As previously reported, we have strong sales and backlog for this year, notwithstanding the world financial crisis, although one cannot foresee if and when a downturn may affect the business, said David Fox, IWG’s president and chief executive officer. In management’s opinion, our first quarter results have been very gratifying, and we will continue with our growth initiatives while operating with due caution in the current industry climate.
The company has continued its strategic new product development and the marketing efforts with a view to the long term growth. The associated expenditures reduced the company’s net income in this period; however, this was more than mitigated by increases in unit sales and the impact of higher value of US dollar.
