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TORONTO, May 02, 2019 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("Water Ways" or the "Company") reports today its financial and business results and is pleased to provide highlights and comments on the results for the year ending December 31, 2018.
2018 Year End Financial Highlights1
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1 US Dollars is Irri-Al-Tal's functional and reporting currencies. CAD equivalent figures hereto are presented using the Bank of Canada USD:CAD annual exchange rate of 2018 of 1.2959 and of 2017 of 1.2976 for income statement items, where applicable; and the December 31, 2018 USD:CAD exchange rate of 1.3621 and December 31, 2017 USD:CAD exchange rate of 1.2540 for balance sheet items, where applicable.
Irri-Al-Tal Financial Results Summary
The table below presents the financial results of Irri-Al-Tal Ltd. ("Irri-Al-Tal"), a wholly owned subsidiary of the Company, since the reverse-takeover transaction between Irri-Al-Tal and the Company has occurred after the completion of the year end.
(CAD in thousands) | FY 2018 | FY 2017 | Change % | |
Revenues: | ||||
Services Projects | 8,271 | 6,917 | 19.6% | |
Products | 7,396 | 6,810 | 8.6% | |
Total Revenues | 15,666 | 13,727 | 14.1% | |
Cost of Sales | 13,281 | 11,481 | ||
Gross Profit | 2,386 | 2,246 | ||
Gross Profit Margin % | 15.2% | 16.4% | ||
Operating Expenses | 1,591 | 917 | ||
Other Income (Loss) | (86) | (197) | ||
Taxes on Income | 168 | 261 | ||
Total Comprehensive Income (Loss) | 540 | 871 | ||
Basic and Diluted Profit per Share | $ 0.014 | $ 0.024 | ||
Balance Sheet Items: | ||||
Cash and Cash Equivalents | 317 | 218 | ||
Total Current Assets | 7,802 | 6,967 | ||
Total Assets | 8,362 | 7,435 | ||
Total Current Liabilities | 4,469 | 6,178 | ||
Total Non-Current Liabilities | 376 | 478 |
(USD in thousands) | FY 2018 | FY 2017 | Change % | |
Revenues: | ||||
Services Projects | 6,382 | 5,331 | 19.7% | |
Products | 5,707 | 5,248 | 8.7% | |
Total Revenues | 12,089 | 10,579 | 14.3% | |
Cost of Sales | 10,248 | 8,848 | ||
Gross Profit | 1,841 | 1,731 | ||
Gross Profit Margin % | 15.2% | 16.4% | ||
Operating Expenses | 1,228 | 707 | ||
Other Income (Loss) | (66) | (152) | ||
Taxes on Income | 130 | 201 | ||
Total Comprehensive Income (Loss) | 417 | 671 | ||
Basic and Diluted Profit per Share | $ 0.011 | $ 0.024 | ||
Balance Sheet Items: | ||||
Cash and Cash Equivalents | 233 | 174 | ||
Total Current Assets | 5,728 | 5.556 | ||
Total Assets | 6,139 | 5,929 | ||
Total Current Liabilities | 3,281 | 4,927 | ||
Total Non-Current Liabilities | 276 | 381 |
Revenue change by geographic segments:
FY2018 | FY2017 | ||
Geographic Segments : | |||
Africa | 25.6% | 44.0% | |
South and Central America | 56.5% | 40.7% | |
Asia | 0.8% | 6.4% | |
Europe | 3.6% | 2.8% | |
Israel | 12.2% | 4.8% | |
Others | 1.3% | 1.3% | |
Total Revenues | 100% | 100% |
Business Highlights: 2018 Year End and Subsequent
Management Commentary
Ohad Haber, President, CEO and Chairman of the Board of Water Ways, commented as follows: "2018 continued to set records for Water Ways’ growth and momentum across the globe. The Company witnessed a transformational year of 2018 as we initiated the capital raising and the listing process in Canada in early 2018 and successfully completed the listing in early 2019. In addition, we embarked on a mission to aggressively expand our business plan in the global legal cannabis sector, which we have advanced from a concept to tangible projects in multiple countries." Mr. Haber continued: "We are excited about the future of Water Ways as we continue to expand our global footprint and gain a presence in the new markets. As we became a public company and entered this new chapter of Water Ways, we look forward to demonstrating the full potential of Israeli innovation in the global irrigation sector."
A comprehensive discussion of Water Ways’ financial position and results of operations is provided in the Company’s Management Discussion & Analysis ("MD&A") for the year ended December 31, 2018 filed on SEDAR and can be found at www.sedar.com.
About Water Ways Technologies
Water Ways is the parent company of Irri-Al-Tal Ltd. ("IAT") which is an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, IAT's main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.
For more information, please contact
Ronnie Jaegermann
Director
+972-54-4202054
ronnie@irri-altal.com
https://www.water-ways-technologies.com/
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Water Ways, including receipt of the Final Exchange Bulletin and the proposed listing date, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Water Ways' current views and intentions with respect to future events, and current information available to Water Ways, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: expected sales volumes, timing of and approval of the Acquisition by the TSX Venture Exchange; timing of establishing new operations. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Water Ways in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Water Ways does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Water Ways undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Water Ways' results and forward-looking information and calculations may be affected by fluctuations in exchange rates. All figures are in Canadian dollars unless otherwise indicated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.