RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

November 19, 2015 16:19 ET

RenoWorks Announces 2015 Third Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - Nov. 19, 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 third quarter ended September 30, 2015.

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

Three Months Ended September 30
2015 2014
Revenue $602,496 $505,047
Gross Margin $474,962 $445,465
Expenses $487,556 $357,050
Income (loss) ($12,594) $88,415
Earnings (loss) per share ($0.001) $0.003
Weighted Average Shares Outstanding 28,002,994 26,620,444
Nine Months Ended September 30
2015 2014
Revenue $1,676,070 $1,472,345
Gross Margin $1,297,895 $1,311,286
Expenses $1,326,534 $1,099,665
Income (Loss) ($28,639) $211,621
Earnings (loss) per share ($0.001) $0.009
Weighted Average Shares Outstanding 27,019,783 26,620,444
Cash from (used in) operations ($116,805) $82,522

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

September 30, 2015 December 31, 2014
Cash Balance $726,735 $361,279
Working Capital $698,071 $211,398
Long term liabilities $259,484 $311,442
Shareholder's Equity (Deficiency) $473,958 ($71,465)
Deficit ($4,986,913) ($4,958,274)
Total Assets $1,122,786 $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 nine months ended September 30, 2015, net income was influenced by an increase in personnel costs.

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