RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 24, 2016 11:28 ET

Renoworks Announces 2016 Second Quarter Financial Results and Names New CFO

Renoworks reports record Q2 results and names Debbie Carter-Ross as new Chief Financial Officer

CALGARY, ALBERTA--(Marketwired - Aug. 24, 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 second quarter ended June 30, 2016.

Highlights from second quarter 2016:

  • Record revenues of $675,574 for the second quarter 2016 a 25% year-over-year increase.
  • Annual Recurring Revenue of $373,854 for the quarter ending June 30, 2016 increased from $341,552 for the same period in 2015.
  • 55% of the second quarter's revenue in 2016 is attributable to annual recurring customer contracts.

Doug Vickerson, CEO of Renoworks, stated, "The second quarter of 2016 was another record revenue quarter for Renoworks and I am pleased as we continue to execute on our growth plan." 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 year to date 2016 with comparatives for 2015 are as follows:

Six Months Ended June 30
2016 2015
Revenue $ 1,325,147 $ 1,073,574
Gross Margin $ 1,034,052 $ 822,933
Expenses $ 1,108,018 $ 845,293
Income (Loss) $ (136,558 ) $ (16,043 )
Earnings (Loss) per share $ (0.001 ) $ (0.001 )
Weighted Average Shares Outstanding 28,671,649 26,688,444
Cash used in operations $ 248,658 $ 125,749

The Company's financial position as of June 30, 2016 with comparatives from 2015 is as follows:


June 30, 2016

June 30, 2015
Cash Balance $ 239,696 $ 198,331
Working Capital $ 220,855 $ 175,334
Long- term liabilities $ 203,496 $ 277,236
Shareholder's Equity (Deficiency) $ 58,486 $ (73,199 )
Deficit $ (5,455,307 ) $ (4,974,317 )
Total Assets $ 726,071 $ 585,289

Renoworks Software is pleased to announce that Debbie Carter-Ross has been named Chief Financial Officer.

Effective immediately, Debbie Carter-Ross will assume her position as CFO, replacing former CFO Kim Chua. We wish to thank Kim Chua for his dedication and service. In her new role, Debbie will continue with the majority of her tasks she was responsible for as Renoworks Controller from 2008-2016 while assuming new roles and responsibilities. Debbie has been issued 100,000 stock options which vest equally over three years.

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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