Science & Technology
Science and Technology
Science and Technology
Wed, May 2, 2012
Tue, May 1, 2012 
May 01, 2012 16:19 ET
VRX Worldwide Reports 2011 Annual Results
- VRX Studios' customer based of over 10,000 hotels remains strong - MediaValet awarded coveted Microsoft 2011 'Partner of the Year' award - VRX successfully completes $260,000 convertible debenture
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - VRX Worldwide Inc. (TSX VENTURE:VRW), a leading provider of content production, management, distribution and licensing services, is pleased to report its 2011 annual and fourth quarter results.
| 2011 | 2010 | 2009 | ||||
| Total revenue | $ | 3,243,586 | $ | 4,029,647 | $ | 6,029,968 |
| Gross profit | $ | 1,845,030 | $ | 2,542,002 | $ | 3,484,797 |
| EBITDA | $ | (366,730) | $ | 591,719 | $ | 1,231,745 |
| Net income (loss) | $ | (619,185) | $ | 275,008 | $ | 982,526 |
| Earnings (loss) per share | $ | (0.02) | $ | 0.01 | $ | 0.03 |
| Total assets | $ | 1,107,431 | $ | 1,251,438 | $ | 1,382,428 |
Summary of Quarterly Results (Unaudited)
| 2011 Q4 | 2011 Q3 | 2011 Q2 | 2011 Q1 | 2010 Q4 | ||||||
| Total revenue | $ | 682,426 | $ | 803,124 | $ | 850,559 | $ | 907,477 | $ | 917,190 |
| Gross profit | $ | 326,538 | $ | 353,381 | $ | 542,698 | $ | 622,413 | $ | 556,395 |
| EBITDA | $ | (147,374) | $ | (113,280) | $ | (214,904) | $ | 108,828 | $ | 99,150 |
| Net income | $ | (241,968) | $ | (134,108) | $ | (262,732) | $ | 19,623 | $ | 15,140 |
| Earnings per share | $ | (0.007) | $ | (0.004) | $ | (0.008) | $ | 0.001 | $ | 0.000 |
| Total assets | $ | 1,107,431 | $ | 1,364,336 | $ | 1,256,446 | $ | 1,535,032 | $ | 1,251,438 |
Total revenue for the fourth quarter of 2011 decreased $120,698 (15%) from the third quarter of 2011 and $234,764 (26%) from the fourth quarter of 2010. The decrease in revenue is due to the ongoing effects of the prolonged global downturn, expiration of a long-term licensing contract, normal fourth quarter seasonality and a weaker US dollar.
"2011 was a very challenging year for VRX Studios. The combination of a weak US dollar and the ongoing weakness of the global economy continued to dampen demand for our services and resulted in a net loss after two consecutive years of profitability," commented David MacLaren, President and CEO of VRX Worldwide. "Although 2011 was one of VRX Studios toughest years yet, our customer base of over 10,000 hotels remains strong, our relationships with our customers are deeper than ever, and MediaValet is gaining market share and attention both at home, in North America, and abroad in Europe and Asia/Pacific. As 2012 begins, we're finally seeing signs that the global economy is waking up as Hospitality brands around the world are beginning to budget new marketing campaigns for the first time since the downturn began."
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 Worldwide Inc.
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Worldwide is one of the world's leading providers of content production, management, distributionand licensingservices. To find out more about VRX Worldwide, its products and services, visit [ www.vrxworldwide.com ], [ www.vrxstudios.com ] and [ www.mediavalet.co ]. VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW).
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."
