported sales of $1,064,343 compared to $1,263,410 for the same quarter of the previous year. A third quarter net loss was $125,071 compared to net earnings of $22,694 in the previous year. Nine month sales to June 30th were $3,239,131 compared to $3,825,191 in the prior year. The nine month net loss was $93,569 compared to net earnings of $122,043 a year earlier.
"Overall, company sales in US dollar terms have remained relatively stable compared to 2009, but we are seeing that growth from new initiatives continues to be stalled until we are clearly out of the recession," said David Fox, IWG's president & CEO. "During our third quarter, the company's financial performance was negatively impacted by the unfavorable Canadian/ US exchange rate. We are maintaining our initiatives towards future opportunities and growth as the industry moves into recovery."
The results for the quarter provide 0.3 cents net loss per share in the third quarter (0.2 cents net loss year-to-date) compared to net earnings of 0.0 cents per share in the third quarter last year (0.3 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.
TSX VENTURE: IWG
SOURCE IWG Technologies Inc.
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; Investor Relations: The Howard Group Inc., Bob Beaty, Grant Howard, Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com