RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

November 09, 2005 12:41 ET

RenoWorks Announces September 30, 2005 Quarter End Financial Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2005) - RenoWorks Software Inc. (TSX VENTURE:RW), a leading provider of digital exterior home imaging software for new home construction and existing home renovations, today announced financial results for the quarter and nine months ended September 30, 2005, with comparatives for 2004, as follows:



------------------------------------------------------------------------
Three months ended Three months ended
Sept 30, 2005 Sept 30, 2004
------------------------------------------------------------------------
Revenue $ 53,734 $ 101,426
------------------------------------------------------------------------
Gross Margin $ 50,471 $ 51,225
------------------------------------------------------------------------
Expenses $ 161,475 $ 103,261
------------------------------------------------------------------------
Net Loss $ 113,929 $ 54,405
------------------------------------------------------------------------
Net Loss per share $ 0.007 $ 0.004
------------------------------------------------------------------------
Weighted average shares outstanding 15,569,381 14,480,251
------------------------------------------------------------------------
Cash from (used in) operations $ (140,930) $ 24,191
------------------------------------------------------------------------
------------------------------------------------------------------------


------------------------------------------------------------------------
Nine months ended Nine months ended
Sept 30, 2005 Sept 30, 2004
------------------------------------------------------------------------
Revenue $ 190,839 $ 447,519
------------------------------------------------------------------------
Gross Margin $ 179,967 $ 302,850
------------------------------------------------------------------------
Expenses $ 434,864 $ 320,334
------------------------------------------------------------------------
Net Loss $ 255,783 $ 27,853
------------------------------------------------------------------------
Net Loss per share $ 0.017 $ 0.002
------------------------------------------------------------------------
Weighted average shares outstanding 14,754,771 13,611,399
------------------------------------------------------------------------
Cash used in operations $ 169,243 $ 91,961
------------------------------------------------------------------------
------------------------------------------------------------------------


The Company's financial position as at September 30, 2005 and December
31, 2004 was as follows:

------------------------------------------------------------------------
September 30, 2005 December 31, 2004
------------------------------------------------------------------------
Cash balance $ 145,137 $ 80,890
------------------------------------------------------------------------
Working capital $ 98,623 $ 93,498
------------------------------------------------------------------------
Long term liabilities $ 275,427 $ 272,505
------------------------------------------------------------------------
Shareholders deficiency $ 95,484 $ 97,701
------------------------------------------------------------------------
Deficit $ 4,073,940 $ 3,818,157
------------------------------------------------------------------------
Total assets $ 264,494 $ 255,186
------------------------------------------------------------------------
------------------------------------------------------------------------


The Board of Directors has determined that the Company should adjust its cost structure in order to provide differential support for its product offerings. The professional CD-based contractor version and the on-line product will continue to be marketed through the Company's distributor channels. The Company's head office operations will streamline its operations to focus its sales and marketing efforts on the HomeOwner version of the software. This restructuring will allow RenoWorks to reduce costs in human resources, facilities and marketing.

About RenoWorks

RenoWorks Software Inc. has developed a visualization sales tool for the new home construction and remodeling industries. RenoWorks "Picture the Difference" software uses digital imaging to showcase exterior building products on a picture of the customer's home. The software enables dealer/contractors to provide a "before and after" digital image of the exterior of the home using a database of manufacturers products. Currently, RenoWorks has 25 manufacturers available on its product download site. The software offers new homebuilders, remodeling professionals, building product manufacturers, suppliers and architects a cost-effective tool to help generate sales.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RenoWorks Software Inc.
    Greg Martineau
    CEO
    (403) 296-3880