RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 20, 2015 15:50 ET

RenoWorks Announces 2015 Second Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - Aug. 20, 2015) -

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 second quarter ended June 30, 2015.

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

Three Months Ended June 30
2015 2014
Revenue $538,856 $484,730
Gross Margin $403,869 $431,120
Expenses $487,193 $431,505
Income (loss) ($83,324) ($385)
Earnings (loss) per share ($0.001) $0.000
Weighted Average Shares Outstanding 26,688,444 26,620,444
Six Months Ended June 30
2015 2014
Revenue $1,073,574 $967,298
Gross Margin $822,933 $865,822
Expenses $838,976 $800,183
Income (Loss) ($16,043) $123,206
Earnings (loss) per share ($0.001) $0.005
Weighted Average Shares Outstanding 26,688,444 26,620,444
Cash from (used in) operations ($125,749) $27,269

The Company's financial position as at June 30, 2015 and December 31, 2014 was as follows:

June 30,
2015
December 31,
2014
Cash Balance $198,331 $361,279
Working Capital $175,334 $211,398
Long term liabilities $277,236 $311,442
Shareholder's Deficiency ($73,199) ($71,465)
Deficit ($4,974,317) ($4,958,274)
Total Assets $585,289 $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 six months ended June 30, 2015, net income was influenced by an increase in personnel costs and foreign exchange loss.

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.

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