Renoworks Announces 2016 Second Quarter Financial Results and Names New CFO

CALGARY, ALBERTA--(Marketwired - Aug. 24, 2016) -

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Renoworks Software Inc. (TSX VENTURE: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, 2016.

Highlights from second quarter 2016:

• Record revenues of $675,574 for the second quarter 2016 a 25% year-over-year increase.
• Annual Recurring Revenue of $373,854 for the quarter ending June 30, 2016 increased from $341,552 for the same period in 2015.
• 55% of the second quarter's revenue in 2016 is attributable to annual recurring customer contracts.

Doug Vickerson, CEO of Renoworks, stated, "The second quarter of 2016 was another record revenue quarter for Renoworks and I am pleased as we continue to execute on our growth plan." Mr. Vickerson continued, "As our growth strategy progresses we are investing in the acquisition of qualified personnel to further our efforts to fulfill our long-term commitments of software development and growth."

Financial results from operations for the year to date 2016 with comparatives for 2015 are as follows:

	Six Months Ended June 30
	2016			2015
Revenue	$	1,325,147		$	1,073,574
Gross Margin	$	1,034,052		$	822,933
Expenses	$	1,108,018		$	845,293
Income (Loss)	$	(136,558	)	$	(16,043	)
Earnings (Loss) per share	$	(0.001	)	$	(0.001	)
Weighted Average Shares Outstanding		28,671,649			26,688,444
Cash used in operations	$	248,658		$	125,749

The Company's financial position as of June 30, 2016 with comparatives from 2015 is as follows: