Tinkerine Reports Record Revenue for Quarter 2 and Board Member Change

VANCOUVER, Aug. 19, 2015 /CNW/ - Tinkerine™ Studios Ltd. (TSXV: TTD, FSE: WKN WB6B and OTC: TKSTF)

Tinkerine Studios Ltd. ("Tinkerine" or the "Company") is pleased to announce its financial highlights for the three and six months ended June 30, 2015. The Corporation's unaudited interim financial statements and management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2015 is available on SEDAR at www.sedar.com and on the Company's website at www.tinkerine.com.

Highlights

  • Q2 2015 Revenue of $344,986, an increase of 532% from Q2 2014 revenue of $54,603.
  • Q2 2015 Gross Profit of $170,881, an increase of 292% from Q2 2014 gross profit of $43,586.
  • Continued to expand and strengthen the dealer network for our DittoTM Pro product and made 60% of sales through dealers in Q2 2015 up from 49% in Q1 2015.
  • Tinkerine's Ditto Pro was recognized at CES Asia 2015 as the best 3D printer product at the show, held in Shanghai in early June 2015.
  • Completed the integration of our 3D printing software into Adobe's Photoshop Creative Cloud 2015 release.

Financial Highlights



Q2 2015


Q2 2014


H1 2015


H1 2014

Revenue


$344,986


$54,603


$453,528


$140,261

Cost of Goods Sold


$135,497


$11,017


$183,012


$29,933

Gross Profit


$170,881


$43,586


$194,232


$111,527

Expenses


$510,957


$653,150


$1,062,932


$711,668

Net Income (Loss)


($338,665)


($1,669,539)


($813,692)


($1,660,116)

Outlook

With additional dealers for Tinkerine's Ditto Pro and filament being added, we are experiencing increased orders for each quarter in 2015 underpinned by strong acceptance of our focus into the STEAM (Science, Technology, Engineering, Arts and Mathematics) educational field. Tinkerine continues to generate additional sales through the introduction of the Tinkerine product line, which includes its Ditto Pro 3D Printer, filament and its TinkerineU online store.

Board Member Change

Tinkerine also announces John Veltheer has resigned from its board of directors.  Mr. Veltheer was a director of the Company since prior to the RTO transaction pursuant to which the Company acquired its operating subsidiary, and now wishes to transition out to focus on his other business endeavours.  The Company is grateful for the counsel and input Mr. Veltheer has provided over the past two years.

With Mr. Veltheer's resignation, the remaining board members intend to embark on a transition to a board composed of a majority of independent directors.  The board, in consultation with other stakeholders of the Company, is currently working to identify appropriate potential candidates to serve as directors.

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.

Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict.  Actual results might differ materially from results suggested in any forward-looking statements. Tinkerine assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Tinkerine.  Additional information identifying risks and uncertainties is contained in Tinkerine's filings with the Canadian securities regulators available at www.sedar.com.

Tinkerine and Ditto are registered trademarks of Tinkerine Studios Ltd., all rights reserved.

SOURCE Tinkerine Studios Ltd.

For further information: Tinkerine Studios Ltd: John Ross, 778.322.0445, JohnR@Tinkerine.com

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www.tinkerine.com

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