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IWG Announces Record Revenues and Earnings for Fiscal 2012

Thursday, November 29, 2012 9:30 AM


BURNABY, BC, Nov. 29, 2012 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the fiscal year ended September 30, 2012. All amounts are expressed in Canadian dollars unless otherwise indicated.

The Company is reporting fiscal 2012 revenue of $6,014,067 a 36% increase over the previous year's figure of $4,431,148.  Net earnings were $526,310 compared to $323,406 in the prior year (an increase of 63%).  These amounts include fourth quarter revenues of $1,659,158 (a 41% increase) and net earnings of $318,067 (an increase of 92%) representing 0.8¢/share.

This year's results provided net earnings of 1.4¢ per share compared to 0.8¢ 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
September 30
            Year ended
September 30
Expressed in thousands of dollars
(except per share amounts)
  2012   2011 Change         2012   2011 Change
Revenue  $ 1,660  $  1,175  41%        $  6,014 $ 4,431  36%
Gross profit    867   707  23%         3,205   2,540  26%
Net Income    318   166  92%         526   323  63%
Net Income per Share    0.8¢   0.4¢  100%         1.4¢   0.8¢ 75%
                           
EBITDA  $  434  $  97  347%        $ 884  $ 405 118%
EBITDA per Share    1.1¢   0.2¢  450%         2.3¢   1.0¢  130%

"Fiscal 2012 was a significant revenue growth year for the Company which resulted in record margins and net profit. All of us at IWG are very proud of this achievement" says Bruce Gowan, IWG's Chairman.

"Fiscal 2012 proved to be a record year as IWG experienced sales growth in all product lines. The water treatment products experienced strong growth in core products and in the new IWG-A6 product that began deliveries to Gulfstream for their new 650 aircraft. The new ES On-Demand Water Heater product, introduced in the fall of 2011, resulted in higher than expected sales levels for the year. Product repairs and parts sales set a new high in annual revenue" says Bruce MacCoubrey, President and CEO of International Water-Guard Industries Inc.

As previously announced, IWG signed agreements with FACC of Austria to provide a compact water system for the Bombardier CL 300 aircraft upgrade, with Airbus Corporate Jet Center to provide water treatment units for their aircraft completions and with Embraer to install water treatment units on their Legacy aircraft. It is expected that these initiatives will provide continued growth.

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.

IWG Technologies, Inc.
Unit One - 3771 North Fraser Way,
Burnaby, BC V5J 5G5 Canada
Tel: (604) 255-5555, Fax: (604) 255-5685
www.iwgtech.com

Investor Relations: The Howard Group Inc.
Jeff Walker / Grant Howard
Toll Free: 1-888-221-0915
Info@howardgroupinc.com
www.howardgroupinc.com

(Source: CNW )
(Source: Quotemedia)

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