Six month sales to March 31, 2009, were CAD2,540,410 compared to CAD1,710,447 in the prior year. Six month net earnings were CAD99,284 compared to a loss of CAD183,451, a year earlier. The company has continued its near term new product development and marketing. The related expenditures have reduced net income in this period.
“The financial performance of the company has been very pleasing over the first half of our year, despite the overall economic difficulties. We have now seen reports from some major customers indicating a slow down, and we are operating with caution given these negative indicators. However, IWG continues to work on mitigating these factors with increased sales initiatives to complementary aviation markets, and we are maintaining our long term growth initiatives,” said David Fox, International Water-Guard’s president and chief executive officer.
