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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 Fourth Quarter & Annual 2012 Results

24/04/2013 11:09pm

Marketwired Canada


ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com
online service for engineers, today announced its financial results for the
fourth quarter and year ended December 31, 2012.


ENGINEERING.com revenue was $1,872,736 for the year ended December 31, 2012,
compared to revenue of $1,549,389 for 2011. Sales of Internet advertising rose
by 18% to $1,019,959 in 2012 compared to $867,494 for the year ended December
31, 2011. Total revenue for the three months ended December 31, 2012 was
$435,661 compared to $385,166 for the fourth quarter of 2011.


The loss for the year ended December 31, 2012 totaled ($156,369) and $0.00 per
Common Share compared with a net loss of ($206,781) and $0.00 for the same
period a year ago. The loss for the three months ended December 31, 2012 was
($65,742) compared to a loss of ($37,879) in the comparable period in 2011.


Operating loss (EBITDA) measured as earnings before interest, taxes,
amortization and stock -based compensation for fiscal 2012 was ($127,718) or
$0.00 per Common Share compared to an operating loss of ($169,182) or $0.00 per
Common Share for fiscal 2011. Operating loss was ($60,185) or $0.00 per Common
Share for the fourth quarter of 2012 compared with an operating loss of
($23,862) or $0.00 per Common Share for the three month period ended December
31, 2011.


The operating expenses in the latest quarter were $311,515 and for the year
ending December 31 2012 were $1,169,092 compared to $271,102 for the fourth
quarter a year earlier and $1,062,513 for fiscal 2011.


"During 2012 several leading engineering commentators began to use
ENGINEERING.com to build their audiences," said John Hayes, President of
ENGINEERING.com. "Engineers can access content from these authors on the
ENGINEERING.com web site and through our industry-leading social media and
mobile channels."


As at December 31, 2012, the Company had a cash balance of $231,196 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 its web sites, mobile apps and social
distribution channels. ENGINEERING.com offers marketing services to
manufacturers, technology inventors and engineering academia. 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 International Financial Reporting Standards 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 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. 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                                               
                                                                            
As at December 31, 2012                                                     
(With comparative amounts as at December 31, 2011)                          
                                                                            
                                                      Audited       Audited 
                                                         2012          2011 
                                                                            
ASSETS                                                                      
CURRENT ASSETS                                                              
  Cash                                           $    231,196  $    259,014 
  Accounts receivable                                 248,662       351,537 
  Prepaids expenses and deposits                       24,529        21,383 
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                                  504,387       631,934 
----------------------------------------------------------------------------
                                                                            
NON-CURRENT ASSETS                                                          
  Property and equipment                               10,334        11,818 
  Intangible assets                                   331,522       325,020 
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                              341,856       336,838 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TOTAL ASSETS                                     $    846,243  $    968,772 
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDER'S EQUITY                                        
CURRENT LIABILITIES                                                         
  Accounts payable & accrued liabilities         $    429,433  $    465,785 
  Deferred revenue                                    207,179       156,922 
----------------------------------------------------------------------------
TOTAL LIABILITIES                                     636,612       622,707 
----------------------------------------------------------------------------
                                                                            
SHAREHOLDER'S EQUITY                                                        
  Share capital                                    15,450,966    15,450,966 
  Contributed surplus                                 517,834       497,899 
  Deficit                                         (15,759,169)  (15,602,800)
----------------------------------------------------------------------------
TOTAL SHAREHOLDERS EQUITY                             209,631       346,065 
----------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY        $    846,243  $    968,772 
----------------------------------------------------------------------------
                                                                            
STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY                                
Expressed in Canadian Dollars                                               
                                                                            
For the periods ended December 31, 2012                                     
(With comparative balances for the periods ended December 31, 2011)         
                                                                            
                 Number of                                                  
                    Common       Share Contributed                          
                    Shares     Capital     Surplus       Deficit      Total 
----------------------------------------------------------------------------
At December 31,                                                             
 2010           36,870,623 $15,113,752 $   472,843 $ (15,396,019) $ 190,576 
Share Issuance   7,000,000 $   337,214                              337,214 
Net loss for                                                                
 the period                                             (206,781)  (206,781)
Stock based                                                                 
 compensation                               25,056                   25,056 
----------------------------------------------------------------------------
At December 31,                                                             
 2011           43,870,623 $15,450,966 $   497,899 $ (15,602,800)   346,065 
----------------------------------------------------------------------------
                                                                            
At December 31,                                                             
 2011           43,870,623 $15,450,966 $   497,899 $ (15,602,800) $ 346,065 
Net loss for                                                                
 the period                                             (156,369)  (156,369)
Stock based                                                                 
 compensation                               19,935                   19,935 
----------------------------------------------------------------------------
At December 31,                                                             
 2012           43,870,623 $15,450,966 $   517,834 $ (15,759,169) $ 209,631 
----------------------------------------------------------------------------
                                                                            
                 Number of                                                  
                    Common       Share Contributed                          
                    Shares     Capital     Surplus       Deficit      Total 
----------------------------------------------------------------------------
At September                                                                
 30, 2011       43,870,623 $15,450,966 $   487,336 $ (15,564,921) $ 373,381 
Net loss for                                                                
 the period                                              (37,879)   (37,879)
Stock based                                                                 
 compensation                               10,563                   10,563 
----------------------------------------------------------------------------
At December 31,                                                             
 2011           43,870,623 $15,450,966 $   497,899 $ (15,602,800)   346,065 
----------------------------------------------------------------------------
                                                                            
At September                                                                
 30, 2012       43,870,623 $15,450,966 $   514,184 $ (15,693,427) $ 271,723 
Net loss for                                                                
 the period                                              (65,742)   (65,742)
Stock based                                                                 
 compensation                                3,650                    3,650 
----------------------------------------------------------------------------
At December 31,                                                             
 2012           43,870,623 $15,450,966 $   517,834 $ (15,759,169) $ 209,631 
----------------------------------------------------------------------------
                                                                            
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS                                   
Expressed in Canadian Dollars                                               
                                                                            
For the periods ended December 31, 2012                                     
(With comparative amounts for the periods ending December 31, 2011)         
                                                                            
                                        Unaudited                   Audited 
                               Three months ended       Twelve months ended 
                                2012         2011         2012         2011 
                                                                            
REVENUE                      435,661      385,166    1,872,736    1,549,389 
COST OF SALES                184,331      137,927      831,362      656,058 
----------------------------------------------------------------------------
GROSS PROFIT                 251,330      247,239    1,041,374      893,331 
----------------------------------------------------------------------------
                                                                            
OPERATING EXPENSES                                                          
  Salaries and benefits      156,307      156,403      614,452      575,003 
  Marketing expenses          35,743       24,427      107,499       91,329 
  Development costs           51,499       51,192      195,685      195,325 
  General and                                                               
   administrative             67,966       39,080      251,456      200,856 
----------------------------------------------------------------------------
TOTAL OPERATING EXPENSES     311,515      271,102    1,169,092    1,062,513 
----------------------------------------------------------------------------
                                                                            
LOSS BEFORE UNDERNOTED                                                      
 ITEMS:                      (60,185)     (23,863)    (127,718)    (169,182)
  Stock based                                                               
   compensation               (3,650)     (10,563)     (19,935)     (25,056)
  Amortization expense        (1,907)      (3,453)      (8,716)     (12,543)
----------------------------------------------------------------------------
NET LOSS & COMPREHENSIVE                                                    
 LOSS                    $   (65,742) $   (37,879) $  (156,369) $  (206,781)
----------------------------------------------------------------------------
                                                                            
Loss Per Share                                                              
  Basic                  $      0.00  $      0.00  $      0.00  $      0.00 
  Diluted                $      0.00  $      0.00  $      0.00  $      0.00 
Weighted average number                                                     
 of common shares (Basic                                                    
 and Diluted)             43,870,623   43,870,623   43,870,623   43,870,623 
----------------------------------------------------------------------------
                                                                            
STATEMENTS OF CASH FLOWS                                                    
Expressed in Canadian Dollars                                               
                                                                            
For the periods ended December 31, 2012                                     
(With comparative amounts for the periods ended December 31, 2011)          
                                                                            
                                          Unaudited                 Audited 
                                 Three months ended     Twelve months ended 
                                   2012        2011        2012        2011 
OPERATING ACTIVITIES                                                        
Net Income (Loss)            $  (65,742) $  (37,879) $ (156,369) $ (206,781)
Add items not affecting cash                                                
  Stock based compensation        3,650      10,563      19,935      25,056 
  Amortization                    1,907       3,453       8,716      12,543 
  Changes in operating                                                      
   assets and liabilities                                                   
   other than cash              (17,798)   (105,985)    113,634      25,329 
----------------------------------------------------------------------------
CASH FLOWS FROM OPERATING                                                   
 ACTIVITIES                     (77,983)   (129,848)    (14,084)   (143,853)
----------------------------------------------------------------------------
                                                                            
FINANCING ACTIVITIES                                                        
  Proceeds of Share Issuance          -           -           -     337,214 
----------------------------------------------------------------------------
CASH FLOWS FROM FINANCING                                                   
 ACTIVITIES                           -           -           -     337,214 
----------------------------------------------------------------------------
                                                                            
INVESTING ACTIVITIES                                                        
  Additions to property and                                                 
   equipment                     (1,931)     (1,650)     (7,232)     (3,634)
  Additions to intangible                                                   
   assets                          (907)     (2,561)     (6,502)     (8,957)
----------------------------------------------------------------------------
CASH FLOWS FROM INVESTING                                                   
 ACTIVITIES                      (2,838)     (4,211)    (13,734)    (12,591)
----------------------------------------------------------------------------
                                                                            
INCREASE (DECREASE) IN CASH     (80,821)   (134,059)    (27,818)    180,770 
                                                                            
CASH, Beginning of Period       312,017     393,073     259,014      78,244 
----------------------------------------------------------------------------
                                                                            
CASH, End of period          $  231,196  $  259,014  $  231,196  $  259,014 
----------------------------------------------------------------------------



FOR FURTHER INFORMATION PLEASE CONTACT: 
ENGINEERING.com, Inc.
John Hayes
President & CFO
905-273-9991, ext. 3280 or Toll Free: 1-877-997-9917
905-273-6691 (FAX)
jhayes@engineering.com
www.engineering.com

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