IWG Announces Revenues and Operating Income for Fiscal 2014

BURNABY, BC, Nov. 20, 2014 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the fiscal year ended September 30 2014. All amounts are expressed in Canadian dollars unless otherwise indicated.

The Company is reporting the fifth consecutive year of revenue growth with $7,396,697 for fiscal 2014, a 12% increase over the previous year's figure of $6,606,464. Net earnings were $751,022, a 23% decrease compared to $969,996 in the prior year. The annual amounts include fourth quarter revenues of $2,169,502, a 26% increase, and net earnings of $283,081, a 28% decrease from the prior year fourth quarter, attributed to infrastructure improvements and product liability costs.

This year's results provided net earnings of 2.0 cents per share (1.9 cents fully diluted) compared to 2.6 in the prior year (2.5 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:
				Three month period ended September 30									Year ended September 30
Expressed in thousands of dollars  (except per share amounts)					2014			2013		Change				2014			2013		Change
Revenue				$	2,170		$	1,720		26%			$	7,397		$	6,606		12%
Gross profit					901			1,037		(13%)				3,621			3,566		2%
Operating income					423			506		(16%)				1,188			1,480		(20%)
Net income					283			415		(28%)				751			970		(23%)
Net income per share					0.9¢			1.1¢						2.0¢			2.6¢
EBITDA				$	512		$	621					$	1,362		$	1,547
EBITDA per share					1.3¢			1.6¢						3.6¢			4.1¢

"The results for fiscal 2014 show record revenues both in the fourth quarter and the year. IWG continues its path of growth while laying the groundwork necessary to meet the company's strategic plan" says Bruce Gowan, IWG's Chairman.

"2014 has been a transitional year for the company in that it has produced record revenue, ramped up delivery of the IWG-M1, and announced the IWG-TSeries Tankless Water Heater and the IWG-UV1 Water Treatment Unit" says Darryl Jacobs, President of International Water-Guard Industries Inc. "In addition, we have invested in larger and improved facilities, reorganized and strengthened our leadership team and expanded our product lines.  Also, during the fourth quarter, the Company addressed a new warranty cost.  This issue is being actively resolved with our customers and aircraft operators to ensure the product experience IWG promises."     

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.

Copyright 2014 Canada NewsWire