IWG Announces Revenues and Operating Income for The Second Quarter Of Fiscal 2015

BURNABY, BC, May 11, 2015 /CNW/ - IWG Technologies Inc. (IWG) today announced its financial results for the quarter ended March 31, 2015. All amounts are expressed in Canadian dollars unless otherwise indicated.

The Company announces second quarter revenue of $2,334,056, a 27% increase over $1,844,773 earned in the second quarter of fiscal 2014.  Income from operating activities was $424,577 (vs. $274,396 in fiscal 2014), while net earnings were $296,802 (vs. $157,757 in fiscal 2014).

Six month revenue was $4,328,943, a 30% increase over $3,325,907 from the same period of the prior year.  Income from operating activities was $802,372 (vs. $503,217 in fiscal 2014) and net earnings were $553,256 (vs. $273,368 in fiscal 2014).

This year's second quarter results provided net earnings of 0.8¢ per share (1.4¢ year-to-date) compared to 0.4¢ in the same period of the prior year (0.7¢ year-to-date).  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 March 31				Six month period ended March 31
Expressed in thousands of dollars	2015	2014	Change		2015	2014	Change
(except per share amounts)
Revenue	$2,334	$1,845	27%		$ 4,329	$ 3,326	30%
Gross Profit	1,112	950	17%		2,090	1,699	23%
Operating Income	425	274	55%		802	503	59%
Net Income	297	158	88%		553	273	103%
Net Income per Share	0.008	0.004			0.014	0.007
EBITDA	514	285	80%		979	496	97%
EBITDA per Share	0.013	0.007			0.025	0.013

 

"We are very pleased with these record results for FY15 second quarter. With 11 consecutive quarters of profitability and steady year-over-year revenue growth behind us, the company continues to meet our growth expectations." says Bruce Gowan, IWG's Chairman.

"The first half of this fiscal year has been a significant improvement over the same period as last year, and customer demand for our products continues to grow.  The strong US dollar has amplified these increases, and allowed us to absorb costs of product improvements as well as investments in the operation to accommodate future growth" said Darryl Jacobs, President of International Water-Guard.

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 has 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.

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