International Water-Guard Industries Inc. today announced the financial results of the quarter ended June 30, 2008. "We are pleased to report that the anticipated recovery in sales has taken place during this quarter as predicted," said David Fox, IWG's president & CEO.
"We are deep into our accelerated product development schedule, which will continue to impact overall profitability this year but is positioning us well for future revenue and earnings growth."
The Company reported sales during the third quarter of fiscal 2008 of $1,292,745, a 24% increase from $1,042,882 in the same quarter of the previous year. Third quarter net earnings were $46,338 compared to net earnings of $91,368 in the prior year's third quarter. Nine month sales to June 30th were $3,003,193 compared to $3,206,203 in the prior year. The nine month net loss was $137,113 compared to earnings of $403,111 a year earlier.
In both the current quarter and the nine month period, the Company has been executing new product development programs to meet emerging requirements 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, in what has become common to Canadian exporters since the middle of 2007, the impact of the stronger Canadian dollar on the Company's sales and earnings have continued to be felt while adjustments are being implemented.
The results for the quarter provided 0.1 cents net earnings per share in the current quarter (net loss of 0.4 cents year to date), compared to net earnings of 0.3 cents per share in the third quarter of the prior year (1.2 cents year to date) on both a basic and fully diluted basis. -- www.cnxmarketlink.com
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