Renoworks Announces 2017 Second Quarter Financial Results

Renoworks Software (TSXV:RW) has announced financial results for the second quarter of ended June 30, 2017.
As quoted in the press release:

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.”

Click here to read the full press release.