Versatile Reports First Quarter Results
(firmenpresse) - VANCOUVER, CANADA -- (Marketwire) -- 12/19/11 -- Versatile Systems Inc. (TSX VENTURE: VV)(AIM: VVS) announces its results for the first quarter of the 2012 fiscal year.
Revenue for the three months ended September 30, 2011 was $9,039,212 generating a gross profit of $1,790,378 or 19.8% of sales compared to $9,219,050 generating a gross profit of $2,103,827 or 22.8% of sales for the same quarter last year. The Net Loss for the quarter amounted to $359,911 ($0.00 per share) compared to a Net Loss of $89,314 ($0.01 per share) for the same period last year.
"As a result of economic events occurring mid-quarter, several key customers reduced spending, which negatively impacted both revenue and gross profit," said John Hardy, Chairman and CEO of Versatile. "Nevertheless, we managed to be effectively cash flow neutral. In addition, we obtained a new credit facility of $4.5 million, and reduced operating expenses with a strategic relocation of our Mechanicsburg facility. We are in the process of adding new sales resources and remain committed to improving profitability, while carefully managing our expenses."
Highlights for the quarter included:
During the current quarter, the Company incurred $129,294 for research and development activities related to Mobiquity Route™, DEX and related mobile software products and $72,362 related to Mobiquity Transaction Engine 3.0™ and Mobiquity Kiosk™.
During the current quarter the Company changed its banking facilities for its U.S. based operations to a new financial institution, which is providing a credit facility for up to $4,500,000 on more favorable terms than the former bank.
"While the Company incurred a loss of $359,911 the cash used in operations amounted to $51,134," said Fraser Atkinson, CFO of Versatile. "Excluding the one-time moving costs the Company would have generated positive cash flow from operations. In addition, restoring the gross profit of 19.8% to the historical average of 21% to 22% will have a positive impact on cash flow."
The Company adopted IFRS during the current reporting period. The Company has applied the transitional exceptions and exemptions to full retroactive application of IFRS in its preparation of an opening IFRS consolidated statement of financial position at July 1, 2010. The most significant changes include the reclassification of deferred contract costs to intangible assets and the reclassification of current deferred income taxes to long term. Further details of the conversion to IFRS are provided in Management's Discussion and Analysis and in the Notes to the Company's unaudited, Condensed Consolidated Financial Statements, as at and for the three months ended September 30, 2011.
About Versatile
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: .
Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
All amounts are expressed in U.S. dollars unless otherwise stated. © 2011 Versatile Systems Inc. All rights reserved.
The TSX Venture Exchange and the AIM market of the London Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Versatile Systems Inc.
John Hardy
Chairman and CEO
1-800-262-1633
International: 001-206-979-6760
Versatile Systems Inc.
Fraser Atkinson
CFO
1-800-262-1633
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Datum: 19.12.2011 - 08:00 Uhr
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