RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

May 25, 2016 13:13 ET

Renoworks Announces 2016 First Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - May 25, 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 first quarter ended March 31, 2016.

Highlights from first quarter 2016:

  • Revenues $649,574 for the year to date is a 21.5% year-over-year increase.
  • Annual Recurring Revenue of $380,322 for the quarter ending March 31, 2016 increased from $331,369 for the same period in 2015.
  • 58% of the first quarter's revenue in 2016 is attributable to annual recurring customer contracts.
  • Reduced long-term liabilities from $294,552 to $222,625.
  • Launched visualization software Renoworks PRO™ software-as-a-service (SAAS) for contractors and interior designers.

Doug Vickerson, CEO of Renoworks, stated, "Fiscal 2015 was a year of investment for Renoworks and I am pleased to report that during the first quarter 2016, the Company achieved record revenue, and a notable deployment of its visualization technology with the launch of Renoworks PRO™." Mr. Vickerson continued, "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 growth."

Financial results from operations for the first quarter 2016 with comparatives for 2015 are as follows:

Three Months Ended March 31
2016 2015
Revenue $ 649,574 $ 534,718
Gross Margin $ 481,632 $ 419,064
Expenses $ 543,845 $ 375,824
Income (Loss) $ (98,450 ) $ 67,281
Earnings (Loss) per share $ (0.01 ) $ 0.01
Weighted Average Shares Outstanding 28,671,044 26,688,444
Cash used in operations $ 196,094 $ 1,977

The Company's financial position as of March 31, 2016 with comparatives from 2015 is as follows:

March 31, 2016 March 31, 2015
Cash Balance $ 311,946 $ 342,364
Working Capital $ 244,074 $ 263,788
Long-term liabilities $ 222,625 $ 294,552
Shareholder's Equity (Deficiency) $ 65,560 $ (3,509 )
Deficit $ (5,417,199 ) $ (4,890,993 )
Total Assets $ 888,845 $ 751,662

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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