ENGINEERING.com Incorporated Announces Fourth Quarter & Fiscal 2011 Results

TORONTO, ONTARIO -- (Marketwire) -- Apr 18, 2012 -- ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the ENGINEERING.com online resource for engineers today announced its financial results for the fourth quarter and year ended December 31, 2011.

ENGINEERING.com revenue was $1,549,389 for the fiscal year 2011, compared to revenue of $1,504,846 for the year 2010. Sales of Internet advertising rose by 15% to $842,344 in 2011 compared to $730,270 for the year ended December 31, 2010. This increase was driven by new content offerings.

Revenue across all products for the three months ended December 31, 2011 was $385,166 compared to $461,905 for the fourth quarter of 2010. The loss for the year ended December 31, 2011 totaled ($206,781) and ($0.01) per Common Share compared with a net income of $78,862 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 ($23,862) or $0.00 per Common Share for the fourth quarter of 2011 compared with an operating loss of ($29,670) or $0.00 per Common Share for the three month period ended December 31, 2010. Operating loss for fiscal 2011 was ($169,182) or ($0.00) per Common Share compared to an operating loss of ($261,539) or ($0.01) per Common Share for fiscal 2010. The operating expenses in the latest quarter were $271,102 and for the year were $1,062,513 compared to $299,180 for the fourth quarter a year earlier and $1,146,047 for fiscal 2010.

"During 2011 we expanded on our video offering with the release of two new series, adding Some Assembly Required and Cafe BIM to the already successful Product Design Show," said John Hayes, President of ENGINEERING.com. "That trend continued into the first quarter of 2012 with the release of Engineering Career GPS and the renewal of the Product Design Show for another 35 episodes."

As at December 31, 2011, the Company had a cash balance of $259,014 compared to a cash balance of $78,244 as at December 31, 2010.

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 and other 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 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.


STATEMENTS OF FINANCIAL POSITION                                            
Expressed in Canadian Dollars                                               

                                                      Audited       Audited
                                                     Dec. 31,      Dec. 31,
                                                         2011          2010

ASSETS                                                                      
CURRENT ASSETS                                                              
  Cash                                            $   259,014  $     78,244
  Accounts Receivable                                 351,537       316,302
  Prepaids Expenses and Deposits                       21,383        13,895
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                              $   631,934  $    408,441
----------------------------------------------------------------------------

NON-CURRENT ASSETS                                                          
  Property and Equipment                               11,818        20,727
  Intangible Assets                                   325,020       316,063
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                              336,838       336,790
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TOTAL ASSETS                                      $    968,772    $        745,231
----------------------------------------------------------------------------

LIABILITIES  AND  SHAREHOLDER'S  EQUITY                                                                                
CURRENT  LIABILITIES                                                                                                                  
    Accounts  Payable  &  Accrued  Liabilities                    $      465,785    $        489,015
    Deferred  Revenue                                                                        156,922                65,640
    Promissory  Notes  -  Short  Term                                                          -                          -
----------------------------------------------------------------------------
TOTAL  LIABILITIES                                                                  $      622,707    $        554,655
----------------------------------------------------------------------------

SHAREHOLDER'S  EQUITY                                                                                                                
    Share  Capital                                                                        15,450,966        15,113,752
    Contributed  Surplus                                                                  497,899              472,843
    Deficit                                                                                  (15,602,800)    (15,396,019)
----------------------------------------------------------------------------
TOTAL  SHAREHOLDERS  EQUITY                                                  $      346,065    $        190,576
----------------------------------------------------------------------------
TOTAL  LIABILITIES  AND  SHAREHOLDERS  EQUITY                  $      968,772    $        745,231
----------------------------------------------------------------------------

STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS'  EQUITY                                                                
Expressed  in  Canadian  Dollars                                                                                              
                                                                      Number  of                                                                
                                                                            Common                    Share        Contributed    
                                                                            Shares                Capital                Surplus    
----------------------------------------------------------------------------
At  January  1,  2010                                36,870,623    $    15,113,752    $          445,548    
Net  Income  for  the  Year                                                                                                          
Stock  Based  Compensation                                                                                        27,295    
----------------------------------------------------------------------------
At  December  31,  2010                            36,870,623          15,113,752                472,843    

Share  Issuance                                          7,000,000                337,214                                  
Net  Loss  for  the  Year                                                                                                              
Stock  Based  Compensation                                                                                        25,056    
----------------------------------------------------------------------------
At  December  31,  2011                            43,870,623    $    15,450,966    $          497,899    
----------------------------------------------------------------------------

STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS'  EQUITY                                  
Expressed  in  Canadian  Dollars                                                                

                                                                            Deficit                      Total
--------------------------------------------------------------
At  January  1,  2010                            $  (15,468,881)    $            90,419
Net  Income  for  the  Year                                72,862                    72,862
Stock  Based  Compensation                                                              27,295
--------------------------------------------------------------
At  December  31,  2010                            (15,396,019)                190,576

Share  Issuance                                                                                337,214
Net  Loss  for  the  Year                                (206,781)              (206,781)
Stock  Based  Compensation                                                              25,056
--------------------------------------------------------------
At  December  31,  2011                        $  (15,602,800)    $          346,065
--------------------------------------------------------------

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

                                            (Unaudited)      (Unaudited)          (Audited)          (Audited)  
                                          Three  Months    Three  Months                    Year                    Year  
                                                        Ended                  Ended                  Ended                  Ended  
                                        Dec.  31,  2011  Dec.  31,  2010  Dec.  31,  2011  Dec.  31,  2010  

REVENUE                                  $  385,166    $        461,905      $  1,549,389      $  1,504,846  
COST  OF  SALES                          137,927              192,396              656,058              620,338  
----------------------------------------------------------------------------
GROSS  PROFIT                            247,239              269,509              893,331              884,508  
----------------------------------------------------------------------------

OPERATING  EXPENSES                                                                                                                    
    Salaries  and                                                                                                                            
      Benefits                              156,403              131,275              575,003              536,272  
    Marketing  Expenses              24,427                36,576                91,329              112,932  
    Development  Costs                51,192                48,087              195,325              204,475  
    General  and                                                                                                                              
      Administrative                    39,080                83,242              200,856              292,368  
----------------------------------------------------------------------------
TOTAL  OPERATING                                                                                                                          
  EXPENSES                                  271,102              299,180          1,062,513          1,146,047  
----------------------------------------------------------------------------

LOSS  BEFORE                                                                                                                                  
  UNDERNOTED  ITEMS:                (23,862)            (29,671)          (169,182)          (261,539)
    Stock  Based                                                                                                                              
      Compensation                      (10,563)              (5,230)            (25,056)            (27,295)
    Amortization                                                                                                                            
      Expense                                  (3,453)              (3,364)            (12,543)          (119,828)
    Vendor                                                                                                                                        
      Reconciliation                                                                                                                      
      Adjustment                                      -              481,524                          -              481,524  
----------------------------------------------------------------------------
NET  INCOME  (LOSS)                                                                                                                      
  &COMPREHENSIVE                                                                                                                          
  INCOME                                  $  (37,879)  $        443,259        $  (206,781)  $          72,862  
----------------------------------------------------------------------------

Earnings  (Loss)  Per                                                                                                                  
  Share                                                                                                                                            
    Basic  and  Diluted    $              0.00    $              0.01    $              0.00    $              0.00  


Weighted  Average                                                                                                                        
  Number  of  Common                                                                                                                      
  Shares  (Basic  and                                                                                                                    
  Diluted)                            39,495,623        36,870,623        39,495,623        36,870,623  
----------------------------------------------------------------------------

STATEMENTS  OF  CASH  FLOWS                                                                                                        
Expressed  in  Canadian  Dollars                                                                                              

                                                (Unaudited)      (Unaudited)                                                      
                                                            Three                  Three        (Audited)        (Audited)  
                                                          Months                Months                  Year                  Year  
                                                            Ended                  Ended                Ended                Ended  
                                                      Dec.  31,            Dec.  31,          Dec.  31,          Dec.  31,  
                                                              2011                    2010                  2011                  2010  
OPERATING  ACTIVITIES                                                                                                                
    Net  Income  (Loss)          $    (206,781)    $      443,259      $  (206,781)    $      72,862  
    Add  items  not                                                                                                                          
      affecting  cash                                                                                                                      
    Stock  based                                                                                                                              
      compensation                            10,563                  5,230              25,056              27,295  
    Amortization                                3,453                  3,364              12,543            119,828  
    Changes  in  Operating                                                                                                            
      Assets  and                                                                                                                              
      Liabilities  Other                                                                                                                
      than  Cash                                  62,917            (518,828)            25,328          (207,151)
                                                ------------    ------------    -----------    -----------
CASH  FLOWS  FROM                                                                                                                          
  OPERATING  ACTIVITIES            (129,848)            (66,975)        (143,853)            12,834  
                                                ------------    ------------    -----------    -----------

FINANCING  ACTIVITIES                                                                                                                
    Proceeds  of  Share                                                                                                                  
      Issuance                                              -                          -            337,214                        -  
    Promissory  Notes                                -                          -                        -            (24,999)
                                                ------------    ------------    -----------    -----------
CASH  FLOWS  FROM                                                                                                                          
  FINANCING  ACTIVITIES                          -                          -            337,214            (24,999)
                                                ------------    ------------    -----------    -----------

INVESTING  ACTIVITIES                                                                                                                
    Additions  to  Property                                                                                                          
      and  Equipment                          (1,650)              (1,694)            (3,634)            (8,494)
    Additions  to                                                                                                                            
      Intangible  Assets                  (2,561)              (1,101)            (8,957)            (7,215)
                                                ------------    ------------    -----------    -----------
CASH  FLOWS  FROM                                                                                                                          
  INVESTING  ACTIVITIES                (4,211)              (2,795)          (12,591)          (15,709)
                                                ------------    ------------    -----------    -----------

INCREASE  (DECREASE)  IN                                                                                                            
  CASH                                            (134,059)            (69,770)          180,770            (27,874)

CASH,  Beginning  of                                                                                                                    
  Period                                  $      393,073      $      148,014      $      78,244      $    106,118  
                                                ------------    ------------    -----------    -----------

CASH,  End  of  Period          $      259,014      $        78,244      $    259,014      $      78,244  
                                                ------------    ------------    -----------    -----------

 
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
1 | 2  Next Page »



Review Article Be the first to review this article
SolidCAM: Program your CNCs directly inside your existing CAD system.


Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Siemens Goes ECAD With Mentor Graphics Acquisition
Jobs
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
GIS Analyst II for Air Worldwide at Boston, MA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise