RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

November 29, 2011 16:52 ET

RenoWorks Announces September 30, 2011 Quarter End Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) -

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 three months ended September 30, 2011.

Financial results from operations for the quarter and nine months ended September 30, 2011, with comparatives for 2010, are as follows:

Quarter ended September 30, 2011 Quarter ended September 30, 2010
Revenue $ 307,030 $ 278,137
Gross Margin $ 191,880 $ 207,611
Operating Expenses $ 228,106 $ 244,174
Net Loss $ (44,647 ) $ (39,797 )
Net Loss per share $ (0.002 ) $ (0.002 )
Weighted average shares outstanding 26,620,444 26,620,444
Nine Months ended September 30, 2011 Nine Months ended September 30, 2010
Revenue $ 880,537 $ 1,135,812
Gross Margin $ 619,400 $ 905,388
Operating Expenses $ 764,099 $ 805,878
Net Income (Loss) $ (163,823 ) $ 91,410
Net Income (Loss) per share $ 0.006 $ 0.003
Weighted average shares outstanding 26,620,444 26,620,444
Cash provided (used) by operations $ (207,815 ) $ 2,498

The Company's financial position as at September 30, 2011 and December 31, 2010 was as follows:

September 30, 2011 December 31, 2010
Cash balance $ 41,770 $ 77,431
Working capital $ (525,427 ) $ (378,358 )
Long term liabilities $ 127,978 $ 135,554
Shareholders' deficiency $ (623,371 ) $ (477,175 )
Deficit $ (5,483,570 ) $ (5,319,747 )
Total assets $ 283,109 $ 255,279
Deferred Revenue $ 321,067 $ 379,608

RenoWorks Software Inc. announces that it has granted options to acquire an aggregate of 240,000 common shares at an exercise price of $.10 per share to directors, officers, and employees of the Company on November 9, 2011. These options expire November 9th, 2016 and are governed by the company's Stock Option Plan. This brings the total number of options outstanding to 1,315,000 or 4.9% of outstanding shares.

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
    www.renoworks.com