IWG TECHNOLOGIES INC November 23, 2015
Burnaby, BC, Canada - IWG Technologies Inc. (TSX-V: IWG) ('the Company' or 'IWG') today announced results for the fiscal year ended September 30, 2015, which include a 71% increase in net income and 29% growth in revenue. All amounts are expressed in Canadian dollars unless otherwise indicated.
With the latest results, the Company is pleased to report that IWG has achieved a Five-Year Compound Annual Growth of 17% for revenue and 41% for net income.
The annual amounts include fourth quarter revenues of $2,731,577, a 26% increase from the prior year fourth quarter, and net earnings of $400,405, a 41% increase from the prior year fourth quarter.
This year's results provided net earnings of 3.3 cents per share (3.3 cents fully diluted) compared to 2.0 cents in the prior year (1.9 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 Year ended
September 30 September 30
Expressed in thousands of dollars 2015 2014 Change 2015 2014 Change
(except per share amounts)
Revenue | $ 2,731 | $ 2,170 | 26% | $ 9,514 | $ 7,397 | 29% |
Gross profit | 1,341 | 901 | 49% | 4,543 | 3,621 | 25% |
Operating income | 487 | 423 | 15% | 1,754 | 1,188 | 48% |
Net income Net income per share | 400 1.0¢ | 283 0.8¢ | 41% | 1,282 3.3¢ | 751 2.0¢ | 71% |
EBITDA EBITDA per share | $ 671 1.7¢ | $ 512 1.3¢ | $ 2,326 5.9¢ | $ 1,362 3.6¢ |
'The Company continues to outperform the growth in revenue and net income expectations as defined in the Company's Strategic Plan. Fiscal 2015 saw a sales volume growth of 13% and when coupled with the advantages of a strong US dollar resulted in the total revenue growth reported' says Bruce Gowan, IWG Chairman.
Darryl Jacobs, President of International Water-Guard Industries adds '2015 has been the strongest year yet for IWG, with increased sales volume and the introduction of new products that strengthen our product offerings to support the ever-evolving needs of the aviation industry'
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
For further information contact:
IWG Technologies, Inc.
Unit One - 3771 North Fraser Way, Burnaby, BC V5J 5G5 Canada
Tel: (604) 255-5555, Fax: (604) 255-5685
www.iwgtech.com
Investor Relations: The Howard Group Inc. Jeff Walker / Grant Howard
Toll Free: 1-888-221-0915
Info@howardgroupinc.com www.howardgroupinc.com
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