CALGARY, ALBERTA--(Marketwire - Nov. 29, 2012) -
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, 2012.
Financial results from operations for the quarter and nine months ended September 30, 2012, with comparatives for 2011, are as follows:
| | Quarter ended September 30, 2012 | | Quarter ended September 30, 2011 | |
| Revenue | $ | 245,605 | | $ | 307,030 | |
| Gross Margin | | 130,532 | | $ | 191,880 | |
| Operating Expenses | $ | 263,497 | | $ | 228,106 | |
| Net Loss | $ | (142,988 | ) | $ | (44,647 | ) |
| Net Loss per share | $ | (0.005 | ) | $ | (0.002 | ) |
| Weighted average shares outstanding | | 26,620,444 | | | 26,620,444 | |
| | | | | |
| | Nine Months ended September 30, 2012 | | Nine Months ended September 30, 2011 | |
| Revenue | $ | 931,252 | | $ | 880,537 | |
| Gross Margin | $ | 572,730 | | $ | 619,400 | |
| Operating Expenses | $ | 803,552 | | $ | 764,099 | |
| Net Income (Loss) | $ | (258,857 | ) | $ | (163,823 | ) |
| Net Income (Loss) per share | $ | 0.01 | | $ | 0.006 | |
| Weighted average shares outstanding | | 26,620,444 | | | 26,620,444 | |
| Cash provided (used) by operations | $ | (10,189 | ) | $ | (207,815 | ) |
The Company's financial position as at September 30, 2012 and December 31, 2011 was as follows:
| | September 30, 2012 | | December 31, 2011 | |
| Cash balance | $ | 21,776 | | $ | 50,458 | |
| Working capital | $ | (729,390 | ) | $ | (461,606 | ) |
| Long term liabilities | $ | 108,835 | | $ | 110,368 | |
| Shareholders' deficiency | $ | (794,854 | ) | $ | (540,997 | ) |
| Deficit | $ | (5,657,013 | ) | $ | (5,398,156 | ) |
| Total assets | $ | 329,992 | | $ | 422,740 | |
| Deferred Revenue | $ | 527,358 | | $ | 393,590 | |
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.