iWeb Communities: Blog

Revenues increase by 107% and EBITDA by 277%

MONTREAL, May 24, 2006 – iWeb Group Inc. today announced the financial results of its second quarter ended March 31, 2006.

In this second quarter, iWeb Group more than doubled its consolidated revenues to $ 1,378,125, an increase of $ 712,585 or 107% more than the same period last year when revenues were $ 665,540.

Gross profit increased by $ 432,814 or 127%, from $ 339,732 in the second quarter of 2005 to $ 772,546 in the second quarter of 2006. EBITDA went from $ 95,322 to $ 359,709, an increase of 277%. Net earnings grew by $ 163,767, from $ 25,381 to $ 189,057.

At March 31, 2006, Shareholders Equity was $ 972,255.

« We are very happy with these results! With sales of $ 2,520,234 for the first six months of our 2006 financial year, we have met our objectives. From June 1st, with our second data center coming on line, we are very confident for the balance of the year. » said Éric Chouinard, President and CEO.

« This sales increase of 107% is due to the exceptional commitment and hard work of our team and I thank them. Our biggest challenge is to manage this rapid internal growth and I think we have been successful » adds Martin Leclair, Cofounder and COO.

About iWeb Group Inc.
Founded in 1996, iWeb offers a full line of advanced web hosting either through shared hosting, dedicated servers or collocation in its own data center featuring the latest technological equipments. Its services are rendered in English, French or Spanish to clients in more than 95 countries.

iWeb Group Inc. is listed on the TSX Venture Exchange under the IWB stock symbol. For more information, visit the Company’s website at investors.iweb.ca.

The financial information in this news release is taken from iWeb’s financial statements for the quarter ended December, 2005, which may be found on www.SEDAR.ca. iWeb’s MD&A will be filed in the time period provided for in the rules.

Readers are cautioned to refer to such financial statements for complete information, as the information in this release has been selectively drawn from the full documents and is not complete.

FINANCIAL INFORMATION

*At September 30, 2005

« The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. »