ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com
online resource and business for engineers today announced its financial results
for the second quarter of 2009.
ENGINEERING.com revenue was $329,396 for the three months ended June 30, 2009,
compared to revenue of $317,050 for the second quarter of 2008. The net loss for
the three months ended June 30, 2009, totaled ($145,478) and ($0.00) per Common
Share compared with a net loss of ($162,536) and ($0.01) for the same period a
year ago. The increase in overall revenue is the net effect of an increase in
Internet advertising revenues and a decline in related party revenue.
Operating losses measured as earnings before interest, taxes, amortization and
stock-based compensation, was ($87,257) or $0.00 per Common Share for the second
quarter of 2009 compared with an operating loss of ($97,180) or ($0.00) per
Common Share for the three months ended June 30, 2008. The operating expenses in
the latest period were $308,594, down from $323,380 in the second quarter a year
earlier.
"During the second quarter our Internet advertising revenue more than tripled
compared to the same period last year," said John Hayes, President of
ENGINEERING.com. "We also experienced rapid increases in the number of visitors,
page views and registration for services on our websites."
As at June 30, 2009, the Company had a cash balance of $383,412 compared to a
cash balance of $389,057 as at June 30, 2008.
About ENGINEERING.com Incorporated
ENGINEERING.com Incorporated (TSX VENTURE:EGN) is the leading network for the
engineering community, offering free and fee-based services and software to
manufacturers, design consultants and engineering professionals 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
Unaudited Audited
June 30, 2009 December 31, 2008
ASSETS
Current Assets
--------------
Cash 383,412 311,988
Accounts Receivable 120,127 189,109
Prepaid Expenses and Deposits 40,746 29,707
-----------------------------------
Total Current Assets 544,285 530,804
-----------------------------------
Capital Assets, net 27,152 29,865
Intangible Assets, net 502,261 591,528
-----------------------------------
TOTAL ASSETS 1,073,698 1,152,197
-----------------------------------
-----------------------------------
LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Current Liabilities
-------------------
Accounts Payable & Accrued Liabilities 697,963 787,594
Deferred Income 92,033 84,247
Promissory notes - short-term 55,575 58,464
-----------------------------------
Total current liabilities 845,571 930,305
-----------------------------------
Promissory notes - long-term - 28,971
-----------------------------------
TOTAL LIABILITIES 845,571 959,276
-----------------------------------
-----------------------------------
SHAREHOLDERS EQUITY
Share Capital 15,113,752 14,759,008
Contributed Surplus 413,059 392,411
Deficit (15,298,684) (14,958,498)
-----------------------------------
TOTAL SHAREHOLDERS EQUITY 228,127 192,921
-----------------------------------
-----------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 1,073,698 1,152,197
-----------------------------------
-----------------------------------
Engineering.Com
Statements of Operations and Deficit
(Unaudited) Three months Three months
ended ended
June 30, 2009 June 30, 2008
REVENUE 329,396 317,050
COST OF SALES 108,059 90,850
-----------------------------------
GROSS PROFIT 221,337 226,200
GROSS PROFIT % 67.2% 71.3%
EXPENSES (INCOME)
Salaries & benefits 133,931 160,318
Marketing expenses 22,579 13,950
Development costs 67,166 55,934
General & Administrative 84,918 93,178
-----------------------------------
308,594 323,380
-----------------------------------
Operating Income (Loss) (EBITDA)
before under noted items: (87,257) (97,180)
Stock based compensation (9,061) (16,611)
Amortization Expense (49,160) (48,745)
-----------------------------------
(58,221) (65,356)
-----------------------------------
-----------------------------------
NET LOSS (145,478) (162,536)
-----------------------------------
-----------------------------------
BASIC AND DILUTED LOSS PER SHARE (0.00) (0.01)
Weighted Average Number of Common Shares
(basic and diluted) 36,870,623 29,496,499
Consolidated Statements of Deficit
-----------------------------------
DEFICIT, beginning of period (15,153,206) (14,543,603)
-----------------------------------
Net Loss (145,478) (162,536)
DEFICIT, end of period (15,298,684) (14,706,139)
-----------------------------------
-----------------------------------
Engineering.Com Inc.
Cash Flow Statements
(Unaudited)
Three months Three months
ended ended
June 30, 2009 June 30, 2008
OPERATING ACTIVITIES
Net Loss (145,478) (162,536)
ADD - Items not affecting cash
Stock based compensation 9,061 16,611
Amortization 49,160 48,745
Changes in operating assets and
liabilities other than cash 56,292 227,929
-----------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES (30,965) 130,749
-----------------------------------
FINANCING ACTIVITIES
Promissory notes (19,863) (12,969)
Proceeds of share issuance (2,962) -
-----------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES (22,825) (12,969)
-----------------------------------
INVESTING ACTIVITIES
Fixed Assets (3,271) (3,523)
-----------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES (3,271) (3,523)
Net increase (decrease) in cash (57,061) 114,257
CASH, beginning of period 440,473 274,800
-----------------------------------
CASH, end of period 383,412 389,057
-----------------------------------
-----------------------------------
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