ENGINEERING.com Incorporated (TSX VENTURE:EGN), a digital media company that
informs, inspires and engages engineers, today announced its unaudited financial
results for the second quarter ended June 30, 2013.
Revenue was $459,552 for the three months ended June 30, 2013 and $874,229 for
the year-to-date, compared to revenue of $471,625 for the second quarter and
$1,053,590 for the first half of 2012. The first half of 2012 included
non-recurring software orders as disclosed at the time.
Operating loss (EBITDA) measured as earnings before interest, taxes,
amortization and stock-based compensation, was ($4,704) for the second quarter
of 2013 and ($25,984) for the year-to-date, compared with an operating loss of
($13,118) for the three month period ended June 30, 2012 and ($10,754) for the
first half of 2012.
The operating expenses in the latest quarter were $302,747 compared to $293,246
in the second quarter a year earlier and $585,644 for year-to-date, compared to
$594,170 for the first half of 2012.
The net loss for the three months ended June 30, 2013, totaled ($8,521) and
$0.00 per Common Share and ($20,946) and $0.00 per Common Share for the June 30,
2013 year-to-date. These results are compared to a net loss of ($20,946) and
$0.00 per Common Share for the second quarter of 2012 and ($26,994) and $0.00
per Common Share for the first half of 2012.
"During the second quarter, ENGINEERING.com added depth and breadth to our
editorial coverage, ramping up the volume of content with multiple engaging
stories every weekday," said John Hayes, President of ENGINEERING.com. "This in
turn led to more unique visitors, more registered members, and higher
advertising revenue than in prior quarters."
As at June 30, 2013, the Company had a cash balance of $260,054 compared to a
cash balance of $231,196 as at December 31, 2012.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE:EGN) inspires, informs and entertains
a worldwide audience of engineers through the www.ENGINEERING.com web site,
mobile and social media channels. ENGINEERING.com offers marketing services to
manufacturers, technology inventors and engineering academia. 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 International Financial Reporting Standards 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 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.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
STATEMENTS OF FINANCIAL POSITION
Expressed in Canadian Dollars
As at June 30, 2013
(With comparative amounts as at December 31, 2012)
June 30, 2013 December 31, 2012
ASSETS
CURRENT ASSETS
Cash $ 260,054 $ 231,196
Accounts receivable 242,047 248,662
Prepaids expenses and deposits 40,034 24,529
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TOTAL CURRENT ASSETS 542,135 504,387
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NON-CURRENT ASSETS
Property and equipment 9,384 10,334
Intangible assets 331,826 331,522
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TOTAL NON-CURRENT ASSETS 341,210 341,856
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TOTAL ASSETS $ 883,345 $ 846,243
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LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities $ 470,747 $ 429,433
Deferred revenue 232,117 207,179
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TOTAL LIABILITIES 702,864 636,612
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SHAREHOLDER'S EQUITY
Share capital 15,450,966 15,450,966
Contributed surplus 522,674 517,834
Deficit (15,793,159) (15,759,169)
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TOTAL SHAREHOLDERS EQUITY 180,481 209,631
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $ 883,345 $ 846,243
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NOTICE: The Company's auditors have not audited or reviewed these financial
statements.
STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY
Expressed in Canadian Dollars
For the period ended June 30, 2013
(With comparative balances for the period ended June 30, 2012)
Number of Share Contributed
Common Shares Capital Surplus Deficit Total
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At December
31, 2011 43,870,623 $ 15,450,966 $ 497,899 $ (15,602,800) $ 346,065
Net loss for
the period (26,994) (26,994)
Stock based
compensatio
n 11,694 11,694
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At June 30,
2012 43,870,623 $ 15,450,966 $ 509,593 $ (15,629,794) $ 330,765
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At December
31, 2012 43,870,623 $ 15,450,966 $ 517,834 $ (15,759,169) $ 209,631
Net loss for
the period (33,990) (33,990)
Stock based
compensatio
n 4,840 4,840
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At June 30,
2013 43,870,623 $ 15,450,966 $ 522,674 $ (15,793,159) $ 180,481
----------------------------------------------------------------------------
NOTICE: The Company's auditors have not audited or reviewed these financial
statements.
STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
Expressed in Canadian Dollars
For the period ended June 30, 2013
(With comparative amounts for the period ended June 30, 2012)
Three months ended Six months ended
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
REVENUE $ 459,552 $ 471,625 $ 874,229 $ 1,053,590
COST OF SALES 161,509 191,497 314,569 470,174
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GROSS PROFIT 298,043 280,128 559,660 583,416
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OPERATING EXPENSES
Sales and
marketing 115,812 108,639 227,959 234,268
Development and
operations 94,111 79,439 182,709 160,744
General and
administrative 92,824 105,168 174,976 199,158
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TOTAL OPERATING
EXPENSES 302,747 293,246 585,644 594,170
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INCOME (LOSS) BEFORE
UNDERNOTED ITEMS: (4,704) (13,118) (25,984) (10,754)
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Stock based
compensation (2,420) (5,646) (4,840) (11,694)
Amortization
expense (1,397) (2,182) (3,166) (4,546)
----------------------------------------------------------------------------
NET INCOME (LOSS) &
COMPREHENSIVE
INCOME $ (8,521) $ (20,946) $ (33,990) $ (26,994)
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Earnings (Loss) Per
Share
Basic $ 0.00 $ 0.00 $ 0.00 $ 0.00
Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted average
number of common
shares
(Basic and Diluted) 43,870,623 43,870,623 43,870,623 43,870,623
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NOTICE: The Company's auditors have not audited or reviewed these financial
statements.
STATEMENTS OF CASH FLOWS
Expressed in Canadian Dollars
For the period ended June 30, 2013
(With comparative amounts for the period ended June 30, 2012)
Three months ended Six months ended
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
OPERATING ACTIVITIES
Net Income (Loss) $ (8,521) $ (20,946) $ (33,990) $ (26,994)
Add items not affecting cash
Stock based compensation 2,420 5,646 4,840 11,694
Amortization 1,397 2,182 3,166 4,546
Changes in operating assets
and liabilities other than
cash 100,815 99,280 57,362 172,422
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CASH FLOWS FROM OPERATING
ACTIVITIES 96,111 86,162 31,378 161,668
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INVESTING ACTIVITIES
Additions to property and
equipment - - (2,215) (4,169)
Additions to intangible
assets - (1,775) (305) (5,069)
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CASH FLOWS FROM INVESTING
ACTIVITIES - (1,775) (2,520) (9,238)
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INCREASE (DECREASE) IN CASH 96,111 84,387 28,858 152,430
CASH, Beginning of period 163,943 327,057 231,196 259,014
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----------------------------------------------------------------------------
CASH, End of period $ 260,054 $ 411,444 $ 260,054 $ 411,444
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NOTICE: The Company's auditors have not audited or reviewed these financial
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
ENGINEERING.com, Inc.
John Hayes
President & CFO
905-273-9991, ext. 3280
905-273-6691 (FAX)
jhayes@engineering.com
ENGINEERING.com, Inc.
5285 Solar Drive, Suite 101
Mississauga, ON Canada L4W 5B8
www.engineering.com
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