VANCOUVER, British Columbia, Nov. 28, 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 September 30, 2016. The Corporation's interim financial statements and management's discussion and analysis ("MD&A") for the three months ended September 30, 2016 are available on SEDAR at www.sedar.com and on the Company website at: www.tinkerine.com.
Highlights Q3 2016
- Record Net Income of $243,755 for the period ending September 30, 2016 versus a net loss of $138,589 in the comparable Q3 2015 period.
- Revenue of $826,960 for Q3 2016, 77.5% above Q3 2015 revenue of $465,780.
- Gross Profit of $512,301, a 98.4% increase from the comparable Q3 2015 period.
- A 32.3% reduction in expenses in Q3 2016 versus the previous years’ comparable period.
- Launched Ht Filament and Limited Series Filament Initiative, bringing more choices to customers and greatly complementing the Company's existing product line.
- Launched professional development (PD) courses for the Tinkerine U platform designed to increase literacy in 3-D printing skill set and knowledge, and will provide progression for both educators and professionals looking to get a firm understanding of the 3-D printing space and related skills.
- Continued development of the Tinkerine U platform allowing for education and engagement of customers.
Financial Highlights
| Q3 2016 | Q3 2015 | |||||
| Revenue | $ | 826,960 | $ | 465,780 | ||
| Cost of Goods Sold | $ | 314,659 | $ | 207,554 | ||
| Gross Profit | $ | 512,301 | $ | 258,226 | ||
| Expenses | $ | 268,547 | $ | 396,815 | ||
| Net Income (Loss) | $ | 243,755 | $ | (138,589 | ) | |
Tinkerine continues to introduce its portfolio of 3D printing products and services to educational institutions in Canada, the United States and international locations. With increased emphasis on the development of the Tinkerine U platform, the Company is well positioned to implement new curriculums for elementary, high school and post-secondary learning institutions.
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.