Wednesday, 12 May 2010

International Water-Guard Eyes Growth Despite Lower U.S. Dollar Woes

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

The dropping value of the U.S. currency against Canada's soaring Loonie played a little havoc with International Water Guard's (IWG) second quarter results but IWG remains fixed on its growth strategy of pursuing mergers and acquisitions.

IWG President and CEO, David Fox, reported a marginal drop in sales of roughly $130 thousand to $1.1 million in the second quarter (ending March 31st) compared to last year's second quarter.

But because those sales were in U.S. dollars, comparative net earnings fell over 50% to rest at $16, 330.

"Unfortunately, the weak US dollar has continued to have an impact on our bottom line in this quarter," Mr. Fox wrote in the news release before adding, "we are maintaining our initiatives towards future opportunities and growth."
Last December, IWG announced it hired Haywood Securities as an advisor to find companies IWG could merge with or acquire that will add significant value to IWG.

Mr. Fox also said that while the shifting value of the US dollar played havoc with company margins, the business outlook in the corporate and VIP aircraft industry is improving along with the improving markets here and abroad.

To read the full quarterly report news release please click here.