VANCOUVER, British Columbia, Aug. 30, 2016 (GLOBE NEWSWIRE) — Tinkerine Studios Ltd. (“Tinkerine” or the “Company”) (TSX-V:TTD) (FSE:WB6B) (OTC:TKSTF) is pleased to announce the financial results for the fiscal period ending June 30, 2016. The Company’s interim financial statements and management’s discussion and analysis (“MD&A”) for the three months ended June 30, 2016 are available on SEDAR at www.sedar.com and on the Company website at: www.tinkerine.com.
Highlights Q2 2016
- Revenue of $278,710 for Q2 2016, 62% above Q1 2016 revenue of $171,689 and a 19% decrease from the comparable period ending June 30, 2015.
- Gross Margin of $110,555, a 35% decrease from the comparable Q2 2015 period.
- A 42% reduction in expenses in Q2 2016 versus the previous years’ comparable period.
- Net Loss of $187,498 for the period ending June 30, 2016 versus a net loss of $340,076 in the comparable Q2 2015 period.
- Appointment of Mr. Bob Longo and Mr. Justin Sy to the Company’s Board of Directors.
- Final closing of private placement financing in the amount of $330,000, subscribed for by insiders and founders of the Company.
- The new Tinkerine U platform was launched in July and the company will utilize this platform for part of their sales, marketing and education initiatives.
- Inventory of raw materials and finished products of $528,841 in anticipation of cyclical sales to educational institutions in second half 2016.
Financial Highlights
| Q2 2016 | Q2 2015 |
|||||||
| Revenue | $ | 278,710 | $ | 344,986 | ||||
| Cost of Goods Sold | $ | 168,155 | $ | 135,497 | ||||
| Gross Profit | $ | 110,555 | $ | 170,881 | ||||
| Expenses | $ | 298,052 | $ | 510,597 | ||||
| Net Income (Loss) | $ | (187,498 | ) | $ | (340,076 | ) | ||
With the recent appointment of Mr. Bob Longo, the Company is focused on new sales channels in North America utilizing Mr. Longo’s relationships with educational and technology entities. Mr. Longo is the former president of Apple’s Powerschool division, and was the president, CEO and vice-chairman at Carnegie Learning, a leading adaptive math software developer and publisher. The Company continues to streamline and minimize operating costs while maintaining the same level of customer service. In addition, the Company is negotiating with major retailers for the sale of Tinkerine’s DittoPro 3D printer and associated filiaments.
ABOUT TINKERINE STUDIOS LTD.
Tinkerine Studios designs and manufactures user-friendly award winning 3D printers and software, with a focus on STEAM based educational content and online training tools. Tinkerine also manufactures its own line of high purity filament for 3D printers.
Tinkerine and Ditto are registered trademarks of Tinkerine Studios Ltd., all rights reserved.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: For further information please contact: Dean Stuart, Investor Relations T: 403 617 7609 E: [email protected]