Vancouver, BC, March 14, 2014 - Fundamental Research has updated coverage on IWG Technologies symbol IWG on the TSX Venture Exchange. Following the release of the results for the latest quarter, analyst Siddharth Rajeev reiterated his buy rating and 12-month target of $0.40, a premium of 82% to the $0.22 price on February 17th, the day his report was issued.
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IWG Technologies is the holding company for the wholly-owned subsidiary, International Water-Guard Industries, which focusses on aircraft potable water treatment, water systems, water heaters and components. The company has been selling its products globally to corporate, VIP and military transport manufacturers and operators since 1982.
The company reported revenue of $1.48 million for the quarter ending December 31, 2013, a 10% increase over the previous year's figure of $1.35 million. Net income was $116 thousand, up 7% from $108 thousand in the previous year. This resulted in net earnings of $0.003 per share, the same as the prior year's quarter, on both a basic and fully diluted basis.
Bruce Gowan, IWG's Chairman stated, "First quarter revenue provided a continuation of revenue growth that commenced in fiscal 2012 which resulted in record margins and net profit. Operating income is also stronger, augmented in part by a strong US dollar during the quarter that increased the Company's net income during the period."
In January, the company welcomed Darryl Jacobs as the new President of the subsidiary. Darryl is a seasoned aerospace executive with expertise in complex aircraft systems, design, development, airworthiness engineering and installation.
JetNet IQ, a leading business jet research firm, is estimating jet deliveries to increase by 6% year over year in 2014. With the economic recovery, many businesses and individuals are looking to add or replace their aircraft.
Analyst Siddharth Rajeev stated, "Based on the strong US$, we have raised our revenue forecasts for the full year 2014, from $7.21 million to $7.50 million."
IWG Technologies currently trades at $0.21 and with 38.3 million shares outstanding, the company is capitalized at $8 million.
For more information, please visit the company's website at www.iwgtech.com (http://www.iwgtech.com/) or phone 604-255-5555. The company's investor relations is handled by Jeff Walker of The Howard Group (www.howardgroupinc.com (http://www.howardgroupinc.com/)), who can be reached at 1-888-221-0915 or email info@howardgroupinc.com (mailto:info@howardgroupinc.com).
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