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:
Doug Vickerson
CEO
403-296-3880 x227