VANCOUVER, British Columbia, May 30, 2016 (GLOBE NEWSWIRE) -- Tinkerine Studios Ltd. (“Tinkerine” or the “Company”) (TSX-V:TTD) (FSE:WKN WB6B) and (OTC:TKSTF) is pleased to announce the financial results for the fiscal period ending March 31, 2016. The Corporation's interim financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2016 are available on SEDAR at www.sedar.com and on the Company website at: www.tinkerine.com.
Highlights Q1 2016
- Revenue of $171,689 for Q1 2016, a 58% increase from the comparable period ending March 31, 2015.
- Gross Margin of $64,572, a 177% increase from the comparable Q1 2015 period.
- A 32% reduction in expenses in Q1 2016 versus the previous years’ comparable period.
- Net Loss of $311,223 for the period ending March 31, 2016 versus a net loss of $475,027 in the comparable Q1 2015 period.
- Appointed Mr. Justin Sy as interim Chief Financial Officer.
- Closing of private placement financing in the amount of $315,000, subscribed for by insiders and founders of the Company.
- Increased inventory of raw materials and finished products to $608,351 in anticipation of cyclical sales to educational institutions in Q2 and Q3.
Financial Highlights
| Q1 2016 | Q1 2015 | |||||||
| Revenue | $ | 171,689 | $ | 108,542 | ||||
| Cost of Goods Sold | $ | 107,117 | $ | 85,191 | ||||
| Gross Profit | $ | 65,572 | $ | 23,351 | ||||
| Expenses | $ | 375,796 | $ | 551,975 | ||||
| Net Income (Loss) | $ | (311,223 | ) | $ | (475,027 | ) | ||
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.
Additional information on the Company can be found on the Tinkerine website at www.tinkerine.com or at www.sedar.com. All sales figures are in Canadian dollars.
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.