RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

April 17, 2009 17:45 ET

RenoWorks Announces 2008 Fourth Quarter and Year End Financial Results

CALGARY, ALBERTA--(Marketwire - April 17, 2009) -

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 home imaging software and web solutions for new home construction and existing home renovations, today announced financial results for the fourth quarter and for the year ended December 31, 2008.



Financial results from operations for the fourth quarter 2008 with
comparatives for 2007 are as follows:

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Three Months Ended Dec 31
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2008 2007
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Revenue $ 274,307 $ 267,806
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Gross Margin $ 168,883 $ 172,447
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Expenses $ 463,178 $ 318,057
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Income (loss) $ (224,814) $ (159,600)
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Earnings (loss) per share $ (0.01) $ (0.01)
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Weighted Average Shares Outstanding $ 1,246,575 $ 17,620,444
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Cash from (used in) operations $ 294,989 $ (224,851)
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Financial results from operations for the year ended December 31, 2008, with
comparatives for 2007 are as follows:

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Year Ended Dec 31
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2008 2007
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Revenue $ 1,248,986 $ 1,143,421
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Gross Margin $ 802,073 $ 794,694
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Expenses $ 1,514,358 $ 1,154,146
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Income (loss) $ (660,359) $ (402,568)
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Earnings (loss) per share $ (0.03) $ (0.02)
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Weighted Average Shares Outstanding 20,674,838 17,620,444
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Cash from (used in) operations $ 87,029 $ (302,592)
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The Company's financial position as of December 31, 2008 with comparatives
from 2007 is as follows:

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December 31, December 31,
2008 2007
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Cash Balance $ 409,531 $ 97,228
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Working Capital $ (423,180) $ (285,672)
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Long term liabilities $ 188,715 $ 209,332
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Shareholder's Deficiency $ 554,879 $ 424,659
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Deficit $ 5,207,792 $ 4,547,433
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Total Assets $ 538,466 $ 445,498
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Financial Results and Highlights

- RenoWorks won a competitive bid to develop branded software and a new web application for Overhead Door Corporation. The product, DoorView launched in 2009.

- RenoWorks also won bids with ProVia Door and Norandex Building Materials Distribution to develop branded software. ProVia and Norandex continue to be major customers of RenoWorks.

- RenoWorks continued to work with Home Hardware to add manufacturers to HomeWorks software. HomeWorks is sold in retail stores across Canada by Home Hardware who continues to be a major customer of RenoWorks.

About RenoWorks Software Inc:

RenoWorks Software Inc. develops and markets cutting edge visualization software and business growth tools 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
    (403) 296-3880 x227
    Website: www.renoworks.com