| ENGINEERING.com Incorporated Announces Third Quarter 2009 Results |
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ENGINEERING.com Incorporated (TSX VENTURE:EGN), developer of the ENGINEERING.com online resource and business for engineers today announced its financial results for the third quarter of 2009. ENGINEERING.com revenue was $364,081 for the three months ended September 30, 2009, compared to revenue of $399,136 for the third quarter of 2008. This decline is the result of the termination of an agreement with a former related party that contributed approximately $56,000 of revenue in the third quarter of 2008. The net loss for the three months ended September 30, 2009, totaled ($98,545) and $0.00 per Common Share compared with a net loss of ($113,003) and $0.00 for the same period a year ago. Operating profit (EBITDA) measured as earnings before interest, taxes, amortization and stock-based compensation, was a loss of ($45,114) or $0.00 per Common Share for the third quarter of 2009 compared with an operating loss of ($47,751) or $0.00 per Common Share for the three months ended September 30, 2008. The operating expenses in the latest period were $292,738 compared to $310,136 for the third quarter a year earlier. "During the third quarter the Company extended its advertising reach by establishing partnerships with other engineering publishers," said John Hayes, President of ENGINEERING.com. "The growth in this network, along with the organic growth in the Company's own web traffic, has increased the number of advertising impressions that the Company has available for sale by a factor of approximately 10 times at the end of the quarter as compared to the same period one year ago." As at September 30, 2009, the Company had a cash balance of $199,570 compared to a cash balance of $281,875 as at September 30, 2008. About ENGINEERING.com Incorporated ENGINEERING.com Incorporated (TSX VENTURE:EGN) is the developer-owner of the www.ENGINEERING.com Web site and Internet-based software and business. ENGINEERING.com offers hosted and deployed engineering software and services to manufacturers, design consultants 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 and asset dispositions. 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. 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.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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