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 2009, year ended December 31, 2009 and first quarter 2010
results.
ENGINEERING.com revenue was $1,433,566 for the fiscal year 2009, compared to
revenue of $1,444,768 for the year 2008. Revenue for the three months ended
December 31, 2009 was $489,163 compared to $340,828 for the fourth quarter of
2008. The net loss for the year ended December 31, 2009 totaled ($482,794) and
($0.01) per Common Share compared with a net loss of ($520,253) and ($0.02) for
the same period a year ago. During 2008, the Company had revenues of $279,305
from the provision of services to a former related party while corresponding
revenues from related parties for 2009 declined to $4,800.
For the three months ended March 31, 2010, Engineering.com revenues were
$317,771 as compared to revenue of $250,926 for the first quarter of 2009. The
net loss for the three months ended March 31, 2010, totaled ($120,531) and
($0.00) per Common Share compared with a net loss of ($194,708) and ($0.01) for
the same period a year ago. The increase in revenue is the result of increasing
Internet advertising revenue. This revenue growth is derived from higher traffic
to the Company's web sites and to growth in the Company's network of advertising
partner web sites.
Operating earnings (EBITDA) measured as earnings before interest, taxes,
amortization and stock-based compensation, was $7,099 or $0.00 per Common Share
for the fourth quarter of 2009 compared with a operating loss of ($93,830) or
$0.00 per Common Share for the three month period ended December 31, 2008.
Operating loss for fiscal 2009 was ($259,247) or ($0.01) per Common Share
compared to an operating loss of ($278,935) or ($0.01) per Common Share for
fiscal 2008. The operating expenses in the fourth quarter were $289,323 and for
the year were $1,193,078 compared to $289,264 for the fourth quarter a year
earlier and $1,228,355 for fiscal 2008.
Operating losses for the first quarter of 2010 were ($64,718) or ($0.00) per
Common Share compared with an operating loss of ($133,975) or ($0.00) per Common
Share for the three months ended March 31, 2009. The operating expenses in the
latest period were $272,124, down from $302,423 in the first quarter a year
earlier. The reduction in operating expense resulted from lower salaries,
marketing expenses and development costs.
"During 2009 and into the first quarter of 2010 the company's primary web site
experienced a significant increase in page views and corresponding growth in
Internet advertising revenue," said John Hayes, President of ENGINEERING.com.
As at December 31, 2009, the Company had a cash balance of $106,118 compared to
a cash balance of $311,988 as at December 31, 2008. On March 31, 2010, the
Company had a cash balance of $148,017 compared to a cash balance of $440,473 as
at March 31, 2009.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE:EGN) is the developer and 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, 2009 Dec. 31, 2008
----------------------------------------------------------------------------
ASSETS
Current Assets
Cash 106,118 311,988
Accounts Receivable 291,761 189,109
Prepaid Expenses and Deposits 30,391 29,707
----------------------------------------------------------------------------
Total Current Assets 428,270 530,804
Property and Equipment, net 27,916 29,865
Intangible Assets, net 412,993 591,528
----------------------------------------------------------------------------
TOTAL ASSETS 869,179 1,152,197
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Liabilities 707,147 787,594
Deferred Revenue 46,614 84,247
Promissory Note - Short-term 24,999 58,464
----------------------------------------------------------------------------
Total Current Liabilities 778,760 930,305
Promissory Note - Long Term -- 28,971
----------------------------------------------------------------------------
TOTAL LIABILITIES 778,760 959,276
----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Share Capital 15,113,752 14,759,008
Contributed Surplus 417,959 392,411
Deficit (15,441,292) (14,958,498)
----------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 90,419 192,921
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 869,179 1,152,197
----------------------------------------------------------------------------
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,
2009 2008 2009 2008
----------------------------------------------------------------------------
Revenue 489,163 340,828 1,433,566 1,444,768
Cost of Sales 192,741 145,394 499,735 495,348
----------------------------------------------------------------------------
GROSS PROFIT 296,422 195,434 933,831 949,420
----------------------------------------------------------------------------
Expenses
Salaries & Benefits 135,350 163,579 535,903 643,082
Marketing Expenses 18,803 10,946 86,905 38,556
Development Costs 55,528 72,212 263,067 233,187
General &
Administrative 79,642 42,527 307,203 313,530
----------------------------------------------------------------------------
289,323 289,264 1,193,078 1,228,355
----------------------------------------------------------------------------
Operating Income/(Loss)
before Under-noted
Items: 7,099 (93,830) (259,247) (278,935)
Stock Based
Compensation (1,057) 3,444 (25,548) (46,348)
Amortization Expense (50,106) (48,970) (197,999) (194,970)
----------------------------------------------------------------------------
Net Loss (44,063) (139,356) (482,794) (520,253)
----------------------------------------------------------------------------
Basic and Diluted (Loss)
per Share (0.00) (0.00) (0.01) (0.02)
Weighted Average Number
of Common Shares (basic
and diluted) 36,870,623 29,496,499 36,638,235 29,496,499
----------------------------------------------------------------------------
Consolidated Statements
of Deficit
----------------------------------------------------------------------------
Deficit, beginning
of period (15,397,229) (14,819,142) (14,958,498) (14,438,245)
----------------------------------------------------------------------------
Net Income (Loss) (44,063) (139,356) (482,794) (520,253)
Deficit, end of
period (15,441,292) (14,958,498) (15,441,292) (14,958,498)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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,
2009 2008 2009 2008
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net Loss (44,063) (139,356) (482,794) (520,253)
ADD - Items Not Affecting
Cash
Stock Based Compensation 1,057 (3,444) 25,548 46,348
Amortization 50,106 48,970 197,999 194,970
Changes in operating assets
and liabilities other than
cash (82,329) 126,119 (221,416) 348,066
----------------------------------------------------------------------------
CASH FROM OPERATING
ACTIVITIES (75,230) 32,289 (480,663) 69,131
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Promissory Notes (13,317) (1,730) (62,436) (29,326)
Proceeds of Share issuance 354,744
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CASH FROM FINANCING
ACTIVITIES (13,317) (1,730) 292,308 (29,326)
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Additions to Property and
Equipment (4,905) (446) (17,515) (16,733)
----------------------------------------------------------------------------
CASH FROM INVESTING
ACTIVITIES (4,905) (446) (17,515) (16,733)
----------------------------------------------------------------------------
Net Increase (Decrease) in
Cash (93,452) 30,113 (205,870) 23,072
CASH, beginning of period 199,570 281,875 311,988 288,916
----------------------------------------------------------------------------
CASH, end of period 106,118 311,988 106,118 311,988
----------------------------------------------------------------------------
Engineering.Com
Balance Sheet
As at March 31, 2008
Unaudited Audited
March 31, December 31,
2010 2009
ASSETS
Current Assets
--------------
Cash 148,017 106,118
Accounts Receivable 229,634 291,761
Prepaid Expenses and Deposits 26,706 30,391
------------ -------------
Total Current Assets 404,357 428,270
------------ -------------
Property & Equipment, net 26,588 27,916
Intangible Assets, net 370,237 412,993
------------ -------------
TOTAL ASSETS 801,182 869,179
------------ -------------
------------ -------------
LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Current Liabilities
-------------------
Accounts Payable & Accrued Liabilities 743,205 707,147
Deferred Income 65,818 46,614
Promissory notes - short-term 16,035 24,999
------------ -------------
TOTAL LIABILITIES 825,058 778,760
------------ -------------
SHAREHOLDERS EQUITY
Share Capital 15,113,752 15,113,752
Contributed Surplus 424,196 417,959
Deficit (15,561,824) (15,441,292)
------------ -------------
TOTAL SHAREHOLDERS EQUITY (23,876) 90,419
------------ -------------
------------ -------------
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 801,182 869,179
------------ -------------
------------ -------------
ENGINEERING.com
Statements of Income
Three Three
(Unaudited) months months
ended ended
March 31, March 31,
2009 2009
REVENUE 317,771 250,926
COST OF SALES 110,365 82,478
------------ -----------
GROSS PROFIT 207,406 168,448
EXPENSES (INCOME)
Salaries & benefits 134,018 145,284
Marketing expenses 19,797 22,079
Development costs 50,083 66,697
General & Administrative 68,226 68,363
------------ -----------
272,124 302,423
------------ -----------
Operating Income (Loss) (EBITDA) before under noted
items: (64,718) (133,975)
Stock based compensation (6,240) (11,587)
Amortization Expense (49,573) (49,146)
------------ -----------
(55,813) (60,733)
------------ -----------
------------ -----------
NET LOSS (120,531) (194,708)
------------ -----------
------------ -----------
BASIC AND DILUTED LOSS PER SHARE (0.00) (0.01)
Weighted Average Number of Common Shares (basic and
diluted) 36,870,623 31,872,606
Consolidated Statements of Deficit
------------ -----------
DEFICIT, beginning of period (15,441,292)(14,958,498)
------------ -----------
Net Loss (120,531) (194,708)
DEFICIT, end of period (15,561,823)(15,153,206)
------------ -----------
------------ -----------
ENGINEERING.com Inc.
Cash Flow Statements
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2010 2009
OPERATING ACTIVITIES
Net loss (120,531) (194,708)
ADD - Items not affecting cash
Stock based compensation 6,240 11,587
Amortization 49,573 49,146
Changes in operating assets and liabilities other
than cash 121,074 (80,194)
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES (56,356) (214,169)
------------ ------------
FINANCING ACTIVITIES
Promissory notes (8,964) (11,997)
Proceeds from share issuance -- 357,706
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES (8,964) 345,706
------------ ------------
INVESTING ACTIVITIES
Fixed assets (5,489) (3,055)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES (5,489) (3,055)
------------ ------------
Net increase (decrease) in cash 41,903 128,485
CASH, beginning of period 106,118 311,988
------------ ------------
CASH, end of period 148,017 440,473
------------ ------------
------------ ------------
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