Versus Technology Announces Second Quarter Results
(firmenpresse) - TRAVERSE CITY, MI -- (Marketwire) -- 05/29/12 -- Versus Technology, Inc. (PINKSHEETS: VSTI) ("Versus" or the "Company") today announces significant year-to-date growth and its third consecutive profitable quarter.
Revenues for the quarter ended April 30, 2012, increased 89.2% from the same quarter of the prior year, totaling $2,480,000 compared to revenues of $1,311,000 in 2011. Revenues for the six months ended April 30, 2012, increased 87.4% to $4,618,000, compared to $2,464,000 for the six months ended April 30, 2011.
Versus also made significant gains in net income, reporting $198,000 for the second quarter of fiscal 2012 compared to a net loss of $405,000 for the same quarter of the prior year. For the six months ended April 30, 2012, the Company reported net income of $300,000, compared to a net loss of $967,000 for the six months ended April 30, 2011.
Gross profits as a percentage of revenues were 68.3% for the current year's second quarter compared to 70.8% for the same quarter of the prior year. Fiscal 2012 year-to-date gross profit as a percentage of revenues is 68.8% compared to 69.0% year-to-date in fiscal 2011.
As Versus continues to invest in its sales, marketing and technology growth strategies, operating expenses other than cost of revenues for the second quarter totaled $1,498,000 representing an increase of $163,000, or 12.2%, over the prior year total of $1,335,000. Operating expenses other than cost of revenues for the six months ended April 30, 2012, totaled $2,882,000, an increase of $259,000. This represents a 9.9% increase in operating expenses over the same period last year compared to an 87.4% increase in revenues.
Versus' quarterly results can vary significantly depending on the timing and delivery of major customer projects. Accordingly, results reported in any one quarter are not necessarily indicative of what full year results will be.
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 April 30, 2012, and October 31, 2011, and the related consolidated statements of income and cash flows for the six-month periods ended April 30, 2012 and 2011, 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 for further details regarding the Company's financial position at October 31, 2011.
Joseph E. Winowiecki
EVP and Chief Financial Officer
May 29, 2012
See accompanying report of management.
See accompanying report of management.
See accompanying report of management.
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Datum: 29.05.2012 - 15:23 Uhr
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News-ID 1118881
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