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 $318,067 (an increase of 92%)
representing 0.8¢/share.
This year's results provided net earnings of 1.4¢ per share compared to
0.8¢ in the prior year, on both a basic and fully diluted basis.
Detailed financials including MD&A will be available on SEDAR and the
company website at www.iwgtech.com.
The results are summarized as follows:
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Three month period ended
September 30
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Year ended
September 30
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Expressed in thousands of dollars
(except per share amounts)
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2012
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2011
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Change
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2012
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2011
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Change
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Revenue
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$
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1,660
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$
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1,175
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41%
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$
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6,014
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$
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4,431
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36%
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Gross profit
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867
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707
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23%
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3,205
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2,540
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26%
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Net Income
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318
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166
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92%
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526
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323
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63%
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Net Income per Share
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0.8¢
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0.4¢
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100%
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1.4¢
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0.8¢
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75%
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EBITDA
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$
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434
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$
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97
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347%
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$
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884
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$
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405
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118%
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EBITDA per Share
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1.1¢
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0.2¢
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450%
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2.3¢
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1.0¢
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130%
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"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.