Versus Technology Announces Third Quarter Results
(firmenpresse) - TRAVERSE CITY, MI -- (Marketwire) -- 08/29/12 -- Versus Technology, Inc. (PINKSHEETS: VSTI) ("Versus" or the "Company") announced revenues of $2,200,000 for its third fiscal quarter ended July 31, 2012, a 44.7% increase compared to revenues of $1,520,000 for the same quarter of the prior year. Revenues for the nine months ended July 31, 2012, were $6,818,000, an increase of $2,924,000, or 71.2%, compared to $3,894,000 for the nine months ended July 31, 2011.
The Company's continued growth resulted in its fourth consecutive quarter of profits reporting net income for the quarter ended July 31, 2012, of $110,000 compared to a loss of $15,000 for the quarter ended July 31, 2011. Net income for the nine months ended July 31, 2012, was $410,000 compared to a loss of $962,000 for the same period in fiscal 2011.
Gross profits as a percentage of revenues were 70.8% for the current year's third quarter compared to 71.5% for the same quarter of the prior year. Fiscal 2012 year-to-date gross profit as a percentage of revenues is 69.5% compared to 70.0% year-to-date in fiscal 2011.
Versus continues to invest in its sales, marketing and technology growth strategies. As a result, operating expenses other than cost of revenues for the third quarter totaled $1,449,000 representing an increase of $346,000, or 31.4%, over the prior year total of $1,103,000. Operating expenses other than cost of revenues for the nine months ended July 31, 2012, totaled $4,331,000, an increase of $557,000. This represents a 14.8% increase in operating expenses over the same period last year compared to a 71.2% increase in revenues.
Versus' quarterly revenues can vary significantly depending upon the timing of delivery of major customer projects. Accordingly, the revenues 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 July 31, 2012, and October 31, 2011, and the related consolidated statements of income and cash flows for the nine-month periods ended July 31, 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
Chief Financial Officer
August 29, 2012
See accompanying report of management.
See accompanying report of management.
See accompanying report of management.
See accompanying report of management.
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Datum: 29.08.2012 - 14:03 Uhr
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News-ID 1146596
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