Science & Technology
Science and Technology
Science and Technology
Thu, December 1, 2011
Wed, November 30, 2011 
November 30, 2011 17:00 ET
VRX Reports 2011 Third Quarter Results
- $250,000 convertible debenture successfully completed - MediaValet selected as finalist for coveted Microsoft IMPACT award - Investment in digital asset management continues as MediaValet sees strong demand
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2011) - VRX Worldwide Inc. (TSX VENTURE:VRW), a leading provider of content production, distribution, licensing and digital asset management services, reports it's financial results for the nine months ended September 30, 2011.
Summary of Quarterly Results (Post-Provision)(Unaudited)
| 2011 Q3 | 2011 Q2 | 2011 Q1 | 2010 Q4 | 2010 Q3 | ||||||
| Total revenue | $ | 803,124 | $ | 850,559 | $ | 907,477 | $ | 917,190 | $ | 1,008,181 |
| Gross profit | $ | 353,381 | $ | 542,698 | $ | 622,413 | $ | 556,395 | $ | 613,210 |
| EBITDA | $ | (113,280) | $ | (214,904) | $ | 108,828 | $ | 99,150 | $ | 173,448 |
| Net income | $ | (134,108) | $ | (262,732) | $ | 19,623 | $ | 15,140 | $ | 80,978 |
| Earnings per share | $ | (0.004) | $ | (0.008) | $ | 0.001 | $ | 0.000 | $ | 0.002 |
| Total assets | $ | 1,364,336 | $ | 1,256,446 | $ | 1,535,032 | $ | 1,251,438 | $ | 1,395,468 |
Total revenue for the third quarter of 2011 decreased $47,435 (6%) from the second quarter of 2011 and $205,057 (20%) from the third quarter of 2010. The decrease in revenue between quarters was primarily a result of a decline in overall production services and in the mix of production services delivered.
"The prolonged downturn of the global economy continues to weigh heavily on our content services business as hospitality companies in the US and Europe remain hesitant to launch new large scale photography initiatives. During downturns, our customer base - now over 10,000 hotels - maintains a base level of production services throughout each year to keep their content current," commented David MacLaren, President and CEO of VRX Worldwide Inc. "This base production level is the core of our business and maintains us through the ups and downs of the hospitality and travel industries."
"On the digital asset management side of our business, the downturn isn't affecting the broad demand that we're experiencing for MediaValet. Companies from a wide spectrum of industries in the US, Europe and APAC are actively looking for ways to reduce their media management costs and leverage their digital assets. In addition to this demand, we continue to receive strong coverage in the press and tonight we're attending Microsoft's 2011 IMPACT Awards in Toronto as a finalist for the Windows Azure Platform ISV Partner of the Year award."
The full financial statements and related MD&A are now available on the Company's website ([ www.vrxworldwide.com ]) and on SEDAR ([ www.sedar.com ]).
ABOUT VRX
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX is one of the world's leading providers of content production, distribution, licensingand digital asset managementservices. To find out more about VRX, its products and services, visit [ www.vrxstudios.com ], [ www.mediavalet.co ] and [ www.vrxworldwide.com ].
VRX Worldwide Inc.
David MacLaren, CEO
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
