RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

March 07, 2007 12:06 ET

RenoWorks Announces 2006 Fourth Quarter and Year End Financial Results

CALGARY, ALBERTA--(CCNMatthews - March 7, 2007) - RenoWorks Software Inc. (TSX VENTURE:RW), a leading provider of digital exterior home imaging software for new home construction and existing home renovations, today announced financial results for the fourth quarter and for the year ended December 31, 2006.

RenoWorks achieved profitability while expanding its product offering by adding a retail and a web version of its visualization software.

Financial results from operations for the fourth quarter with comparatives for 2005 are as follows:



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Three Months Ended Dec 31
2006 2005
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Revenue $ 603,604 $ 32,943
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Gross Margin $ 347,176 $ 32,043
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Expenses $ 194,417 $ 102,790
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Income (loss) $ 153,311 $ (71,427)
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Earnings (loss) per share $ 0.009 $ (0.005)
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Weighted Average shares outstanding 17,620,444 15,953,780
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Cash from (used in) operations $ 378,370 $ (61,292)
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- Fourth quarter revenue increased by over 1800%.

Financial results from operations for the year ended December 31, 2006,
with comparatives for 2005, are as follows:


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Year ended Year ended
December 31, December 31,
2006 2005
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Revenue $ 912,841 $ 223,782
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Gross Margin $ 601,079 $ 212,010
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Expenses $ 592,391 $ 537,654
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Income (loss) $ 502 $ (327,210)
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Earnings (loss) per share $ 0.00 $ (0.02)
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Weighted average shares outstanding 17,163,824 15,126,182
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Cash from (used in) operations $ 91,900 $ (230,535)
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The Company's financial position as at December 31, 2006 and 2005 was as
follows:

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December 31, 2006 December 31, 2005
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Cash balance $ 241,725 $ 79,854
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Working capital $ 143,775 $ 32,689
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Long term liabilities $ 246,849 $ 272,842
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Shareholders deficiency $ 28,468 $ 166,911
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Deficit $ 4,144,865 $ 4,145,367
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Total assets $ 360,878 $ 202,932
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Financial results and highlights

- RenoWorks recorded an increase in sales revenue of over 300% during 2006, increasing from $223,782 in 2005 to $912,841 in 2006.

- RenoWorks and Home Hardware launched HomeWorks, a leading edge home improvement software package to be sold exclusively in Home Hardware banner stores. The HomeWorks package allows users to upload interior and exterior photos of their homes and modify them to preview the look of Beauti-Tone Paint colours, as well as actual flooring, siding, roofing, windows, doors and hardware available from Home Hardware Dealers. Users have access to more than 2,500 Home Hardware products from more than 30 major building materials manufacturers.

- Home Hardware is supporting HomeWorks with a national television advertising, print and web campaign.

- RenoWorks has expanded its product offering to include RenoWorks Pro software, RenoWorks retail editions currently marketed under the HomeWorks brand and RenoWorks Web.

- Manufacturer participation in the software product library increased during 2006, bringing the total number of building product manufacturers available in the library from 25 to over 60.

About RenoWorks

RenoWorks Software Inc. develops and markets visualization sales tools for the new home construction and remodeling industries. RenoWorks "Picture the Difference" 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 enables users to envision multiple "before and after" design options using a database of actual manufacturer's products. The software offers homeowners, builders, remodeling professionals, building product manufacturers, suppliers and architects a cost-effective tool to help in project planning and sales.

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

Contact Information

  • RenoWorks Software Inc.
    Doug Vickerson
    CEO
    (403) 296-3880 x 227