Versus Technology Announces Fiscal Year Results
(firmenpresse) - TRAVERSE CITY, MI -- (Marketwire) -- 12/21/12 -- Versus Technology, Inc. ("Versus" or the "Company") (PINKSHEETS: VSTI) announced revenues of $11,424,000 for the year ended October 31, 2012, a 73.4% increase, compared to revenues of $6,589,000 for fiscal year 2011. Revenues for the quarter ended October 31, 2012, totaled $4,606,000 compared to revenues of $2,605,000 for the same period in fiscal 2011. 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.
Fiscal 2012 gross profit as a percentage of revenue was 75.9% compared to 71.0% in fiscal 2011. The higher margins are the result of increased software revenues as a percentage of total revenues, 36.1% in fiscal 2012 compared to 16.3% in fiscal 2011. Similarly, gross profit for the current year's fourth quarter as a percentage of revenue was 85.4% compared to 72.7% for the same quarter of the prior year.
Operating expenses other than cost of revenues for the full year increased from $4,964,000, or 75.3% of revenues in 2011 to $6,132,000, or 53.7% of revenues, in 2012. The increase is the direct result of continued investment in growth strategies directed at building the sales organization and System Integrator channel. Fourth quarter operating expenses other than cost of revenue totaled $1,800,000, or 39.1% of revenues, compared to $1,190,000, or 45.7% of revenues, in 2011.
The Company reported net income of $3,529,000 which includes a deferred income tax benefit of $988,000. This is compared to a net loss of $278,000 for fiscal 2011. Net income for the quarter ended October 31, 2012, was $3,121,000 compared to net income of $704,000 for the same period in fiscal 2011.
Effective with the new fiscal year, the Company will discontinue issuing press releases publishing financial results. Shareholders should visit the Company's website or contact Joe Winowiecki at for information regarding access to future financial results.
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.
Joseph E. Winowiecki
Chief Financial Officer
December 21, 2012
See accompanying report of management.
The full annual report is available upon request.
See accompanying report of management.
The full annual report is available upon request.
See accompanying report of management.
The full annual report is available upon request.
See accompanying report of management.
The full annual report is available upon request.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.12.2012 - 17:43 Uhr
Sprache: Deutsch
News-ID 215342
Anzahl Zeichen: 0
contact information:
Town:
TRAVERSE CITY, MI
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 210 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Versus Technology Announces Fiscal Year Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Versus Technology, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
