VANCOUVER, CANADA--(Marketwired - Nov 13, 2013) - Versatile Systems Inc. (TSX VENTURE:VV) announces its results for the first quarter of the 2014 fiscal year.
Revenue for the three months ended September 30, 2013 was $6,639,475, generating a gross profit of $1,280,857 or 19.3% of sales compared to $7,915,848, generating a gross profit of $1,832,779 or 22.3% of sales for the same quarter last year. The Net Loss for the quarter amounted to $1,249,421 ($0.01 per share) compared to Net Loss of $404,294 ($0.00 per share) for the same quarter last year.
Highlights for the quarter included:
Revenue for the three months ended September 30, 2013 was $6,639,475 compared to $7,915,848 for the same quarter last year;
The gross profit for the three months ended September 30, 2013 was $1,280,857 or 19.3% of sales compared to $1,832,779 or 23.2% of sales for the same quarter last year;
The research and development expense for the quarter amounted to $384,775 compared to $236,246 for the same quarter last year; and
Deferred revenue at September 30, 2013 was $6,277,307 (of which $5,298,503 is expected to be recognized in the next four quarters) compared to $6,835,938 at June 30, 2013.
During the first quarter the Company made a number of changes in senior management and has undertaken a restructuring of the U.S. Eastern operations with the objective of returning to profitability.
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 go to www.versatile.com.
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.
