ENGINEERING.com Incorporated Announces Second Quarter 2008 Results

TORONTO, ONTARIO -- (MARKET WIRE) -- Aug 05, 2008 -- ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the ENGINEERING.com online resource and business for engineers today announced its financial results for the second quarter of 2008.

ENGINEERING.com revenue was $317,050 for the three months ended June 30, 2008, compared to revenue of $532,607 for the second quarter of 2007. The net loss for the three months ended June 30, 2008, totaled ($162,536) and ($0.01) per Common Share compared with a net loss of ($77,422) and ($0.00) for the same period a year ago. The decrease in revenue is attributed primarily to decreasing revenues associated with the provision of information technology services to a related party. As at June 30, 2008, the Company had a cash balance of $389,057 compared to a cash balance of $230,268 as at June 30, 2007.

Operating loss measured as earnings before interest, taxes, amortization and stock-based compensation, was ($97,180) or $0.00 per Common Share for the second quarter of 2008 compared with an operating loss of ($5,318) or ($0.00) per Common Share for the three months ended June 30, 2007. The operating expenses in the latest period were $323,380, down from $379,325 in the second quarter a year earlier. The reduction in operating expense resulted from lower salaries and administrative expenses.

"During the second quarter of this year we saw a significant increase in the number of visitors, page views and registration for services at ENGINEERING.com," said John Hayes, President. "We look forward to sustaining our momentum by building additional features to increase our web traffic and related advertising revenues."

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

Operating Income (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 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 net 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.


Engineering.Com
Balance Sheet

                                               Unaudited            Audited

                                           June 30, 2008  December 31, 2007

ASSETS
Current Assets
--------------
 Cash                                            389,057            288,916
 Accounts Receivable                             119,912            146,063
 Due from related parties                         30,973            330,557
 Prepaids Expenses and Deposits                   51,663             58,044

                                           --------------- -----------------
 Total Current Assets                            591,605            823,580
                                           --------------- -----------------

 Capital Assets, net                              31,905             29,567

 Intangible Assets, net                          680,796            770,063

                                           --------------- -----------------
 TOTAL ASSETS                                  1,304,306          1,623,210
                                           --------------- -----------------
                                           --------------- -----------------

LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Current Liabilities
-------------------
 Accounts Payable & Accrued Liabilities          735,538            768,878
 Deferred Income                                  38,672             70,745
 Promissory notes - short-term                    48,946             47,582

                                           --------------- -----------------
 Total current liabilities                       823,156            887,205
                                           --------------- -----------------

 Promissory notes - long-term                                     48,727                          69,179

                                                                                      ---------------  -----------------
  TOTAL  LIABILITIES                                                              871,883                        956,384
                                                                                      ---------------  -----------------
                                                                                      ---------------  -----------------

SHAREHOLDERS  EQUITY
  Share  Capital                                                                14,759,008                  14,759,008
  Contributed  Surplus                                                          379,521                        346,063
  Deficit                                                                          (14,706,106)              (14,438,245)

                                                                                      ---------------  -----------------
  TOTAL  SHAREHOLDERS  EQUITY                                              432,423                        666,826
                                                                                      ---------------  -----------------

                                                                                      ---------------  -----------------
TOTAL  LIABILITIES  AND  SHAREHOLDERS  EQUITY            1,304,306                    1,623,210
                                                                                      ---------------  -----------------
                                                                                      ---------------  -----------------


Engineering.Com
Statements  of  Income
(Unaudited)                                                                Three  months                Three  months
                                                                                                    ended                              ended
                                                                                    June  30,  2008              June  30,  2007

REVENUE                                                                                  317,050                          532,607

COST  OF  SALES                                                                        90,850                          158,600
                                                                                    --------------            --------------

GROSS  PROFIT                                                                        226,200                          374,007

GROSS  PROFIT  %                                                                          71.3%                              70.2%

EXPENSES  (INCOME)
  Salaries  &  benefits                                                        160,318                          193,770
  Marketing  expenses                                                            13,950                              6,309
  Development  costs                                                              55,934                            67,988
  General  &  Administrative                                                93,178                          111,258
                                                                                    --------------            --------------
                                                                                                323,380                          379,325
                                                                                    --------------            --------------

Operating  Income  (Loss)  (EBITDA)  before
  under  noted  items:                                                          (97,180)                          (5,318)

Stock  based  compensation                                                (16,611)                        (21,467)

Amortization  Expense                                                        (48,745)                        (50,637)

                                                                                    --------------            --------------
                                                                                                (65,356)                        (72,104)
                                                                                    --------------            --------------

                                                                                    --------------            --------------
NET  LOSS                                                                              (162,536)                        (77,422)
                                                                                    --------------            --------------
                                                                                    --------------            --------------

BASIC  AND  DILUTED  LOSS  PER  SHARE                                    (0.01)                            (0.00)

Weighted  Average  Number  of  Common  Shares
  (basic  and  diluted)                                                  29,496,499                    29,496,499

Consolidated  Statements  of  Deficit

                                                                                    --------------            --------------
DEFICIT,  beginning  of  period                                (14,543,603)                (14,281,887)
                                                                                    --------------            --------------
Net  Loss                                                                              (162,536)                        (77,422)
DEFICIT,  end  of  period                                            (14,706,139)                (14,359,309)
                                                                                    --------------            --------------
                                                                                    --------------            --------------



Engineering.Com  Inc.
Cash  Flow  Statements
(Unaudited)
                                                                                                  Three  Months    Three  Months
                                                                                                                Ended                  Ended
                                                                                                June  30,  2008    June  30,2007

OPERATING  ACTIVITIES

Net  Loss                                                                                          (162,536)            (77,422)

ADD  -  Items  not  affecting  cash

  Stock  based  compensation                                                            16,611                21,467
  Amortization                                                                                    48,745                50,638

  Changes  in  operating  assets  and  liabilities
    other  than  cash                                                                          227,929              (62,329)

                                                                                                --------------  -------------
  CASH  FLOWS  FROM  OPERATING  ACTIVITIES                                  130,749              (67,646)
                                                                                                --------------  -------------

FINANCING  ACTIVITIES

  Promissory  Notes                                                                          (12,969)            (70,051)

                                                                                                --------------  -------------
  CASH  FLOWS  FROM  FINANCING  ACTIVITIES                                  (12,969)            (70,051)
                                                                                                --------------  -------------

INVESTING  ACTIVITIES

  Fixed  Assets                                                                                    (3,523)            (11,545)

                                                                                                --------------  -------------
  CASH  FLOWS  FROM  INVESTING  ACTIVITIES                                    (3,523)            (11,545)
                                                                                                --------------  -------------

Net  increase  (decrease)  in  cash                                              114,257            (149,242)

CASH,  beginning  of  period                                                          274,800              379,510

                                                                                                --------------  -------------
CASH,  end  of  period                                                                      389,057              230,268
                                                                                                --------------  -------------
                                                                                                --------------  -------------

 

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