Tinkerine Studios Quarter 3 2019 Financial Results

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(TheNewswire)



 

November 29, 2019 - TheNewswire - Tinkerine™ Studios Ltd. (TSXV:TTD) ("Tinkerine" or the "Company") announces its financial results for the 3rd Quarter ended September 30, 2019. The Company’s consolidated financial statements and management discussion and analysis ("MD&A") for the three months ended September 30, 2019 are available on SEDAR at www.sedar.com and on the Company’s website at www.tinkerine.com.

 

Highlights

 

- Revenue for the 3rd Quarter 2019 of $127,854 versus 3rd Quarter 2018 revenue of $88,991;

- Gross profit for the 3rd Quarter of $56,182 versus 3rd Quarter 2018 gross profit of $41,814;

- Quarter 3 2019 net income of ($88,024) versus Quarter 3 2018 net income of ($104,421);

- During the quarter Tinkerine terminated the proposed transaction to acquire Coin Apps Tech Inc. and prioritized 3D printing products and services for the education market;

- Added schools purchasing Tinkerine products and services and now has a footprint in over 500 schools in Canada and the United States;

- Engaged additional sales staff to establish and maintain sales channels in Canada;

- Adopted D-School initiative to deliver hands-on, project-based learning into K-14 curricula;

- Continued to implement efficiencies in the production of Ditto-ProR 3D printers that was launched in early 2019;

- Increased involvement of Bob Longo to provide mentoring to sales and executive.

 

Financial Summary

  ----------------------------------------- |  |Q3 2019 |Q3 2018 | |---------------------------------------| |Revenue |$127,854 |$88,991 | |---------------------------------------| |Cost of Goods Sold|$71,673 |$47,157 | |---------------------------------------| |Gross Profit |$56,182 |$41,834 | |---------------------------------------| |Expenses |$144,206 |$146,255 | |---------------------------------------| |Net Income |($88,024)|($104,421)| -----------------------------------------  

About Tinkerine

 

Our mission is to provide a foundational understanding about applied design thinking & processes that produce 3D printing solutions by students. Our ecosystem of 3D printing products and educational resources equips leaners with the innovative tools and products that prepare them to stay ahead in an everchanging, tech-driven world. Tinkerine enables the curious to convert creative ideas into the tangible and the unimaginable.  Our students are always “Learning by Tinkering”.

 

For further information please contact:

 

Dean Stuart

T: 403 617 7609

E: [email protected]

 

Eugene Suyu

Chief Executive Officer

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.

 

Copyright (c) 2019 TheNewswire - All rights reserved.