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Message: Second Quarter Results
| February 6, 2009 |
| Versatile Reports Second Quarter Results |
| VANCOUVER, CANADA--(Marketwire - Feb. 6, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today announces its results for the second quarter of the 2009 fiscal year. Revenue for the six months ended December 31, 2008 was $26,630,915 generating a gross profit of $6,792,495 or 25.5% of revenue compared to $31,138,673 generating a gross profit of $7,886,617 or 25.3% of revenue for the same period last year. The Net Loss for the six months ended December 31, 2008 amounted to $476,556 ($0.00 per share) compared to Net Earnings of $629,795 ($0.01 per share) for the same period last year. The EBITDA loss for the six months ended December 31, 2008 was $21,198 excluding a one time charge for non-recurring expenses of $372,177 compared to an EBITDA of $1,129,779 for the same period last year. EBITDA is defined as net earnings before interest expense, income taxes, depreciation and amortization. The Company has included information concerning EBITDA because it believes that it may be used by certain investors as one measure of the Company's financial performance. "Market conditions continue to be extremely challenging, and have adversely affected all aspects of our business," said John Hardy, Chairman and CEO of Versatile. "Nevertheless, the Company operations were close to break even for the first six months. We recently removed approximately $1,670,000 from our cost structure, and the full impact of these reductions will be realized in the latter part of our third quarter." Highlights for the quarter included: - Cash and cash equivalents at December 31, 2008 was $2,371,513 an increase of $1,235,081 from September 30, 2008 of $1,136,432; - Deferred revenue at December 31, 2008 was $7,986,465 (of which $6,848,954 is expected to be recognized in the next four quarters) compared to $7,773,787 at September 30, 2008, an increase of $212,678; - Working capital as of December 31, 2008 of $3,042,844, a decrease of $895,506 over the working capital of $3,938,350 at September 30, 2008; - Revenue for the three months ended December 31, 2008 was $12,327,064 compared to $18,523,167 for the same period last year; - The Company recorded a one time charge for non-recurring expenses of $372,177 relating to an additional provision, the majority of which is legal costs, for transactions occurring in prior periods; - Research and development expense for the quarter amounted to $391,088 compared to $491,459 for the same quarter last year; and - Several substantial orders for core products and services, from existing customers, including $1,066,567 from the University of Pittsburgh, $836,392 from Comcast and $717,048 from Tyco Electronics. "The Company has a strong financial position at the end of the quarter with $2,371,513 of cash, unused credit facilities for up to $5.8 million and no interest bearing debt," said Fraser Atkinson, CFO of Versatile. 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: www.versatile.com. |
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