Science & Technology
Science and Technology
Science and Technology
Tue, December 29, 2009
Mon, December 28, 2009 
TRAVERSE CITY, MI--(Marketwire - December 28, 2009) - Versus Technology, Inc. ("Versus" or the "Company") (
Despite the decline in revenues, careful management of operating expenses resulted in a reduced loss of $538,000 for the fiscal year ended October 31, 2009, compared to a net loss of $808,000 for fiscal 2008. Operating expenses for fiscal 2009 totaled $4,468,000, a 10% decline from the prior year.
Net income for the fiscal quarter ended October 31, 2009, was $192,000 compared to net income of $15,000 for the same period in 2008.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
Versus Technology, Inc. is the leader in the development and sale of context-aware real-time location systems (RTLS) used for enterprise patient tracking, bed management and asset tracking to improve patient flow and caregiver/patient communications in hospitals, clinics and long-term care facilities. Versus also develops dual infrared and Active RFID tags and other location tracking hardware to make locating systems more precise, security systems more intelligent, nurse call systems automatic, and hospital asset tracking systems more efficient. Indoor positioning through Versus' RTLS enhances existing hospital software and patient care systems with real-time, reliable bed-level location information. The patented Versus IR and Active RFID patient and asset tracking system is exclusively endorsed by the American Hospital Association and is a key component of their Patient Flow Platform -- which includes a select group of vendors that provide proven solutions to enhance patient flow and improve patient safety. ([ www.versustech.com ]) (
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.
REPORT OF MANAGEMENT
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2009, and October 31, 2008, and the related consolidated statements of operations and cash flows for the periods ended October 31, 2009 and 2008, have been prepared by management.
Management has elected to omit substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted 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. 2008 Annual Report which is available at [ www.versustech.com/annual_reports.htm ] for further details regarding the 2008 results. The full annual report for 2009 will be published at [ www.versustech.com ] when available.
Joseph E. Winowiecki Chief Financial Officer December 28, 2009 VERSUS TECHNOLOGY, INC. AND SUBSIDIARY Consolidated Balance Sheets October 31, ----------------------- 2009 2008 ----------- ----------- Assets Current assets Cash and cash equivalents $ 1,301,000 $ 1,709,000 Accounts receivable, including $136,000 unbilled ($123,000 in 2008) 1,322,000 1,359,000 Inventories, net 669,000 720,000 Prepaid expenses and other current assets 176,000 175,000 ----------- ----------- Total current assets 3,468,000 3,963,000 ----------- ----------- Property and equipment Machinery and equipment 429,000 403,000 Furniture and fixtures 100,000 100,000 Leasehold improvements 421,000 420,000 ----------- ----------- 950,000 923,000 Less accumulated depreciation 657,000 594,000 ----------- ----------- Net property and equipment 293,000 329,000 Goodwill 1,533,000 1,533,000 Other noncurrent assets 57,000 9,000 ----------- ----------- Total assets $ 5,351,000 $ 5,834,000 =========== =========== See accompanying report of management. The full annual report will be published at [ www.versustech.com ] when available. VERSUS TECHNOLOGY, INC. AND SUBSIDIARY Consolidated Balance Sheets October 31, ------------------------ 2009 2008 ----------- ----------- Liabilities and shareholders' equity Current liabilities Short-term borrowings $ - $ 400,000 Accounts payable 455,000 274,000 Accrued expenses 366,000 359,000 Deferred revenue from customer advance Payments 409,000 256,000 ----------- ----------- Total liabilities (all current) 1,230,000 1,289,000 ----------- ----------- Commitments and contingencies (Notes 4 and 6) Shareholders’ equity Common stock $0.01 par value; 120,000,000 shares authorized; 95,325,325 issued and outstanding 953,000 953,000 Additional paid-in capital 42,800,000 42,686,000 Accumulated deficit (39,632,000) (39,094,000) ----------- ----------- Total shareholders’ equity 4,121,000 4,545,000 ----------- ----------- Total liabilities and shareholders’ equity $ 5,351,000 $ 5,834,000 =========== =========== See accompanying report of management. The full annual report will be published at [ www.versustech.com ] when available. VERSUS TECHNOLOGY, INC. AND SUBSIDIARY Consolidated Statements of Operations Three months ended October 31, Year ended October 31, 2009 2008 2009 2008 ------------ ----------- ----------- ----------- Revenues $ 1,669,000 $ 1,748,000 $ 5,574,000 $ 5,774,000 ------------ ----------- ----------- ----------- Operating Expenses Cost of revenues 505,000 516,000 1,655,000 1,684,000 Research and development 166,000 193,000 668,000 793,000 Sales and marketing 609,000 768,000 2,880,000 3,136,000 General and administrative 200,000 261,000 920,000 1,014,000 ------------ ----------- ----------- ----------- Total Operating Expenses 1,480,000 1,738,000 6,123,000 6,627,000 ------------ ----------- ----------- ----------- Income (Loss) From Operations 189,000 10,000 (549,000) (853,000) ------------ ----------- ----------- ----------- Other Income (Expense) Interest income 3,000 6,000 15,000 46,000 Interest expense - (1,000) (4,000) (1,000) ------------ ----------- ----------- ----------- Total Other Income, Net 3,000 5,000 11,000 45,000 ------------ ----------- ----------- ----------- Net Income (Loss) $ 192,000 $ 15,000 $ (538,000) $ (808,000) ============ =========== =========== =========== Basic and Diluted Net Income (Loss) Per Share $ - $ - $ (0.01) $ (0.01) ============ =========== =========== =========== VERSUS TECHNOLOGY, INC. AND SUBSIDIARY Consolidated Statements of Cash Flows Year ended October 31, -------------------------- 2009 2008 ------------ ------------ Cash flows from operating activities Net loss $ (538,000) $ (808,000) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 64,000 52,000 Bad debts - 4,000 Share-based compensation 114,000 111,000 Changes in operating assets and liabilities which provided (used) cash: Accounts receivable 37,000 (229,000) Inventories 51,000 104,000 Prepaid expenses and other current assets (1,000) (48,000) Accounts payable 181,000 (249,000) Accrued expenses 7,000 96,000 Deferred revenues from customer advance Payments 153,000 14,000 ------------ ------------ Net cash provided by (used in) operating activities 68,000 (953,000) ------------ ------------ Cash used in investing activities Additions to property and equipment (28,000) (283,000) Increase in other noncurrent assets (48,000) - ------------ ------------ Net cash used in investing activities (76,000) (283,000) ------------ ------------ Cash flows from financing activities Net short-term borrowings (repayments) (400,000) 400,000 Issuance of common stock - 117,000 ------------ ------------ Net cash (used in) provided by financing activities (400,000) 517,000 ------------ ------------ Net decrease in cash and cash equivalents (408,000) (719,000) Cash and cash equivalents, at the beginning of the year 1,709,000 2,428,000 ------------ ------------ Cash and cash equivalents, at the end of the year $ 1,301,000 $ 1,709,000 ============ ============ See accompanying report of management. The full annual report will be published at [ www.versustech.com ] when available.
