BURNABY, B.C. - International Water-Guard Industries Inc. was splashed with some red ink during the third quarter as the stronger Canadian dollar affected its results.
BURNABY, B.C. - International Water-Guard Industries Inc. was splashed with some red ink during the third quarter as the stronger Canadian dollar affected its results.
The Burnaby, B.C.-based aircraft water treatment company said Thursday that losses for the three months ended June 30 totalled $125,071 or 0.3 of a cent. That was versus earnings of $22,694 or nil per share in the same 2009 period.
Sales increased 16 per cent to $1.1 million.
"During our third quarter, the company's financial performance was negatively impacted by the unfavourable Canadian-U.S. exchange rate," said president and chief executive David Fox in a release.
However, the company said that sales in U.S. dollar terms have remained relatively stable compared to 2009.
"But we are seeing that growth from new initiatives continues to be stalled until we are clearly out of the recession."
International Water-Guard provides potable water treatment and full water systems in aircraft.
Shares of the company last traded Monday at seven cents on the TSX Venture market.