ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the
ENGINEERING.com online resource for engineers today announced its
unaudited financial results for the third quarter ended September
30, 2011.
Beginning with the first quarter of 2011, Engineering.com
reported its financial results in accordance with International
Financial Reporting Standards (IFRS), as required for public
companies in Canada. Previously, the Company reported its financial
results under Canadian Generally Accepted Accounting Standards
(GAAP). Financial results for the corresponding period in 2010 have
been restated to reflect the adoption of IFRS.
ENGINEERING.com revenue was $437,982 for the three month ended
September 30, 2011, compared to revenue of $312,503 for the third
quarter in 2010. The net loss for the three months ended September
30, 2011, totaled ($25,919) and ($0.00) per Common Share compared
with a net loss of ($129,620) and ($0.00) for the same period a
year ago.
Operating loss (EBITDA) measured as earnings before interest,
taxes, amortization and stock-based compensation, was ($19,709) or
($0.00) per Common Share for the third quarter of 2011 compared
with an operating loss of ($108,750) or ($0.00) per Common Share
for the three month period ended September 30, 2010. The operating
expenses in the latest period were $260,350, down from $288,868 in
the third quarter a year earlier.
"We were delighted that our private placement share offering in
Q3 was fully subscribed," said John Hayes, President of
ENGINEERING.com. "We are grateful that shareholders have endorsed
our vision for the Company's future."
As at September 30, 2011, the Company had a cash balance of
$393,073 compared to a cash balance of $30,635 as at June 30, 2010.
On August 15, 2011 the Company completed a private placement of
7,000,000 Common Shares at a subscription price of $0.05 per share
for net proceeds of $337,214. The proceeds from this private
placement will be used for general working capital purposes.
Today the Company also announced it has granted incentive stock
options to employees and directors of the Company pursuant to the
Company's Stock Option Plan. The company has granted 1,560,000
common shares exercisable for a period of 5 years at a price of
$0.05 per share.
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, 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 IFRS 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 IFRS 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.
Condensed Interim Statements of Financial
Position (In Canadian dollars, Unaudited)
September 30, December 31,
2011 2010
----------------------------------------------------------------------------
$ $
ASSETS
CURRENT ASSETS
Cash 393,073 78,244
Accounts receivable 343,255 316,302
Prepaid expenses and deposits 22,688 13,895
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TOTAL CURRENT ASSETS 759,016 408,441
PROPERTY AND EQUIPMENT 13,621 20,727
INTANGIBLE ASSETS 322,459 316,063
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TOTAL ASSETS 1,095,096 745,231
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 622,400 489,015
Deferred revenue 99,316 65,640
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TOTAL LIABILITIES 721,716 554,655
SHAREHOLDERS' EQUITY
Share capital 15,450,966 15,113,752
Contributed surplus 487,336 472,843
Deficit (15,564,922) (15,396,019)
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TOTAL SHAREHOLDERS' EQUITY 373,380 190,576
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,095,096 745,231
----------------------------------------------------------------------------
Condensed Interim Statements of Loss and Comprehensive Loss
(In Canadian dollars, Unaudited)
Three months Nine month months
ended September 30, ended September 30,
2011 2010 2011 2010
----------------------------------------------------------------------------
$ $ $ $
REVENUE 437,982 312,503 1,164,223 1,042,941
COST OF SALES 197,341 132,385 518,131 427,942
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GROSS PROFIT 240,641 180,118 646,092 614,999
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OPERATING EXPENSES
Salaries and benefits 141,617 125,799 418,600 404,997
Marketing expenses 22,731 27,856 66,902 76,356
Development costs 47,007 50,151 144,133 156,388
General and
administrative 48,995 85,062 161,777 209,127
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260,350 288,868 791,412 846,868
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LOSS BEFORE UNDERNOTED
ITEMS: (19,709) (108,750) (145,320) (231,869)
Stock based compensation (3,490) (2,105) (14,493) (14,131)
Amortization expense (2,720) (18,765) (9,090) (116,464)
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NET LOSS (25,919) (129,620) (168,903) (362,465)
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Loss per share
Basic 0.00 0.00 0.00 (0.01)
Diluted 0.00 0.00 0.00 (0.01)
Weighted average number
of Common Shares
(basic and diluted) 40,446,710 36,870,623 38,075,751 36,870,623
----------------------------------------------------------------------------
ENGINEERING.COM INC
Condensed Statements of Changes in Shareholder's Equity
(In Canadian dollars, Unaudited)
Nine months ended September 30, 2011:
#
Number
of $ $
Common Share Contributed
Shares Capital Surplus
------------------------------------------------------------------------
At December 31, 2010 36,870,623 15,113,752 472,843
------------------------------------------------------------------------
Share Issuance 7,000,000 337,214 --
Net Loss for the period -- -- --
Stock based compensation -- -- 14,493
------------------------------------------------------------------------
At September 30, 2011 43,870,623 15,450,966 487,336
------------------------------------------------------------------------
Nine months ended September 30, 2010:
At January 1, 2010 36,870,623 15,113,752 445,548
------------------------------------------------------------------------
Net Loss for the period -- -- --
Stock based compensation -- -- 14,132
------------------------------------------------------------------------
At September 30, 2010 36,870,623 15,113,752 459,680
------------------------------------------------------------------------
Nine months ended September 30, 2011:
$ $
Deficit Total
---------------------------------------------------------------
At December 31, 2010 (15,396,019) 190,576
---------------------------------------------------------------
Share Issuance -- 337,214
Net Loss for the period (168,903) (168,903)
Stock based compensation - 14,493
---------------------------------------------------------------
At September 30, 2011 (15,564,922) 373,380
---------------------------------------------------------------
Nine months ended September 30, 2010:
At January 1, 2010 (15,468,881) 90,419
---------------------------------------------------------------
Net Loss for the period (362,464) (362,464)
Stock based compensation - 14,132
---------------------------------------------------------------
At September 30, 2010 (15,831,345) (257,913)
---------------------------------------------------------------
ENGINEERING.COM INC
Condensed Interim Statements of Cash Flows
(In Canadian dollars, Unaudited)
Three months Nine months
ended September ended September
30, 30,
2011 2010 2011 2010
----------------------------------------------------------------------------
$ $ $ $
OPERATING ACTIVITIES
Net loss (25,919) (129,620) (168,903) (362,465)
Add items not affecting cash:
Stock based compensation 3,490 2,105 14,493 14,131
Amortization 2,720 18,765 9,090 116,464
Changes in operating assets and
liabilities other than cash 47,975 67,698 131,314 311,678
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CASH FLOWS FROM OPERATING ACTIVITIES 28,266 (41,052) (14,006) 79,808
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FINANCING ACTIVITIES
Proceeds of share issuance 337,214 -- 337,214 --
Promissory notes -- (4,031) -- (24,999)
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CASH FLOWS FROM FINANCING ACTIVITIES 337,214 (4,031) 337,214 (24,999)
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INVESTING ACTIVITIES
Additions to property and equipment (951) (4,348) (1,984) (6,798)
Additions to intangible assets (2,091) -- (6,396) (6,115)
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CASH FLOWS FROM INVESTING ACTIVITIES (3,042) (4,348) (8,380) (12,913)
----------------------------------------------------------------------------
INCREASE IN CASH 362,438 (49,431) 314,829 41,896
CASH, beginning of period 30,635 197,445 78,244 106,118
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CASH, end of period 393,073 148,014 393,073 148,014
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NOTICE: The Company's auditors have not audited or reviewed these financial
statements.
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.comwww.engineering.com
Engineering.Com Incorporated (TSXV:EGN)
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