RenoWorks Announces June 30, 2011 Quarter-End Financial Results
30 August 2011 - 1:21AM
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 six months
ended June 30, 2011.
Financial results from operations for the quarter and six months ended June 30,
2011, with comparatives for 2010, are as follows:
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Quarter ended June Quarter ended June
30, 2011 30, 2010
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Revenue $ 255,996 $ 301,927
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Gross Margin $ 187,761 $ 243,980
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Expenses $ 268,154 $ 282,621
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Income (Loss) $ (80,393) $ (38,641)
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Net Income (Loss) per share $ (0.003) $ (0.001)
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Weighted average shares
outstanding 26,620,244 26,620,244
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Six Months ended Six Months ended
June 30, 2011 June 30, 2010
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Revenue $ 573,506 $ 857,675
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Gross Margin $ 427,520 $ 697,778
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Operating Expenses $ 546,696 $ 566,571
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Net Income (Loss) $ (119,176) $ 131,207
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Net Income (Loss) per share $ (0.006) $ 0.005
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Weighted average shares
outstanding 26,620,244 26,620,244
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Cash from (used in) operations $ (153,656) $ 37,150
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The Company's financial position as at June 30, 2011 and December 31, 2010 was
as follows:
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June 30, 2011 December 31, 2010
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Cash balance $ 42,199 $ 77,431
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Working capital $ (499,806) $ (378,358)
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Long term liabilities $ 127,978 $ 135,554
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Shareholders' deficiency $ (596,351) $ (477,175)
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Deficit $ (5,438,923) $ (5,319,747)
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Total assets $ 263,940 $ 255,279
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Effective September 1st, 2011 Mr. Kim Chua will become RenoWorks Software Chief
Financial Officer. He will be taking over the CFO duties and responsibilities
from Doug Vickerson who served as both the CFO and CEO. Doug Vickerson will
remain the CEO.
RenoWorks Software Inc. announces that it has granted options to acquire an
aggregate of 1,015,000 common shares at an exercise price of $.10 per share to
directors, officers, and employees of the Company. These options expire August
25th, 2016 and are governed by the company's Stock Option Plan. This brings the
total number of options outstanding to 1,285,000 or 4.8% 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 manufacturers' actual products.
For more information, visit www.renoworks.com, or call 403-296-3880.
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