Renoworks reports fifth consecutive quarter of record revenues; Record Graphic Services revenue - up 969% vs Q2 2016
CALGARY, ALBERTA, August 24, 2017 – Renoworks Software Inc. (TSXV: RW)(“Renoworks” or the “Company”) a leading provider of digital home imaging software and web solutions for new home construction and existing home renovations, today announced financial results for the second quarter ended June 30, 2017. The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR (www.sedar.com).
Financial and business highlights for the second quarter 2017:
- Fifth consecutive quarter of record revenues.
- Record revenues of $768,949 for the second quarter 2017 a 13% year-over-year increase.
- Record Graphic Services revenue of $207,209 for the second quarter 2017 a 969% quarter-over-quarter increase.
- Revenues of $768,949 for the three months ended June 30, 2017 compared to $675,574 in 2016, an increase of 14%.
- Annual Recurring Revenue of $430,900 for the quarter ending June 30, 2017 increased from $373,347 for the same period in 2016, an increase of 15%.
- 56% of the second quarter’s revenue in 2017 is attributable to annual recurring customer contracts.
- Reduced long-term liabilities from $203,496 to $122,035
- Strong Working Capital of over $1.1 million.
- After a successful integration of Renoworks Visualization technology into the Remote Sales Force Platform, Renoworks has divested its ownership position. Renoworks will continue to be a strategic partner of Remote Sales Force.
Doug Vickerson, CEO of Renoworks, stated, “We are excited with our continued growth and fifth consecutive quarter of record revenues. Of particular interest is the increase in Graphic Services revenue for both the remodel and builder segment.” Mr. Vickerson added, “Our strategic decision to divert some short-term resources to build out our Graphic Services division paid off this quarter and will continue to pay off in future quarters. Our focus is to continue to grow our different lines of business through offering best in class solutions.”
Financial results from operations for the second quarter 2017 with comparatives for 2016 are as follows:
Financial results from operations for the year to date 2017 with comparatives for 2016 are as follows:
The Company’s financial position as of June 30, 2017 with comparatives from 2016 is as follows:
About Renoworks
Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry’s greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment – even in their own home – before they make a purchase decision. Renoworks markets its
software as a cost-effective lead generation tool and generates revenues from four main business lines: Enterprise, Renoworks PRO, Renoworks GSB and Renoworks SDK (Software Development Kit).
For more information, visit www.renoworks.com
For further information please contact:
Doug Vickerson, CEO
Phone: 403-296-3880
Email: doug.vickerson@renoworks.com
Renoworks Software Inc.
2721 Hopewell Place NE,
Calgary, Alberta, Canada T1Y 7J7
For investor information please contact:
Rob Gamley
Phone: 604-689-7422
Email: rob@contactfinancial.com
Contact Financial Corp.
810 – 609 West Granville St.
Vancouver, BC, Canada V7Y 1G5
*Non-IFRS Measures
Adjusted EBITDA is a measure not recognized under IFRS. However, management of Renoworks believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Renoworks’ Adjusted EBITDA should be read in conjunction with the financial statements and management’s discussion and analysis of Renoworks posted on SEDAR (www.sedar.com).
Forward Looking Information
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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