Friday, 9 December 2011

IWG Technologies Reports A Profit of $270 Thousand For 2011

IWG Technologies (TSX-V: IWG)
Basic Shares: 37.6 million
Fully Diluted: 39.7 million

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Today, IWG Technologies announced its year end results for fiscal 2011. The company recorded revenue of just over $4.4 million up 1% from last year. However, the net earnings doubled year over year to $270 thousand. This represents net earnings of 7 tenths of a cent per share.

The news release summarizes 2011 acquisition of the complimentary on-demand aircraft water heater business of Keltech Inc. In regards to IWG’s sector and 2012 David Fox, president & CEO said, “The large corporate jet sector that forms the core of our business was quite stable over the recessionary period and is now showing growth. To this we can add the new water heater business, so in general the next year should be a good one."

Shares in IWG are currently sitting at 5.5 cents.

To view the full news release, please click here