News Column Incorporated Announces First Quarter 2013 Results

May 23 2013 12:00AM



TORONTO, ONTARIO -- (Marketwired) -- 05/23/13 -- Incorporated (TSX VENTURE: EGN), developer of the online service for engineers today announced its unaudited financial results for the first quarter ended March 31, 2013.

Revenue was $414,677 for the three months ended March 31, 2013, compared to revenue of $581,965 for the first quarter of 2012. Revenue in the first quarter of 2012 included a sale of third party software to a single customer for approximately $170,000.

The net loss for the three months ended March 31, 2013, totaled ($25,469) and $0.00 per Common Share compared to a net loss of ($6,048) and $0.00 per share for the same period a year ago.

Operating loss (EBITDA) measured as earnings before interest, taxes, amortization and stock-based compensation, was ($21,280) or $0.00 per Common Share for the first quarter of 2013 compared with an operating income of $2,364 or $0.00 per Common Share for the three month period ended March 31, 2012. The operating expenses in the latest quarter were $282,897, compared to $300,924 in the first quarter a year earlier.

" recently launched two new advertising services," said John Hayes, President of "Our lead generation and sponsored post services leverage our large reach to more directly connect our advertisers to the audience they crave."

As at March 31, 2013, the Company had a cash balance of $163,943 compared to a cash balance of $231,196 as at December 31, 2012.

About Incorporated Incorporated (TSX VENTURE: EGN) inspires, informs and entertains a worldwide audience of engineers through the web site, mobile and social media channels. offers marketing services to manufacturers, technology inventors and engineering academia. The 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


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 International Financial Reporting Standards 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 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. 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 POSITIONExpressed in Canadian DollarsAs at March 31, 2013(With comparative amounts as at December 31, 2012) March 31, December 31, 2013 2012ASSETSCURRENT ASSETS Cash 163,943 $ 231,196 Accounts Receivable 309,925 248,662 Prepaids Expenses and Deposits 22,665 24,529----------------------------------------------------------------------------TOTAL CURRENT ASSETS 496,533 504,387----------------------------------------------------------------------------NON-CURRENT ASSETS Property and Equipment 10,781 10,334 Intangible Assets 331,826 331,522----------------------------------------------------------------------------TOTAL NON-CURRENT ASSETS 342,607 341,856--------------------------------------------------------------------------------------------------------------------------------------------------------TOTAL ASSETS 839,140 $ 846,243----------------------------------------------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES Accounts Payable and Accrued Liabilities 438,784 $ 429,433 Deferred Revenue 213,773 207,179----------------------------------------------------------------------------TOTAL LIABILITIES 652,557 636,612----------------------------------------------------------------------------SHAREHOLDER'S EQUITY Share Capital 15,450,966 15,450,966 Contributed Surplus 520,254 517,834 Deficit (15,784,638) (15,759,169)----------------------------------------------------------------------------TOTAL SHAREHOLDERS' EQUITY 186,582 209,631----------------------------------------------------------------------------TOTAL LIABILITIES AND SHAREHOLDERS'EQUITY 839,140 $ 846,243--------------------------------------------------------------------------------------------------------------------------------------------------------NOTICE: The Company's auditors have not audited or reviewed these financialstatements.STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITYExpressed in Canadian DollarsFor the period ended March 31, 2013(With comparative balances for the period ended March 31, 2012) Number of Common Share Contributed Shares Capital Surplus Deficit Total----------------------------------------------------------------------------At December 31, 2011 43,870,623 $ 15,450,966 $ 497,899 $ (15,602,800) $ 346,065Net Income for the year (6,048) (6,048)Stock Based Compensation 6,048 6,048----------------------------------------------------------------------------At March 31, 2012 43,870,623 $ 15,450,966 $ 503,947 $ (15,608,848) $ 346,065--------------------------------------------------------------------------------------------------------------------------------------------------------At December 31, 2012 43,870,623 $ 15,450,966 $ 517,834 $ (15,759,169) $ 209,631Net Loss for the Year (25,469) $ (25,469)Stock Based Compensation 2,420 $ 2,420----------------------------------------------------------------------------At March 31, 2013 43,870,623 $ 15,450,966 $ 520,254 $ (15,784,638) $ 186,582--------------------------------------------------------------------------------------------------------------------------------------------------------NOTICE: The Company's auditors have not audited or reviewed these financialstatements.STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)Expressed in Canadian DollarsFor the period ended March 31, 2013(With comparative amounts for the period ended March 31, 2012) March 31, March 31, 2013 2012REVENUE $ 414,677 $ 581,965COST OF SALES 153,060 278,677----------------------------------------------------------------------------GROSS PROFIT 261,617 303,288----------------------------------------------------------------------------OPERATING EXPENSES Sales and Marketing 112,146 125,629 Development and Operations 88,598 81,305 General and Administrative 82,153 93,990----------------------------------------------------------------------------TOTAL OPERATING EXPENSES 282,897 300,924----------------------------------------------------------------------------INCOME (LOSS) BEFORE UNDERNOTED ITEMS: (21,280) 2,364 Stock Based Compensation (2,420) (6,048) Amortization (1,769) (2,364)----------------------------------------------------------------------------NET LOSS and COMPREHENSIVE LOSS $ (25,469) $ (6,048)----------------------------------------------------------------------------Loss Per Share Basic $ 0.00 $ 0.00 Diluted $ 0.00 $ 0.00Weighted Average Number of Common Shares(Basic and Diluted) 43,870,623 43,870,623--------------------------------------------------------------------------------------------------------------------------------------------------------NOTICE: The Company's auditors have not audited or reviewed these financialstatements.STATEMENTS OF CASH FLOWSExpressed in Canadian DollarsFor the period ended March 31, 2013(With comparative amounts for the period ended March 31, 2012) March 31, March 31, 2013 2012OPERATING ACTIVITIESNet Loss $ (25,469) $ (6,048)Add items not affecting cash Stock based compensation 2,420 6,048 Amortization 1,769 2,364 Changes in Operating Assets and Liabilities Other than Cash (43,453) 73,142----------------------------------------------------------------------------CASH FLOWS FROM OPERATING ACTIVITIES (64,733) 75,506----------------------------------------------------------------------------INVESTING ACTIVITIES Additions to Property and Equipment (2,215) (4,169) Additions to Intangible Assets (305) (3,294)----------------------------------------------------------------------------CASH FLOWS FROM INVESTING ACTIVITIES (2,520) (7,463)----------------------------------------------------------------------------INCREASE (DECREASE) IN CASH (67,253) 68,043CASH, Beginning of period 231,196 259,014----------------------------------------------------------------------------CASH, End of period $ 163,943 $ 327,057--------------------------------------------------------------------------------------------------------------------------------------------------------NOTICE: The Company's auditors have not audited or reviewed these financialstatements.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:, Inc.
John Hayes
President & CFO
905-273-9991, ext. 3280 or Toll Free: 1-877-997-9917
905-273-6691 (FAX)

Source: Marketwire

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