ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com
online resource and business for engineers today announced its financial results
for the first quarter of 2008.
ENGINEERING.com revenue was $387,754 for the three months ended March 31, 2008,
compared to revenue of $543,165 for the first quarter of 2007. The net loss for
the three months ended March 31, 2007, totaled ($105,358) and ($0.00) per Common
Share compared with a net loss of ($61,067) and ($0.00) for the same period a
year ago. The decrease in revenue is attributed primarily to decreasing revenues
associated with the provision of information technology services to a related
party.
Operating losses measured as earnings before interest, taxes, amortization and
stock-based compensation, was ($40,174) or $0.00 per Common Share for the first
quarter of 2008 compared with an operating gain of $10,401 or ($0.00) per Common
Share for the three months ended March 31, 2007. The operating expenses in the
latest period were $305,575, down from $371,607 in the first quarter a year
earlier. The reduction in operating expense resulted from lower salaries and
administrative expenses.
"During the first quarter of 2008 we saw robust growth in visits and page views
at our web site due to new services introduced last year," said John Hayes,
President of ENGINEERING.com. "We plan to introduce more online services in 2008
to build site traffic and related advertising revenue."
As at March 31, 2008, the Company had a cash balance of $274,800 compared to a
cash balance of $379,510 as at March 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
Operating Income (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 net
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. 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
Balance Sheet
As at March 31, 2008
Unaudited Audited
March 31, 2008 December 31, 2007
ASSETS
Current Assets
--------------
Cash 274,800 288,916
Accounts Receivable 65,518 146,063
Due from related parties 306,712 330,557
Prepaids Expenses and Deposits 49,680 58,044
-------------- ------------------
Total Current Assets 696,710 823,580
-------------- ------------------
Capital Assets, net 32,494 29,567
Intangible Assets, net 725,429 770,063
-------------- ------------------
TOTAL ASSETS 1,454,633 1,623,210
-------------- ------------------
-------------- ------------------
LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Current Liabilities
-------------------
Accounts Payable & Accrued Liabilities 711,762 768,878
Deferred Income 53,883 70,745
Promissory notes - short-term 49,272 47,582
-------------- ------------------
Total current liabilities 814,917 887,205
-------------- ------------------
Promissory notes - long-term 61,370 69,179
-------------- ------------------
TOTAL LIABILITIES 876,287 956,384
-------------- ------------------
-------------- ------------------
SHAREHOLDERS EQUITY
Share Capital 14,759,008 14,759,008
Contributed Surplus 362,910 346,063
Deficit (14,543,572) (14,438,245)
-------------- ------------------
TOTAL SHAREHOLDERS EQUITY 578,346 666,826
-------------- ------------------
-------------- ------------------
TOTAL LIABILITIES AND SHAREHOLDERS
EQUITY 1,454,633 1,623,210
-------------- ------------------
-------------- ------------------
Engineering.Com
Statements of Income
(Unaudited) Three months Three months
ended ended
March 31, 2008 March 31, 2007
REVENUE 387,754 543,165
COST OF SALES 122,353 161,157
--------------- -----------------
GROSS PROFIT 265,401 382,008
GROSS PROFIT % 68.4% 70.3%
EXPENSES (INCOME)
Salaries & benefits 151,079 202,248
Marketing expenses 5,374 6,830
Development costs 55,235 60,594
General & Administrative 93,887 101,935
--------------- -----------------
305,575 371,607
--------------- ------------------
Operating Income (Loss) (EBITDA)
before under noted items: (40,174) 10,401
Stock based compensation (16,847) (21,467)
Amortization Expense (48,337) (50,001)
-------------- ------------------
(65,184) (71,468)
-------------- ------------------
-------------- ------------------
NET LOSS (105,358) (61,067)
-------------- ------------------
-------------- ------------------
BASIC AND DILUTED LOSS PER SHARE (0.00) (0.00)
Weighted Average Number of Common Shares
(basic and diluted) 29,496,499 29,496,499
Consolidated Statements of Deficit
-------------- ------------------
DEFICIT, beginning of period (14,438,245) (14,220,820)
-------------- ------------------
Net Loss (105,358) (61,067)
DEFICIT, end of period (14,543,603) (14,281,887)
-------------- ------------------
-------------- ------------------
Engineering.Com Inc.
Cash Flow Statements
(Unaudited)
Three Months Three Months
Ended Ended
March 31, 2008 March 31,2007
OPERATING ACTIVITIES
Net Loss (105,358) (61,067)
ADD - Items not affecting cash
Stock based compensation 16,847 21,467
Amortization 48,337 50,001
Changes in operating assets and
liabilities other than cash 38,807 242,227
-------------- ------------------
CASH FLOWS FROM OPERATING ACTIVITIES (1,367) 252,628
-------------- ------------------
FINANCING ACTIVITIES
Promissory Notes (6,119) (60,308)
-------------- ------------------
CASH FLOWS FROM FINANCING ACTIVITIES (6,119) (60,308)
-------------- ------------------
INVESTING ACTIVITIES
Note receivable - -
Fixed Assets (6,630) -
-------------- ------------------
CASH FLOWS FROM INVESTING ACTIVITIES (6,630) -
-------------- ------------------
Net increase (decrease) in cash (14,116) 192,320
CASH, beginning of period 288,916 187,190
-------------- ------------------
CASH, end of period 274,800 379,510
-------------- ------------------
-------------- ------------------
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