Thursday, 26 July 2012

IWG Technologies - 47% Increase In Q3 Results

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

This morning, IWG Technologies released its third quarter and nine month results for Fiscal 2012, ended June 30th.

Highlights of the reporting periods are as follows:
  • A quarterly sales record at $1.62M up 47% from the same quarter a year ago.
  • Nine month sales of $4.35M up 34% from the same period FY2011.
  • Quarterly net loss of $11K, vs. net earnings of $14K the same quarter a year ago.
  • Nine month net earnings of $208K up 32% from FY2011.
  • Earnings before taxes and an exceptional item for the third quarter were $280K vs. $112K a year earlier.
According to the news release, “Current results reflect the continued impact of new programs entering early production phase and customer acceptance of our newly acquired on-demand water heater products. Also reflected in this quarter is the contract settlement cost impact as a result of the departure of the Company's President and CEO. Income from operations before contract settlement impact was $279,963, a 150% increase over the prior period.”