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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 | - |
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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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