ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com
online resource and business for engineers today announced its financial results
for the fourth quarter and year ended December 31, 2008.
ENGINEERING.com revenue was $1,444,768 for the fiscal year 2008, compared to
revenue of $2,214,221 for the year 2007. Revenue for the three months ended
December 31, 2008 was $340,828 compared to $572,273 for the fourth quarter of
2007. The net loss for the year ended December 31, 2008 totaled ($520,253) and
($0.02) per Common Share compared with a net loss of ($217,425) and ($0.01) for
the same period a year ago.
During 2007, the Company had revenues of $1,080,665 from the provision of
services to Rand Worldwide, a former related party while corresponding revenues
for 2008 declined to $279,305. All such transactions were terminated in
September 2008 when Rand Worldwide ceased to be a related party to the Company.
Operating loss (EBITDA) measured as earnings before interest, taxes,
amortization and stock-based compensation, was ($93,830) or $0.00 per Common
Share for the fourth quarter of 2008 compared with a operating profit of $49,036
or $0.00 per Common Share for the three month period ended December 31, 2007.
Operating loss for fiscal 2008 was ($278,935) or ($0.01) per Common Share
compared to an operating profit of $58,804 or $0.00 per Common Share for fiscal
2007. The operating expenses in the latest period were $289,264 and for the year
were $1,228,355 compared to $321,000 for the fourth quarter a year earlier and
$1,412,958 for fiscal 2007.
"During 2008 the company's primary web site experienced a significant increase
in page views and corresponding Internet advertising revenue," said John Hayes,
President of ENGINEERING.com. "Sales gains in advertising and software were more
than offset, however, by a decline in the IT services we provided to Rand
Worldwide."
As at December 31, 2008, the Company had a cash balance of $311,988 compared to
a cash balance of $288,916 as at December 31, 2007.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE:EGN) is the developer-owner of the
www.ENGINEERING.com Web site and Internet-based software and business.
ENGINEERING.com offers hosted and deployed engineering software and 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.
ENGINEERING.com Incorporated
Balance Sheets
(Cdn. $)
(audited) (audited)
As at As at
Dec. 31, 2008 Dec. 31, 2007
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ASSETS
Current Assets
Cash 311,988 288,916
Accounts Receivable 189,109 146,063
Prepaid Expenses and Deposits 29,707 58,044
Due from Related Parties - 330,557
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Total Current Assets 530,804 823,580
Property and Equipment, net 29,865 29,567
Intangible Assets, net 591,528 770,063
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TOTAL ASSETS 1,152,197 1,623,210
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Liabilities 787,594 768,878
Deferred Revenue 84,247 70,745
Promissory Note - Short-term 58,464 47,582
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Total Current Liabilities 930,305 887,205
Promissory Note - Long Term 28,971 69,179
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TOTAL LIABILITIES 959,276 956,384
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SHAREHOLDERS' EQUITY
Share Capital 14,759,008 14,759,008
Contributed Surplus 392,411 346,063
Deficit (14,958,498) (14,438,245)
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TOTAL SHAREHOLDERS' EQUITY 192,921 666,826
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,152,197 1,623,210
----------------------------------------------------------------------------
ENGINEERING.com Incorporated
Statements of Income
(Cdn. $) (unaudited) (unaudited) (audited) (audited)
Three Months Three Months Year Year
Ended Ended Ended Ended
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2007
----------------------------------------------------------------------------
Revenue 340,828 572,273 1,444,768 2,214,221
Cost of Sales 145,394 202,237 495,348 742,459
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GROSS PROFIT 195,434 370,036 949,420 1,471,762
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Expenses
Salaries &
Benefits 163,579 152,057 643,082 727,687
Marketing
Expenses 10,946 6,302 38,556 24,352
Development
Costs 72,212 58,197 233,187 238,126
General &
Administrative 42,527 104,444 313,530 422,793
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289,264 321,000 1,228,355 1,412,958
----------------------------------------------------------------------------
Operating
Income/(Loss)
before
Under-noted Items: (93,830) 49,036 (278,935) 58,804
Stock Based
Compensation 3,444 (13,348) (46,348) (77,749)
Amortization
Expense (48,970) (48,405) (194,970) (198,480)
----------------------------------------------------------------------------
Net Loss (139,356) (12,717) (520,253) (217,425)
----------------------------------------------------------------------------
Basic and
Diluted
(Loss) per Share (0.00) (0.00) (0.02) (0.01)
Weighted Average
Number of Common
Shares
(basic and
diluted) 29,496,499 29,496,499 29,496,499 29,496,499
----------------------------------------------------------------------------
Consolidated
Statements of
Deficit
----------------------------------------------------------------------------
Deficit,
beginning
of period (14,819,142) (14,425,529) (14,438,245) (14,220,820)
----------------------------------------------------------------------------
Net Income (Loss) (139,356) (12,717) (520,253) (217,425)
Deficit, end of
period (14,958,498) (14,438,245) (14,958,498) (14,438,245)
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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, 2008 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2007
----------------------------------------------------------------------------
OPERATING
ACTIVITIES
Net Loss (139,356) (12,717) (520,253) (217,425)
ADD - Items Not
Affecting Cash
Stock Based
Compensation (3,444) 13,348 46,348 77,749
Amortization 48,970 48,404 194,970 198,480
Changes in
operating assets
and liabilities
other than cash 126,119 69,613 348,066 259,948
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CASH FROM
OPERATING
ACTIVITIES 32,289 118,648 69,131 318,752
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FINANCING
ACTIVITIES
Promissory Notes (1,730) (11,355) (29,326) (199,814)
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CASH FROM
FINANCING
ACTIVITIES (1,730) (11,355) (29,326) (199,814)
----------------------------------------------------------------------------
INVESTING
ACTIVITIES
Additions to
Property and
Equipment (446) (1,899) (16,733) (17,212)
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CASH FROM
INVESTING
ACTIVITIES (446) (1,899) (16,733) (17,212)
----------------------------------------------------------------------------
Net Increase
(Decrease) in Cash 30,113 105,394 23,072 101,726
CASH, beginning
of period 281,875 183,522 288,916 187,190
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CASH, end of period 311,988 288,916 311,988 288,916
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Engineering.Com Incorporated (TSXV:EGN)
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