RenoWorks Announces March 31, 2008 Quarter End Financial Results
29 Mai 2008 - 11:53PM
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 exterior
and interior home imaging software solutions for new home construction and
existing home renovations, today announced financial results for the three
months ended March 31, 2008.
Financial results from operations for the three months ended March 31, 2008,
with comparatives for 2007, was as follows:
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Quarter ended Quarter ended
March 31, 2008 March 31, 2007
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Revenue $ 195,212 $363,122
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Gross Margin $ 73,379 $255,015
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Operating Expenses $ 324,116 $224,646
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Net Income (Loss) $(256,740) $ 27,649
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Net Income (Loss) per share $ (0.015) $ 0.001
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Weighted average shares outstanding 17,620,444 17,620,444
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Cash from (used in) operations $ (87,513) $ 49,958
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The Company's financial position as at March 31, 2008 and December 31, 2007
was as follows:
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March 31, 2008 December 31, 2007
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Cash balance $ 1,653 $ 97,228
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Working capital $ (545,113) $ (285,672)
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Long term liabilities $ 201,026 $ 209,332
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Shareholders' deficiency $ 681,399 $ 424,659
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Deficit $4,804,173 $4,547,433
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Total assets $ 447,402 $ 445,498
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Deferred Revenue $ 587,896 $ 300,980
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The Company reported on March 25, 2008 the proposed private placement financing
of up to 5,000,000 common shares at a price of $0.10 per share for aggregate
gross proceeds of up to $500,000. On May 22, 2008 RenoWorks Software Inc. closed
the previously announced non-brokered private placement of 5,000,000 common
shares of RenoWorks at $0.10 per common share for total gross proceeds of
$500,000. The common shares issued pursuant to the private placement are subject
to a statutory restriction on trading until Sept. 3, 2008.
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.
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