Versus Technology Announces Fiscal Year Results
(firmenpresse) - TRAVERSE CITY, MI -- (Marketwire) -- 12/21/11 -- Versus Technology, Inc. (PINKSHEETS: VSTI) ("Versus" or the "Company") announced revenues of $2,605,000 for the quarter ended October 31, 2011, compared to revenues of $1,600,000 for the same period in 2010. Fourth quarter revenues represent a 62.8% improvement over the same quarter of the prior year and the fourth consecutive quarter of growth. For the full fiscal year ended October 31, 2011, revenues totaled $6,589,000 compared to revenues of $7,703,000 for fiscal year 2010. Versus' revenue can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Gross profit for the current year's fourth quarter as a percentage of revenue was 72.7% compared to 67.3% for the same quarter of the prior year. Fiscal 2011 gross profit as a percentage of revenue was 71.0% compared to 71.3% in fiscal 2010.
Fourth quarter operating expenses other than cost of revenue totaled $1,190,000, or 45.7% of revenues, compared to $858,000, or 53.6% of revenues, in 2010. Operating expenses other than cost of revenues for the full year increased from $4,826,000, or 62.3% of revenues in 2010 to $4,964,000, or 75.3% of revenues, in 2011. The increase is the direct result of continued investment in growth strategies directed at building the sales organization and dealer network.
Net income for the quarter ended October 31, 2011, was $704,000 compared to net income of $222,000 for the same period in 2010. For the full year, the Company reported a net loss of $278,000 compared to net income of $675,000 for fiscal 2010.
For additional information, please refer to the attached unaudited consolidated financial statements.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities throughout North America. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit and take the Advantages Tour.
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2011, and October 31, 2010, and the related consolidated statements of operations and cash flows for the fiscal year ended October 31, 2011, and 2010, have been prepared by management.
Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2011 Annual Report which is available upon request for further details regarding the Company's financial position at October 31, 2011.
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Datum: 21.12.2011 - 14:30 Uhr
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