Wednesday, 11 February 2009

Strong Start To F09 For International Water-Guard

International Water-Guard (TSX-V: IWG)
Basic Shares: 39.3 million
Fully Diluted: 46.5 million

It was just a few weeks ago that IWG announced that at the end of the first quarter (Dec. 31) of Fiscal 2009, its order book already stood at $3 million representing three-quarters of its sales in F2008.

Today, the company released its Q1/F09 financial results that saw revenues jump 42% to $1.2 million from the $854 thousand in revenues for the corresponding quarter of F08. IWG reported net income of just over $60 thousand compared to a loss of approximately $80 thousand in Q1/F08.
Even though revenues were up $360 thousand, the cost of goods declined to $463 thousand from $496 thousand. Expenses however increased to $667 thousand from $480 thousand with R & D climbing $70 thousand to $209 thousand. This was expected a IWG has been developing new water technologies, which are bearing fruit with its customers as evidenced by the Q1 results.

IWG is in a good cash position with $947 thousand in its bank account at the end of the reporting period. It does not have the albatross of debt around its neck and is throwing off a growing cash flow stream.

To read the news release click here.