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
------------ ------------ ----------- -----------
Engineering.Com Incorporated (TSXV:EGN)
Historical Stock Chart
From Jan 2025 to Feb 2025
Engineering.Com Incorporated (TSXV:EGN)
Historical Stock Chart
From Feb 2024 to Feb 2025
