RenoWorks Announces 2007 Fourth Quarter and Year End Financial Results
28 April 2008 - 8:30PM
Marketwired Canada
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 home
imaging software and web solutions for new home construction and existing home
renovations, today announced financial results for the fourth quarter and for
the year ended December 31, 2007.
RenoWorks achieved an increase in sales however due to increases in staff,
marketing and research and development, experienced a loss for the year.
Financial results from operations for the fourth quarter with comparatives
for 2006 are as follows:
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Three Months Ended Dec 31
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2007 2006
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Revenue $ 267,806 $ 603,604
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Gross Margin $ 172,447 $ 347,176
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Expenses $ 318,057 $ 194,417
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Income (loss) $ (159,600) $ 153,311
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Earnings (loss) per share $ (0.01) $ 0.009
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Weighted Average Shares Outstanding $17,620,444 $17,163,824
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Cash from (used in) operations $ (224,851) $ 378,370
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Financial results from operations for the year ended December 31, 2006, with
comparatives for 2006 are as follows:
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Year Ended Dec 31
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2007 2006
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Revenue $ 1,143,421 $ 912,841
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Gross Margin $ 794,694 $ 601,079
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Expenses $ 1,154,146 $ 592,391
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Income (loss) $ (402,568) $ 502
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Earnings (loss) per share $ (0.02) $ 0.00
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Weighted Average Shares Outstanding 17,620,444 17,163,824
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Cash from (used in) operations $ (302,592) $ 91,900
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The Company's financial position as at December 31, 2007 and 2008 was as
follows:
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December 31, 2007 December 31, 2008
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Cash Balance $ 97,228 $ 241,725
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Working Capital $ (285,672) $ 143,775
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Long term liabilities $ 209,332 $ 246,849
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Shareholder's Deficiency $ 424,659 $ 28,468
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Deficit $ 4,547,433 $ 4,144,865
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Total Assets $ 445,498 $ 360,878
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Financial Results and highlights
- 2007 was a growth year for RenoWorks. Staff increased from 8 employees to 15
employees, adding key resources in sales & marketing and development.
- RenoWorks won a competitive bid to develop a new web application for
CertainTeed. The product, ColorView had the first phase launched in 2008.
- RenoWorks continued to work with Home Hardware to add manufacturers to
HomeWorks. Home Hardware continues to advertise nationally on television and
flyers.
About RenoWorks Software Inc:
RenoWorks Software Inc. develops and markets cutting edge visualization software
and business growth tools 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.
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