ENGINEERING.com Incorporated Announces Second Quarter 2012 Results

TORONTO, ONTARIO -- (Marketwire) -- Aug 21, 2012 -- ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the ENGINEERING.com online resource for engineers today announced its unaudited financial results for the second quarter ended June 30, 2012.

Revenue was $471,625 for the three months ended June 30, 2012 and $1,053,590 for the year to date, compared to revenue of $370,682 for the second quarter and $726,241 for the first half of 2011. These results indicate revenue growth of 27% in the second quarter and 45% in the first half of 2012 as compared to 2011.

Operating loss (EBITDA) measured as earnings before interest, taxes, amortization and stock-based compensation, was ($13,118) or $0.00 per Common Share for the second quarter of 2012 compared with an operating loss of ($67,213) or $0.00 per Common Share for the three month period ended June 30, 2011. The operating expenses in the latest quarter were $293,246, up from $275,400 in the second quarter a year earlier.

"During the second quarter, ENGINEERING.com launched a new micro-site dedicated to the topic of Mobile Device Design. Within this micro-site industry analysts present a technical view of the "guts behind the gadgets," said John Hayes, President of ENGINEERING.com. "Like the recently launched 3D Printing micro-site, this new area attracts a high value audience by matching leading industry analysts with the broad reach of ENGINEERING.com."

As at June 30, 2012, the Company had a cash balance of $411,444 compared to a cash balance of $259,014 as at December 31, 2011.

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 distribution channels. ENGINEERING.com offers marketing 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 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.


STATEMENTS OF FINANCIAL POSITION                                            
Expressed in Canadian Dollars                                               

                                                               December 31, 
                                              June 30, 2012            2011 

ASSETS                                                                      
CURRENT ASSETS                                                              
  Cash                                       $      411,444  $      259,014 
  Accounts receivable                               228,090         351,537 
  Prepaids expenses and deposits                     34,695          21,383 
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                                674,229         631,934 
----------------------------------------------------------------------------

NON-CURRENT ASSETS                                                          
  Property and equipment                             11,441          11,818 
  Intangible assets                                 330,088         325,020 
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                            341,529         336,838 
----------------------------------------------------------------------------

TOTAL ASSETS                                 $    1,015,758  $      968,772 
----------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDER'S EQUITY                                        
CURRENT LIABILITIES                                                         
  Accounts payable & accrued liabilities     $      562,159  $      465,785 
  Deferred revenue                                  122,834         156,922 
----------------------------------------------------------------------------
TOTAL LIABILITIES                                                              684,993                  622,707  
----------------------------------------------------------------------------

SHAREHOLDER'S  EQUITY                                                                                                                
    Share  capital                                                                    15,450,966            15,450,966  
    Contributed  surplus                                                              509,593                  497,899  
    Deficit                                                                              (15,629,794)        (15,602,800)
----------------------------------------------------------------------------
TOTAL  SHAREHOLDERS  EQUITY                                                      330,765                  346,065  
----------------------------------------------------------------------------
TOTAL  LIABILITIES  AND  SHAREHOLDERS  EQUITY        $        1,015,758    $            968,772  
----------------------------------------------------------------------------


STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS  EQUITY                                                                  
Expressed  in  Canadian  Dollars                                                                                              

                              Number  of                                                                                                        
                                    Common                Share    Contributed                                                    
                                    Shares            Capital            Surplus              Deficit            Total  
----------------------------------------------------------------------------
At  January  1,                                                                                                                              
  2011                  36,870,623  $  15,113,752  $        472,843  $  (15,396,019)  $  190,576  
Net  loss  for                                                                                                                                
  the  period                                                                                          (142,983)    (142,983)
Stock  based                                                                                                                                  
  compensation                                                              11,003                                      11,003  
----------------------------------------------------------------------------
At  June  30,                                                                                                                                  
  2011                  36,870,623      15,113,752            483,846      (15,539,002)        58,596  
----------------------------------------------------------------------------

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                                                                                                                                  
  compensation                                                              11,694                                      11,694  
----------------------------------------------------------------------------
At  June  30,                                                                                                                                  
  2012                  43,870,623  $  15,450,966  $        509,593  $  (15,629,794)  $  330,765  
----------------------------------------------------------------------------


STATEMENTS  OF  INCOME  (LOSS)  AND  COMPREHENSIVE  INCOME  (LOSS)                                  
Expressed  in  Canadian  Dollars                                                                                              

                                                            Three  months  ended                  Six  months  ended      
                                                        June  30,          June  30,          June  30,          June  30,  
                                                                2012                  2011                  2012                2011    


REVENUE                                    $      471,625    $      370,682    $  1,053,590    $      726,241  
COST  OF  SALES                                191,497            162,495            470,174            320,790  
----------------------------------------------------------------------------
GROSS  PROFIT                                  280,128            208,187            583,416            405,451  
----------------------------------------------------------------------------

OPERATING  EXPENSES                                                                                                                    
    Salaries  and  benefits            146,724            138,085            318,218            276,983  
    Marketing  expenses                    25,904              21,489              49,664              44,171  
    Development  costs                      48,423              49,946              94,705              97,126  
    General  and                                                                                                                              
      administrative                          72,195              65,880            131,583            112,782  
----------------------------------------------------------------------------
TOTAL  OPERATING  EXPENSES          293,246            275,400            594,170            531,062  
----------------------------------------------------------------------------

INCOME  (LOSS)  BEFORE                                                                                                                
  UNDERNOTED  ITEMS:                      (13,118)          (67,213)          (10,754)        (125,611)
    Stock  based                                                                                                                              
      compensation                              (5,646)            (5,201)          (11,694)          (11,003)
    Amortization  expense                (2,182)            (3,045)            (4,546)            (6,369)
----------------------------------------------------------------------------
NET  INCOME  (LOSS)  &                                                                                                                  
  COMPREHENSIVE  INCOME        $      (20,946)  $      (75,459)  $      (26,994)  $    (142,983)
----------------------------------------------------------------------------

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      36,870,623      43,870,623      36,870,623  
----------------------------------------------------------------------------
STATEMENTS  OF  CASH  FLOWS                                                                                                        
Expressed  in  Canadian  Dollars                                                                                              

                                                            Three  months  ended                    Six  months  ended    
                                                      June  30,          June  30,          June  30,            June  30,  
                                                              2012                  2011                  2012                    2011  
OPERATING  ACTIVITIES                                                                                                                

Net  Income  (Loss)              $      (20,946)  $      (75,459)  $      (26,994)  $      (142,983)
Add  items  not  affecting                                                                                                          
  cash                                                                                                                                              
    Stock  based                                                                                                                              
      compensation                              5,646                5,201              11,694                11,003  
    Amortization                                2,182                3,045                4,546                  6,369  
    Changes  in  operating                                                                                                            
      assets  and                                                                                                                              
      liabilities  other                  99,280            (40,093)          172,422                83,340  
      than  cash                                                                                                                                
----------------------------------------------------------------------------
CASH  FLOWS  FROM                                                                                                                          
  OPERATING  ACTIVITIES                86,162          (107,306)          161,668              (42,271)
----------------------------------------------------------------------------

INVESTING  ACTIVITIES                                                                                                                
    Additions  to  property                                                                                                          
      and  equipment                                    -                  (487)            (4,169)              (1,033)
    Additions  to                                                                                                                            
      intangible  assets                  (1,775)            (1,284)            (5,069)              (4,305)
----------------------------------------------------------------------------
CASH  FLOWS  FROM                                                                                                                          
  INVESTING  ACTIVITIES                (1,775)            (1,771)            (9,238)              (5,338)
----------------------------------------------------------------------------

INCREASE  (DECREASE)  IN                                                                                                            
  CASH                                                84,387          (109,077)          152,430              (47,609)

CASH,  Beginning  of                                                                                                                    
  period                                          327,057            139,712            259,014                78,244  
----------------------------------------------------------------------------

CASH,  End  of  period          $      411,444    $        30,635    $      411,444    $          30,635  
----------------------------------------------------------------------------

 
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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