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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 | - |
From Feb 2020 to Feb 2025
ENGINEERING.com revenue was $1,504,846 for the fiscal year 2010, compared to revenue of $1,433,566 for the year 2009. Sales of Internet advertising rose by 89% to 730,270 in 2010 compared to $386,250 for the year ended December 31, 2009. Paid advertising impressions (excluding remnant inventory allocated to networks) across all engineering related sites grew by approximately 83% from 23,352,790 in 2009 to 42,658,118 in 2010.
Revenue across all products for the three months ended December 31, 2010 was $461,905 compared to $489,163 for the fourth quarter of 2009. The net income for the year ended December 31, 2010 totaled $78,120 and $0.00 per Common Share compared with a net loss of ($482,794) and ($0.01) for the same period a year ago.
Operating loss (EBITDA) measured as earnings before interest, taxes, amortization and stock-based compensation, was ($29,670) or $0.00 per Common Share for the fourth quarter of 2010 compared with a operating profit of $7,099 or $0.00 per Common Share for the three month period ended December 31, 2009. Operating loss for fiscal 2010 was ($261,539) or ($0.01) per Common Share compared to an operating loss of ($259,247) or ($0.01) per Common Share for fiscal 2009. The operating expenses in the latest quarter were $299,179 and for the year were $1,146,047 compared to $289,323 for the fourth quarter a year earlier and $1,193,078 for fiscal 2009.
"During 2010 the company's primary web site experienced significant growth across all user and revenue metrics," said John Hayes, President of ENGINEERING.com. "Internet advertising revenue rose by 89% to $730,270, but was offset in part by a decline in software sales."
As at December 31, 2010, the Company had a cash balance of $78,244 compared to a cash balance of $106,118 as at December 31, 2009. This cash balance is relatively small when compared to the Company's ongoing obligations as described on page 7 of the Company's Third Quarter 2010 Management Discussion & Analysis under the heading, "Present Status and Risk Factors" as filed on November 22, 2010.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE: EGN) is the developer-owner of the www.ENGINEERING.com Web site and business. ENGINEERING.com offers marketing and lead generation services to manufacturers, design consultants 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.
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ENGINEERING.com Incorporated
Balance Sheets
(Cdn. $)
(audited) (audited)
As at As at
Dec. 31, 2010 Dec. 31, 2009
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ASSETS
Current Assets
Cash 78,244 106,118
Accounts Receivable 316,302 291,761
Prepaid Expenses and Deposits 13,895 30,391
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Total Current Assets 408,441 428,270
Property and Equipment, net 20,727 27,916
Intangible Assets, net 316,063 412,993
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TOTAL ASSETS 745,231 869,179
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
-----------
Current Liabilities
Accounts Payable and Accrued Liabilities 489,015 707,147
Deferred Revenue 65,640 46,614
Promissory Note -- 24,999
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TOTAL LIABILITIES 554,655 778,760
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SHAREHOLDERS' EQUITY
--------------------
Share Capital 15,113,752 15,113,752
Contributed Surplus 439,996 417,959
Deficit (15,363,172) (15,441,292)
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TOTAL SHAREHOLDERS' EQUITY 190,576 90,419
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TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 745,231 869,179
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ENGINEERING.com Incorporated
Statements of Income
(Cdn. $) (unaudited) (unaudited) (audited) (audited)
Three Months Three Months Year Year
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2010 2009 2010 2009
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Revenue 461,905 489,163 1,504,846 1,433,566
Cost of Sales 192,396 192,741 620,338 499,735
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GROSS PROFIT 269,509 296,422 884,508 933,831
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Expenses
Salaries & Benefits 131,275 135,350 536,272 535,903
Marketing Expenses 36,576 18,803 112,932 86,905
Development Costs 48,087 55,528 204,475 263,067
General &
Administrative 83,241 79,642 292,368 307,203
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299,179 289,323 1,146,047 1,193,078
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Operating Income/(Loss)
before Under-noted (29,670) 7,099 (261,539) (259,247)
Items:
Stock Based
Compensation (5,950) (1,057) (22,037) (25,548)
Amortization Expense (3,364) (50,106) (119,828) (197,999)
Vendor Reconciliation
Adjustment 481,524 0 481,524 0
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Net Income (Loss) 442,540 (44,063) 78,120 (482,794)
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Basic and Diluted (Loss)
per Share 0.01 (0.00) 0.00 (0.01)
Weighted Average Number
of Common Shares (basic
and diluted) 36,870,623 36,870,623 36,870,623 35,638,235
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Consolidated Statements
of Deficit
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Deficit, beginning of
period (15,805,712) (15,397,229) (15,441,292) (14,958,498)
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Net Income (Loss) 442,540 (44,063) 78,120 (482,794)
Deficit, end of period (15,363,172) (15,441,292) (15,363,172) (15,441,292)
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ENGINEERING.com Incorporated
Cash Flow Statements
(Cdn. $)
(unaudited) (unaudited) (audited) (audited)
Three Months Three Months Year Year
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2010 2009 2010 2009
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OPERATING ACTIVITIES
Net Loss 442,540 (44,063) 78,120 (482,794)
ADD - Items Not
Affecting Cash
Stock Based
Compensation 5,949 1,057 22,037 25,548
Amortization 3,364 50,106 119,828 197,999
Changes in operating
assets and
liabilities other
than cash (518,828) (82,329) (207,150) (221,416)
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CASH FROM OPERATING
ACTIVITIES (66,975) (75,230) 12,834 (480,663)
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FINANCING ACTIVITIES
Promissory Notes -- (13,317) (24,999) (62,436)
Proceeds of Share
issuance -- -- -- 354,744
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CASH FROM FINANCING
ACTIVITIES -- (13,317) (24,999) 292,308
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INVESTING ACTIVITIES
Additions to Property
and Equipment (1,694) (4,905) (8,494) (17,515)
Additions to
intangible assets (1,101) -- (7,215) --
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CASH FROM INVESTING
ACTIVITIES (2,795) (4,905) (15,709) (17,515)
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Net Increase (Decrease)
in Cash (69,770) (93,452) (27,874) (205,870)
CASH, beginning of
period 148,014 199,570 106,118 311,988
----------------------------------------------------------------------------
CASH, end of period 78,244 106,118 78,244 106,118
----------------------------------------------------------------------------
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: 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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