International Water-Guard Industries Inc.
TSX VENTURE : IWG

International Water-Guard Industries Inc.

May 08, 2008 09:30 ET

IWG Announces Second Quarter Results-Fiscal 2008

BURNABY, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - International Water-Guard Industries Inc. (TSX VENTURE:IWG) today announced the financial results of the quarter ended March 31, 2008.

An expected decrease in Company revenue for the first quarter of financial 2008 continued into the second quarter of the year, although there is an anticipation of improvement in the last half. The Company reported sales during the second quarter of fiscal 2008 of $856,064, down from $1,149,646 in the same quarter of the previous year. Second quarter loss was $102,760 compared to net earnings of $176,466 in the prior year's second quarter. Six month sales to March 31st were $1,710,447 compared to $2,163,330 in the prior year. The six month net loss was $183,451 compared to earnings of $311,742 a year earlier.

In both the current quarter and the six month period, the Company has accelerated its new product development efforts for fiscal 2008 to meet an emerging need for complementary products in aircraft water treatment and systems. The related expenditures have reduced the Company's net income in this period, which will continue for the balance of the fiscal year. Also, what has become common to Canadian exporters during the middle of 2007 was the sudden impact of the stronger Canadian dollar on the Company's sales and earnings until adjustments could be implemented.

The results for the quarter provided a 0.3 cents net loss per share in the current quarter (0.5 cents year to date), compared to net earnings of 0.5 cents per share in the second quarter of the prior year (0.9 cents year to date) on both a basic and fully diluted basis.

The full version of the Company's financial statements can be viewed at www.sedar.com and on IWG's website.

International Water-Guard is a Canadian aerospace company focusing on aircraft potable water treatment and full water system solutions. IWG has expertise in all aspects of water treatment, and has the products and know-how to provide high quality water for passengers and crew, and light weight, space saving solutions for the aircraft operator.

On behalf of the Board of Directors

International Water-Guard Industries Inc.

David C. Fox, President and CEO

This news release contains certain forward looking statements that reflect the current views and/or expectations of IWG with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. IWG assumes no future obligation to update these forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Water-Guard Industries Inc.
    David Fox
    President and CEO
    (604) 255-5555 or 1-800-667-0331
    (604) 255-5685 (FAX)
    Website: www.water.aero