RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 14, 2008 16:30 ET

Renoworks Announces June 30, 2008 Quarter End Financial Results

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2008) -

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 exterior and interior home imaging software solutions for new home construction and existing home renovations, today announced financial results for the six months ended June 30, 2008.

Financial results from operations for the quarter and six months ended June 30, 2008, with comparatives for 2007, as follows:



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Quarter ended Quarter ended
June 30, 2008 June 30, 2007
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Revenue $ 591,469 $ 405,998
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Gross Margin $ 473,630 $ 289,580
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Operating Expenses $ 428,188 $ 286,574
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Net Income (Loss) $ 21,108 ($11,543)
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Net Income (Loss) per share $ 0.001 ($0.001)
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Weighted average shares outstanding 18,167,989 17,620,444
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Cash from (used in) operations $ 75,132 $ 84,967
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Six Months ended Six Months ended
June 30, 2008 June 30, 2007
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Revenue $ 786,681 $ 769,120
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Gross Margin $ 547,009 $ 544,595
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Operating Expenses $ 752,206 $ 511,220
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Net Income (Loss) ($235,632) $ 16,106
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Net Income (Loss) per share ($0.012) $ 0.001
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Weighted average shares outstanding 18,167,989 17,620,444
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Cash from (used in) operations ($12,382) $ 133,925
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The Company's financial position as at June 30, 2008 and December 31, 2007
was as follows:

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June 30, 2008 December 31,
2007
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Cash balance $ 471,022 $ 97,228
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Working capital ($24,935) ($285,672)
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Long term liabilities $ 184,687 $ 209,332
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Shareholders' deficiency ($148,091) $ 424,659
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Deficit $ 4,783,065 $ 4,547,433
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Total assets $ 697,030 $ 445,498
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Deferred Revenue $ 368,073 $ 300,980
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About RenoWorks Software Inc:

RenoWorks Software Inc. develops and markets cutting edge visualization software and integrated solutions 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 and CFO
    (403) 296-3880 x 227
    Website: www.renoworks.com