Renoworks Software Inc.
TSX VENTURE : RW

Renoworks Software Inc.

April 29, 2016 11:22 ET

Renoworks Announces 2015 Fourth Quarter and Year End Financial Results

CALGARY, ALBERTA--(Marketwired - April 29, 2016) -

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Renoworks Software Inc. (TSX VENTURE:RW) ("Renoworks" or the "Company") 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, 2015.

Financial results from operations for the fourth quarter 2015 with comparatives for 2014 are as follows:

Three Months Ended Dec 31
2015 2014
Revenue $ 434,031 $ 522,712
Gross Margin $ 253,712 $ 340,086
Expenses $ 638,297 $ 267,330
Income (Loss) $ (331,812 ) $ 81,049
Earnings (Loss) per share $ (0.01 ) $ 0.005
Weighted Average Shares Outstanding 27,519,506 26,633,671
Cash from (used in) operations $ (133,467 ) $ 21,234

Financial results from operations for the year ended December 31, 2015, with comparatives for 2014 are as follows:

Year Ended Dec 31
2015 2014
Revenue $ 2,110,083 $ 1,995,057
Gross Margin $ 1,551,589 $ 1,651,372
Expenses $ 1,936,080 $ 1,413,918
Income (Loss) $ (360,475 ) $ 292,670
Earnings (Loss) per share $ (0.01 ) $ 0.01
Weighted Average Shares Outstanding 27,519,506 26,633,671
Cash from (used in) operations $ (250,272 ) $ 228,292

The Company's financial position as of December 31, 2015 with comparatives from 2014 is as follows:

December 31, 2015 December 31, 2014
Cash Balance $ 536,337 $ 361,279
Working Capital $ 357,084 $ 211,398
Long term liabilities $ 241,284 $ 311,442
Shareholder's Equity (Deficiency) $ 151,878 $ (71,465 )
Deficit $ (5,318,749 ) $ (4,958,274 )
Total Assets $ 837,840 $ 741,608

As our growth strategy progresses we are investing in the acquisition of qualified personnel to further our efforts to fulfill our long term commitments of software development and financial growth. As a result, although there was an increase in revenue for the twelve months ended December 31, 2015, net income was influenced by an increase in personnel costs.

About Renoworks

Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry's greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment - even in their own home - before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from three main business lines: enterprise, Renoworks PRO™, and its Software Development Kit (SDK). For more information, visit www.renoworks.com.

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

Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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