ENGINEERING.com Announces Q3 2012 Results

TORONTO, ONTARIO -- (MARKETWIRE) -- Nov 07, 2012 -- ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the ENGINEERING.com online resource for engineers today announced its unaudited financial results for the third quarter ended September 30, 2012.

Revenue was $383,485 for the three months ended September 30, 2012, compared to revenue of $437,982 for the third quarter of 2011. The net loss for the three months ended September 30, 2012, totaled ($63,634) and ($0.00) per Common Share compared to a net loss of ($25,919) 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 ($56,780) or $0.00 per Common Share for the third quarter of 2012 compared with an operating loss of ($19,709) or $0.00 per Common Share for the three month period ended September 30, 2011. The operating expenses in the latest quarter were $263,408, compared to $260,350 in the third quarter a year earlier.

"During the third quarter, PLM industry expert Chad Jackson signed on as the Managing Editor of our new Engineering Software micro-site", said John Hayes, President of ENGINEERING.com. "Jackson also teamed up with leading analyst Jim Brown to create a new video series called Tech4PD. ENGINEERING.com is using this content to attract the high-value engineering audience that our advertisers crave."

As at September 30, 2012, the Company had a cash balance of $312,017 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. 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                                               
                                                                            
As at September 30, 2012                                                    
(With comparative amounts as at December 31, 2011)                          
                                                                            
                                      September 30, 2012  December 31, 2011 
                                                                            
ASSETS                                                                      
CURRENT ASSETS                                                              
  Cash                                $          312,017 $          259,014 
  Accounts receivable                            198,589            351,537 
  Prepaids expenses and deposits                  37,054             21,383 
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                             547,660            631,934 
----------------------------------------------------------------------------
                                                                            
NON-CURRENT ASSETS                                                          
  Property and equipment                          10,311             11,818 
  Intangible assets                                            330,615                        325,020  
----------------------------------------------------------------------------
TOTAL  NON-CURRENT  ASSETS                                                  340,926                        336,838  
----------------------------------------------------------------------------
                                                                                                                                                        
----------------------------------------------------------------------------
TOTAL  ASSETS                                                    $                    888,586  $                    968,772  
----------------------------------------------------------------------------
                                                                                                                                                        
LIABILITIES  AND  SHAREHOLDER'S  EQUITY                                                                                
CURRENT  LIABILITIES                                                                                                                  
    Accounts  payable  &  accrued                                                                                                
      liabilities                                                $                    460,765  $                    465,785  
    Deferred  revenue                                                              156,098                        156,922  
----------------------------------------------------------------------------
TOTAL  LIABILITIES                                                                616,863                        622,707  
----------------------------------------------------------------------------
                                                                                                                                                        
SHAREHOLDER'S  EQUITY                                                                                                                
    Share  capital                                                              15,450,966                  15,450,966  
    Contributed  surplus                                                        514,184                        497,899  
    Deficit                                                                        (15,693,427)              (15,602,800)
----------------------------------------------------------------------------
TOTAL  SHAREHOLDERS  EQUITY                                                271,723                        346,065  
----------------------------------------------------------------------------
TOTAL  LIABILITIES  AND  SHAREHOLDERS                                                                                    
  EQUITY                                                              $                    888,586  $                    968,772  
----------------------------------------------------------------------------
                                                                                                                                                        
NOTICE:  The  Company's  auditors  have  not  audited  or  reviewed  these  financial  
statements.                                                                                                                                  
The  accompanying  notes  are  an  integral  part  of  these  statements.                        
                                                                                                                                                        
                                                                                                                                                        
STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS'  EQUITY                                                                
Expressed  in  Canadian  Dollars                                                                                              
                                                                                                                                                        
For  the  period  ended  September  30,  2012                                                                          
(With  comparative  balances  for  the  period  ended  September  30,  2011)                  
                                                                                                                                                        
                                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  
Share  Issuance    7,000,000  $        337,214                                                            337,214  
Net  loss  for                                                                                                                                
  the  period                                                                                          (168,903)    (168,903)
Stock  based                                                                                                                                  
  compensation                                                                14,493                                    14,493  
----------------------------------------------------------------------------
At  September                                                                                                                                
  30,  2011            43,870,623      15,450,966            487,336    (15,564,922)      373,380  
----------------------------------------------------------------------------
                                                                                                                                                        
At  December                                                                                                                                  
  31,  2011            43,870,623  $  15,450,966  $        497,899  $(15,602,800)  $  346,065  
Net  loss  for                                                                                                                                
  the  period                                                                                            (90,627)      (90,627)
Stock  based                                                                                                                                  
  compensation                                                                16,285                                    16,285  
----------------------------------------------------------------------------
At  September                                                                                                                                
  30,  2012            43,870,623  $  15,450,966  $        514,184  $(15,693,427)  $  271,723  
----------------------------------------------------------------------------
                                                                                                                                                        
NOTICE:  The  Company's  auditors  have  not  audited  or  reviewed  these  financial  
statements.                                                                                                                                  
The  accompanying  notes  are  an  integral  part  of  these  statements.                        
                                                                                                                                                        
                                                                                                                                                        
STATEMENTS  OF  INCOME  (LOSS)                                                                                                  
AND  COMPREHENSIVE  INCOME  (LOSS)                                                                                          
Expressed  in  Canadian  Dollars                                                                                              
                                                                                                                                                        
For  the  period  ended  September  30,  2012                                                                          
(With  comparative  amounts  for  the  period  September  30,  2011)                                
                                                                                                                                                        
                                                                                                                                                        
                                                              Three  months  ended            Nine  months  ended        
                                                                      2012                2011                2012                2011  
                                                                                                                                                        
REVENUE                                          $      383,485  $      437,982  $  1,437,075  $  1,164,223  
COST  OF  SALES                                      176,857          197,341          647,031          518,131  
----------------------------------------------------------------------------
GROSS  PROFIT                                        206,628          240,641          790,044          646,092  
----------------------------------------------------------------------------
                                                                                                                                                        
OPERATING  EXPENSES                                                                                                                    
    Salaries  and  benefits                  139,927          141,617          458,145          418,600  
    Marketing  expenses                          22,093            22,731            71,756            66,902  
    Development  costs                            49,481            47,007          144,186          144,133  
    General  and  administrative          51,907            48,995          183,490          161,777  
----------------------------------------------------------------------------
TOTAL  OPERATING  EXPENSES                263,408          260,350          857,577          791,412  
----------------------------------------------------------------------------
                                                                                                                                                        
INCOME  (LOSS)  BEFORE                                                                                                                
  UNDERNOTED  ITEMS:                            (56,780)        (19,709)        (67,533)      (145,320)
    Stock  based  compensation              (4,591)          (3,490)        (16,285)        (14,493)
    Amortization  expense                      (2,263)          (2,720)          (6,809)          (9,090)
----------------------------------------------------------------------------
NET  INCOME  (LOSS)  &                                                                                                                  
  COMPREHENSIVE  INCOME              $      (63,634)$      (25,919)$      (90,627)$    (168,903)
----------------------------------------------------------------------------
                                                                                                                                                        
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    40,446,710    43,870,623    38,075,751  
----------------------------------------------------------------------------
                                                                                                                                                        
NOTICE:  The  Company's  auditors  have  not  audited  or  reviewed  these  financial  
statements.                                                                                                                                  
The  accompanying  notes  are  an  integral  part  of  these  statements.                        
                                                                                                                                                        
                                                                                                                                                        
STATEMENTS  OF  CASH  FLOWS                                                                                                        
Expressed  in  Canadian  Dollars                                                                                              
                                                                                                                                                        
For  the  period  ended  September  30,  2012                                                                          
(With  comparative  amounts  for  the  period  September  30,  2011)                                
                                                                                                                                                        
                                                                                                                                                        
                                                                      Three  months  ended        Nine  months  ended    
                                                                            2012                2011            2012              2011  
OPERATING  ACTIVITIES                                                                                                                
Net  Income  (Loss)                                  $(63,634)  $    (25,919)  $(90,627)  $(168,903)
Add  items  not  affecting  cash                                                                                                
    Stock  based  compensation                      4,591              3,490        16,285          14,493  
    Amortization                                              2,263              2,721          6,809            9,090  
    Changes  in  operating  assets  and                                                                                      
      liabilities  other  than  cash          (40,987)          47,974      131,432        131,315  
----------------------------------------------------------------------------
CASH  FLOWS  FROM  OPERATING                                                                                                      
  ACTIVITIES                                                (97,767)          28,266        63,899        (14,005)
----------------------------------------------------------------------------
                                                                                                                                                        
FINANCING  ACTIVITIES                                                                                                                
    Proceeds  of  Share  Issuance                          -          337,214                  -        337,214  
----------------------------------------------------------------------------
CASH  FLOWS  FROM  FINANCING                                                                                                      
  ACTIVITIES                                                            -          337,214                  -        337,214  
----------------------------------------------------------------------------
                                                                                                                                                        
INVESTING  ACTIVITIES                                                                                                                
    Additions  to  property  and                                                                                                  
      equipment                                                (1,133)              (951)      (5,301)        (1,984)
    Additions  to  intangible  assets            (527)          (2,091)      (5,595)        (6,396)
----------------------------------------------------------------------------
CASH  FLOWS  FROM  INVESTING                                                                                                      
  ACTIVITIES                                                  (1,660)          (3,042)    (10,896)        (8,380)
----------------------------------------------------------------------------
                                                                                                                                                        
INCREASE  (DECREASE)  IN  CASH                (99,427)        362,438        53,003        314,829  
                                                                                                                                                        
CASH,  Beginning  of  period                    411,444            30,635      259,014          78,244  
                                                                                                                                                        
----------------------------------------------------------------------------
CASH,  End  of  period                              $312,017    $    393,073    $312,017    $  393,073  
----------------------------------------------------------------------------
                                                                                                                                                        
NOTICE:  The  Company's  auditors  have  not  audited  or  reviewed  these  financial  
statements.                                                                                                                                  
The  accompanying  notes  are  an  integral  part  of  these  statements.                        

 

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