RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 20, 2010 18:24 ET

RenoWorks Announces June 30, 2010 Quarter End Financial Results

CALGARY, ALBERTA--(Marketwire - Aug. 20, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES.

RenoWorks Software Inc. (TSX VENTURE:RW), a leading provider of digital exterior and interior home imaging software solutions for new home construction and existing home renovations, today announced financial results for the six months ended June 30, 2010.

Financial results from operations for the quarter and six months ended June 30, 2010, with comparatives for 2009, as follows:

    Quarter ended     Quarter ended  
    June 30, 2010     June 30, 2009  
Revenue   $301,927     $307.797  
Gross Margin   $243,980     $191,337  
Operating Expenses   $289,021     $261,480  
Net Income (Loss)   ($38,641 )   ($96,040 )
Net Income (Loss) per share   ($0.001 )   ($0.004 )
Weighted average shares outstanding   26,620,444     22,620,444  
Cash from (used in) operations   ($40,387 )   ($395,452 )
   
    Six Months ended     Six Months ended  
    June 30, 2010     June 30, 2009  
Revenue   $857,675     $600,535  
Gross Margin   $697,778     $372,750  
Operating Expenses   $562,222     $639,325  
Net Income (Loss)   $131,207     ($259,998 )
Net Income (Loss) per share   $0.005     ($0.011 )
Weighted average shares outstanding   26,620,444     22,620,444  
Cash from (used in) operations   $37,150     ($270,918 )

The Company's financial position as at June 30, 2010 and December 31, 2009 was as follows:

    June 30, 2010     December 31, 2009  
Cash balance   $94,167     $94,862  
Working capital   ($379,515 )   ($508,173 )
Long term liabilities   $147,755     $158,865  
Shareholders' deficiency   ($486,180 )   ($619,063 )
Deficit   ($5,326,162 )   ($5,457,369 )
Total assets   $194,020     $316,236  
Deferred Revenue   $382,798     $549,478  

About RenoWorks Software Inc:

RenoWorks Software Inc. develops and markets cutting edge visualization software and integrated solutions for the remodeling and new home construction industries. RenoWorks' software and web solutions use digital imaging to showcase interior and exterior building products on a picture of a customer's room, home, or blueprint. The software allows users to envision various 'before and after' design options using a database of actual manufacturer's products. For more information, visit www.renoworks.com, or call 403-296-3880

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RenoWorks Software Inc.
    Doug Vickerson
    CEO and CFO
    403-296-3880 x 227
    www.renoworks.com