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EGN Engineering.Com Incorporated

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Share Name Share Symbol Market Type
Engineering.Com Incorporated TSXV:EGN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ENGINEERING.com Incorporated Announces First Quarter 2012 Results

25/05/2012 9:57pm

Marketwired Canada


ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com
online resource for engineers today announced its unaudited financial results
for the first quarter ended March 31, 2012. 


ENGINEERING.com revenue was $581,965 for the three month ended March 31, 2012,
compared to revenue of $355,559 for the first quarter in 2011. Revenue in the
first quarter included a sale of third party software to a single customer for
approximately $170,000.


Operating income (EBITDA) measured as earnings before interest, taxes,
amortization and stock-based compensation, was $2,634 or $0.00 per Common Share
for the first quarter of 2012 compared with an operating loss of ($58,398) or
$0.00 per Common Share for the three month period ended March 31, 2011. The
operating expenses in the latest quarter were $300,924, up from $255,662 in the
first quarter a year earlier.


"During the first quarter of 2012 the Company launched a 3D Printing section to
give industry analysts and bloggers a valuable platform for disseminating
technical information," said John Hayes, President of ENGINEERING.com. "This
section and others like it will attract viewers and advertisers to important
topic areas."


As at March 31, 2012, the Company had a cash balance of $327,057 compared to a
cash balance of $259,014 as at December 31, 2011.


About ENGINEERING.com Incorporated

ENGINEERING.com Incorporated (TSX VENTURE:EGN) inspires, informs and entertains
a worldwide audience of engineers through the www.ENGINEERING.com web site and
other distribution channels. ENGINEERING.com offers marketing services to
manufacturers, technology inventors and engineering academia around the world.
The ENGINEERING.com Incorporated head office is located in Mississauga, Ontario,
Canada and can be reached toll-free at 1-877-997-9917, by facsimile at
905-273-6691 or through the Internet at www.ENGINEERING.com.


EBITDA

EBITDA is defined by the Company as operating income before interest expense,
income taxes, amortization, stock - based compensation, asset dispositions and
provision for discontinued operations. The Company has included information
concerning EBITDA because it believes that EBITDA is used by certain investors
as one measure of the Company's financial performance. EBITDA is not a measure
of financial performance under Canadian generally accepted accounting principles
and is not necessarily comparable to similarly titled measures used by other
companies. EBITDA should not be construed as an alternative to operating income
or to cash flows from operating activities (as determined in accordance with
Canadian generally accepted accounting principles) as a measure of liquidity.


Forward Looking Statements

This press release may contain forward-looking statements based on management's
current projections, beliefs and opinions at the date of this press release.
Actual results could differ materially from those anticipated in these
statements. The Company's ability to continue as a going concern is dependent
upon its ability to generate future profitable operations and/or to obtain the
necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due. ENGINEERING.com Incorporated
undertakes no responsibility to update forward-looking statements if
circumstances or management's projections, beliefs or opinions change.


The contents of this News Release have been reviewed and approved by the Audit
Committee and the Board of Directors.




STATEMENTS OF FINANCIAL POSITION                                            
Expressed in Canadian Dollars                                               
                                                                            
                                         March 31, 2012      March 31, 2011 
                                                                            
ASSETS                                                                      
CURRENT ASSETS                                                              
 Cash                                   $       327,057    $        139,712 
 Accounts Receivable                            420,064             201,468 
 Prepaids Expenses and Deposits                  45,671              11,672 
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                            792,792             352,852 
----------------------------------------------------------------------------
                                                                            
NON-CURRENT ASSETS                                                          
 Property and Equipment                          13,623              17,949 
 Intangible Assets                              328,313             319,084 
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                        341,936             337,033 
----------------------------------------------------------------------------
                                                                            
TOTAL ASSETS                            $     1,134,728    $        689,885 
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDER'S EQUITY                                        
CURRENT LIABILITIES                                                         
 Accounts Payable & Accrued                                                 
  Liabilities                           $       623,565    $        487,592 
 Deferred Revenue                               165,098              73,438 
----------------------------------------------------------------------------
TOTAL LIABILITIES                               788,663             561,030 
----------------------------------------------------------------------------
                                                                            
SHAREHOLDER'S EQUITY                                                        
 Share Capital                               15,450,966          15,113,752 
 Contributed Surplus                            503,947             478,646 
 Deficit                                    (15,608,848)        (15,463,543)
----------------------------------------------------------------------------
TOTAL SHAREHOLDERS EQUITY                       346,065             128,855 
----------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS                                          
 EQUITY                                 $     1,134,728    $        689,885 
----------------------------------------------------------------------------
                                                                 
STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY                     
Expressed in Canadian Dollars                                    
                                                                 
                                    Number of               Share
                                Common Shares             Capital
-----------------------------------------------------------------
At December 31, 2010               36,870,623    $     15,113,752
Net Income for the period                                        
Stock Based Compensation                                         
-----------------------------------------------------------------
At March 31, 2011                  36,870,623          15,113,752
                                                                 
At December 31, 2011               43,870,623    $     15,450,966
Net Loss for the period                                          
Stock Based Compensation                                         
-----------------------------------------------------------------
At March 31, 2012                  43,870,623    $     15,450,966
-----------------------------------------------------------------

                                                                            
STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY                                
Expressed in Canadian Dollars                                               
                                                                            
                              Contributed                                   
                                  Surplus            Deficit          Total 
----------------------------------------------------------------------------
At December 31, 2010       $      472,843    $   (15,396,019)  $    190,576 
Net Income for the period                            (67,524)       (67,524)
Stock Based Compensation            5,802                             5,802 
----------------------------------------------------------------------------
At March 31, 2011                 478,645        (15,463,543)       128,854 
                                                                            
At December 31, 2011       $      497,899    $   (15,602,800)  $    346,065 
Net Loss for the period                               (6,048)        (6,048)
Stock Based Compensation            6,048                             6,048 
----------------------------------------------------------------------------
At March 31, 2012          $      503,947    $   (15,608,848)  $    346,065 
----------------------------------------------------------------------------
                                                                           
STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)                
Expressed in Canadian Dollars                                              
                                                                           
                                         March 31, 2012     March 31, 2011 
                                                                           
                                                                           
REVENUE                                $        581,965   $        355,559 
COST OF SALES                                   278,677            158,295 
---------------------------------------------------------------------------
GROSS PROFIT                                    303,288            197,264 
---------------------------------------------------------------------------
                                                                           
OPERATING EXPENSES                                                         
  Salaries and Benefits                         171,494            138,898 
  Marketing Expenses                             22,839             22,682 
  Development Costs                              46,282             47,180 
  General and Administrative                     60,309             46,902 
---------------------------------------------------------------------------
TOTAL OPERATING EXPENSES                        300,924            255,662 
---------------------------------------------------------------------------
                                                                           
INCOME (LOSS) BEFORE UNDERNOTED                                            
 ITEMS:                                           2,364            (58,398)
  Stock Based Compensation                       (6,048)            (5,802)
  Amortization Expense                           (2,364)            (3,324)
---------------------------------------------------------------------------
NET INCOME (LOSS) & COMPREHENSIVE                                          
 INCOME                                $         (6,048)  $        (67,524)
---------------------------------------------------------------------------
                                                                           
Earnings (Loss) Per Share                                                  
  Basic                                $           0.00   $           0.00 
  Diluted                              $           0.00   $           0.00 
Weighted Average Number of Common                                          
 Shares (Basic and Diluted)                  43,870,623         36,870,623 
---------------------------------------------------------------------------
                                                                           
STATEMENTS OF CASH FLOWS                                                   
Expressed in Canadian Dollars                                              
                                                                           
                                         March 31, 2012     March 31, 2011 
OPERATING ACTIVITIES                                                       
                                                                           
Net Income (Loss)                      $         (6,048)  $        (67,524)
Add items not affecting cash                                               
  Stock based compensation                        6,048              5,802 
  Amortization                                    2,364              3,324 
  Changes in Operating Assets and                                          
   Liabilities Other than Cash                   73,142            123,433 
-------------------------------------------------------------------------- 
CASH FLOWS FROM OPERATING ACTIVITIES             75,506             65,035 
-------------------------------------------------------------------------- 
                                                                           
INVESTING ACTIVITIES                                                       
  Additions to Property and Equipment            (4,169)              (546)
  Additions to Intangible Assets                 (3,294)            (3,021)
-------------------------------------------------------------------------- 
CASH FLOWS FROM INVESTING ACTIVITIES             (7,463)            (3,567)
-------------------------------------------------------------------------- 
                                                                           
INCREASE (DECREASE) IN CASH                      68,043             61,468 
                                                                           
CASH, Beginning of period                       259,014             78,244 
-------------------------------------------------------------------------- 
                                                                           
CASH, End of period                    $        327,057   $        139,712 
--------------------------------------------------------------------------

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