BURNABY,
BC, Feb. 11, 2016 /CNW/
- IWG Technologies Inc. (TSX-V: IWG) ("the Company" or "IWG")
today announced results for the quarter ended December 31, 2015, which include a 7% increase in
net income and 6% growth in revenue. All amounts are expressed in
Canadian dollars unless otherwise indicated.
The company reports first quarter revenue of
$2,123,018, a 6% increase over
$1,994,886 earned in the same period
of 2015. Income from operating activities for the first quarter of
2016 was $344,662 (2015 -
$377,794), while net earnings were
$273,395 (2015 - $256,452).
This quarter's results provided net earnings of
0.7 cents per share (0.7 cents fully diluted) compared to 0.7 cents in the prior year (0.7 cents fully diluted). Detailed
financial statements and MD&A will be available on
www.sedar.com and the company website at www.iwgtech.com.
The results are summarized as follows:
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Three month period
ended
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December
31
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Expressed in
thousands of dollars
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2015
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2014
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Change
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(except per share
amounts)
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Revenue
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$
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2123
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$
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1,995
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6%
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Gross
profit
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1,118
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978
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14%
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Operating
income
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345
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378
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(9%)
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Net Income
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273
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256
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7%
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Net Income per
Share
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0.7¢
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0.7¢
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EBITDA
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516
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465
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11%
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EBITDA per
Share
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1.3¢
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1.2¢
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"The Company's legacy water heaters performed
very well this quarter. Our market reach is expanding with new and
established customers interested in increasingly complex
applications opened up by our recently introduced T-Series heaters
– the world's smartest, lightest, smallest aviation water heaters"
says Bruce Gowan, IWG Chairman.
Darryl Jacobs,
President of International Water-Guard Industries, adds "while this
year's first quarter did not see a repeat of the surge of new
product sales we enjoyed in the first quarter of Fiscal 2015, the
mix of higher margin products and strengthening US dollar delivered
year-over-year growth to both the top and bottom line for our
fourteenth consecutive quarter of profitability."
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, heating, pressurization control and
storage, 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.