IWG announces second quarter results – fiscal 2009
May 25, 2009 – Burnaby, B.C. – International Water-Guard Industries Inc. has announced the financial results for the second quarter fiscal 2009 ended March 31, 2009.
May 25, 2009 By Melissa Damota
May 25, 2009 – Burnaby, B.C. – International Water-Guard Industries
Inc. has announced the financial results for the second quarter fiscal
2009 ended March 31, 2009.
The Company reported sales of $1,325,494 compared to $856,064 for the same quarter of the previous year, representing a 55% increase. Second quarter net earnings were $39,195 compared to a net loss of ($102,760) in the prior year's second quarter. Six month sales to March 31st were $2,540,410 compared to $1,710,447 in the prior year. Six month net earnings were $99,284 compared to a loss of ($183,451) a year earlier. The Company has continued its near term new product development and marketing. The related expenditures have reduced net income in this period.
"The financial performance of the company has been very pleasing over the first half of our year, despite the overall economic difficulties. We have now seen reports from some major customers indicating a slow down, and we are operating with caution given these negative indicators. However, IWG continues to work on mitigating these factors with increased sales initiatives to complementary aviation markets, and we are maintaining our long term growth
initiatives," said David Fox, IWG's president & CEO.
The results for the quarter provide 0.1 cents net earnings per share in the current quarter (0.3 cents year to date) compared to a net loss of -0.3 cents per share in the first quarter of the prior year (-0.5 cents year to date) on both a basic and fully diluted basis.
The full version of the Company's financial statements can be viewed at www.sedar.com and on IWG's website.
International Water-Guard is a Canadian aerospace company focusing on aircraft potable water treatment and full water system solutions. IWG has expertise in all aspects of water treatment, and has the products and know-how to provide high quality water for passengers and crew, and light weight, space saving solutions for the aircraft operator.
On behalf of the Board of Directors International Water-Guard Industries Inc.
"David C. Fox"
President and CEO.