Tuesday, 12 May 2009

IWG’s Second Quarter Results Show Impressive Results in Troubled Times

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

Despite the stormy economic clouds, International Water Guard (IWG) posted healthy returns at the close of its Fiscal 2009 second quarter ending March 31st.

Rounding all figures out, sales rose to $1.3 million, compared to $856 thousand for the same quarter in the previous year.

That is a 55% increase.

Net earnings for the second quarter were $39 thousand, compared to a net loss of $102 thousand in the prior year’s same quarter.

The six-month results were equally impressive.

Six-month sales to March 31st were $2.5 million, compared to $1.7 million for the same period last year.

Six-month net earnings were $99 thousand, compared to a loss of $183 thousand a year earlier. Net earnings would have been even higher, had the company not devoted so many resources to new product development and marketing.

IWG President and CEO, David Fox, said in the news release that while some major customers have reported a slow down, IWG is working in other “complimentary aviation markets,” to mitigate any negative impacts.

As a result, Mr. Fox concluded that, “we are maintaining our long term growth initiatives.”

The second quarter results seen another way, amounted to a $0.3 cents per share in net earnings for the first six months.

There was a net loss of $0.5 cents per share in the same period last year.Going from losses in net earnings per share to gains – in these troubled economic times – with money in the bank and no long term debt to speak of would normally translate into a higher share price than the May 12th close of $0.065 cents.

To view the full news release, please click here.