BURNABY, BC,
Nov. 21, 2013 /CNW/ - IWG
Technologies Inc. (IWG) today announced its financial results for
the fiscal year ended September 30,
2013. All amounts are expressed in Canadian dollars unless
otherwise indicated.
The Company is reporting fiscal 2013 revenue of
$6,606,464, a 10% increase over the
previous year's figure of $6,014,067.
Net earnings were $969,996, a 84%
increase compared to $526,310 in the
prior year. Fiscal 2012 net earnings were reduced by one-time
termination costs of $218,000 after
tax. The annual amounts include fourth quarter revenues of
$1,719,718, a 4 % increase, and net
earnings of $414,567, a 30% increase,
representing 1.1 cents/share.
This year's results provided net earnings of
2.6 cents per share (2.5 cents fully diluted) compared to 1.4 cents 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) |
2013 |
2012 |
Change |
|
|
|
|
2013 |
2012 |
Change |
| Revenue |
$ 1,720 |
$ 1,660 |
+4% |
|
|
|
|
$6,606 |
$ 6,014 |
+10% |
| Gross profit |
1,037 |
867 |
+20% |
|
|
|
|
3,566 |
3,205 |
+11% |
| Net Income |
415 |
318 |
+31% |
|
|
|
|
970 |
526 |
+84% |
| Net Income per Share
(cents) |
1.1 |
0.8 |
+38% |
|
|
|
|
2.6 |
1.4 |
+86% |
| EBITDA |
$ 621 |
$ 434 |
+17% |
|
|
|
|
$ 1,547 |
$ 884 |
+75% |
EBITDA cents per Share
* EBITDA is an often-used earnings measure but is
not recognized by IFRS |
1.6 |
1.10 |
+49% |
|
|
|
|
4.1 |
2.3 |
+79%
|
| |
|
|
|
|
|
|
|
|
|
|
"Fiscal 2013 showed continued revenue growth for the Company
which resulted in a record net profit. All of us at IWG are very
proud of this achievement" says Bruce
Gowan, IWG's Chairman.
"Fiscal 2013 proved to be another busy year for
the IWG team. Water treatment products experienced strong growth
and the new IWG-A6 product was delivered to support the full year
of Gulfstream 650 aircraft production. The ES water heater and
water pump products experienced good sales with the completion
centers. The development of the new M-1 compact water module for
FACC on the Bombardier CL350 aircraft was completed in the fourth
quarter. M-1 product deliveries will begin in the second quarter of
fiscal 2014. Product repairs and parts sales continued to set new
highs in annual revenue" says Bruce
MacCoubrey, President and CEO of International Water-Guard
Industries Inc. "During 2013 IWG continued to identify potential
new products that will support its long term growth strategy."
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.