IWG.V - IWG Technologies
Posted: Thursday Jun 6 2:52:22PM 2013
IWG.V hit a new 5 year high today, $0.165
IWG ANNOUNCES GROWTH IN REVENUES AND OPERATING INCOME FOR THE SECOND QUARTER OF FISCAL 2013
April 30, 2013
Burnaby, BC, Canada – IWG Technologies Inc. (IWG) today announced its financial results for fiscal 2013’s second quarter ended March 31, 2013.
The Company is pleased to report second quarter revenue of $1,835,041, a 25% increase over last year’s figure of $1,463,213. Income from Operating Activities was $452,566 vs. $111,539, a fourfold increase over a year earlier. Net earnings were $266,312 compared to $94,953 for last year’s second quarter. The current quarter’s revenue growth did benefit from some anticipated first quarter deliveries being made in the second quarter.
Six month revenue was $3,186,405, a 17% increase over the comparable period of the prior year’s revenue of $2,732,574, with income from Operating Activities of $628,407 increasing 280% over the prior year’s six month period. Net earnings for the six months were $374,539, up 171% over last year.
This year’s second quarter results provided net earnings of 0.7¢ per share (1.0¢ year-to-date) compared to 0.3¢ in the prior year (0.6¢ prior 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 2013 2012 Change 2013 2012 Change
(except per share amounts)
Revenue $ 1,835 $ 1,463 25% $ 3,186 $ 2,733 17%
Gross profit 986 726 36% 1,646 1,403 17%
Operating income 453 112 406% 628 224 280%
Net Income 266 95 280% 375 219 171%
Net Income per Share 0.7¢ 0.3¢ 1.0¢ 0.6¢
EBITDA $ 417 $196 $627 $409
EBITDA per Share 1.1¢ 0.5¢ 1.7¢ 1.1¢
“Second quarter revenue provided a continuation of both revenue and earnings growth that has been the Company’s focus for the past year.” says Bruce Gowan, IWG’s Chairman.
“Revenue has shown steady growth in existing contracts, new products and new customers”, says Bruce MacCoubrey, President and CEO of International Water-Guard Industries Inc. “With the completion of the development phase of the FACC contract during the third quarter, the Company will soon be making initial deliveries of its Compact Water Systems.”
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