VANCOUVER, CANADA — (Marketwire) — 09/09/11 — Versatile Systems Inc. (TSX VENTURE: VV)(AIM: VVS), announces its results for the fourth quarter and the 2011 fiscal year.
Revenue for the year ended June 30, 2011 was $45,903,472 generating a gross profit of $10,129,378 or 22.1% of sales compared to $44,188,021 generating a gross profit of $10,036,501 or 22.7% of sales for the previous fiscal year. The Net Loss for the period amounted to $98,762 ($0.00 per share) compared to a Net Loss of $1,236,621 ($0.01 per share) for the previous fiscal year, an improvement of $1,137,859.
The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the year ended June 30, 2011 was $112,195 compared to an EBITDA loss of $1,291,424 for the previous fiscal year, an improvement of $1,403,619.
“While economic conditions continue to be challenging, we are pleased with the significant turnaround from the previous fiscal year,” said John Hardy, Chairman and CEO of Versatile. “Heading into fiscal 2012 we remain committed to improving profitability, while carefully managing our expenses.”
Revenue for the three months ended June 30, 2011 was $10,180,289 generating a gross profit of $2,381,728 or 23.4% of sales compared to $11,517,023 generating a gross profit of $2,419,338 or 21.0% of sales for the same quarter last year. The Net Loss for the quarter amounted to $221,251 ($0.00 per share) compared to a Net Loss of $292,335 ($0.01 per share) for the same period last year.
Highlights for the quarter included:
During the current quarter, the Company incurred $116,328 for research and development activities related to Mobiquity Route, DEX and related mobile software products and $53,181 related toMobiquity Transaction Engine 3.0 and Mobiquity Kiosk.
Subsequent to the year-end 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.
“Versatile generated cash flow from operations before non-cash operating balance sheet items of $319,649 for the current fiscal year compared to cash flow used in operations before non-cash operating balance sheet items of $1,164,160 for last year,” said Fraser Atkinson, CFO of Versatile. “This is an improvement of $1,483,809 and has helped to strengthen the Company-s financial position.”
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. All amounts are expressed in U.S. dollars unless otherwise stated.
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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