Science & Technology
Science and Technology
Science and Technology
Wed, August 29, 2012
Tue, August 28, 2012 
August 28, 2012 18:11 ET
VRX Worldwide Reports 2012 Second Quarter Results
-- Strongest Quarterly Service Revenue Since the Second Quarter of 2010 -- Revenue, EBITDA and Profit Increase $147,000, $60,000 and $79,000 respectively -- Investment in MediaValet Continues as Global Demand for Cloud-Based DAMS Continues to Increase
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - VRX Worldwide Inc. (TSX VENTURE:VRW), a global provider of photography, content hosting, distribution and licensing, and cloud-based digital asset management services (DAMS), is pleased to report its second quarter results for 2012.
| Summary of Quarterly Results (Unaudited) |
| 2012 Q2 | 2012 Q1 | 2011 Q4 | 2011 Q3 | 2011 Q2 | |||||||||||
| Total revenue | $ | 780,772 | $ | 633,659 | $ | 682,426 | $ | 803,124 | $ | 850,559 | |||||
| Gross profit | $ | 428,796 | $ | 370,958 | $ | 326,538 | $ | 353,381 | $ | 542,698 | |||||
| EBITDA | $ | 53,586 | $ | (6,884 | ) | $ | (147,374 | ) | $ | (113,280 | ) | $ | (214,904 | ) | |
| Net loss | $ | (8,658 | ) | $ | (87,808 | ) | $ | (241,968 | ) | $ | (134,108 | ) | $ | (262,732 | ) |
| Earnings per share | $ | (0.000 | ) | $ | (0.003 | ) | $ | (0.007 | ) | $ | (0.004 | ) | $ | (0.008 | ) |
| Total assets | $ | 1,266,843 | $ | 1,125,440 | $ | 1,107,431 | $ | 1,364,336 | $ | 1,256,446 | |||||
Total revenue for the second quarter of 2012 increased $147,113 (23%) from the first quarter of 2012 and decreased $69,787 (8%) over the second quarter of 2011. The sequential increase in revenue is due to many of VRX's hotel clients increasing their marketing budgets coming into the summer months; whereas, the year-over-year decrease is due to the completion of two long-term licensing contracts.
"Although we continue to face challenges caused by the global economic climate, we've seen a marked increase in marketing spend by hotels throughout the US, Western Europe and Asia since the beginning of the second quarter," commented David MacLaren, President and CEO of VRX Worldwide. "Our existing client base has actively begun updating the coverage of their properties and we continue to win new corporate contracts with three, four and five star hotel brands globally."
"On the MediaValet front, we continue to see demand for cloud-based digital asset management services increase month-over-month. Being first to market with a 100% cloud-based product was a huge advantage for us and we continue to invest in new features to broaden our target markets. Today, we have customers in a wide variety of industries across North America, Europe, Asia and Oceania. With demand increasing and the MediaValet brand becoming synonymous with cloud-based digital asset management services, we're confident we're on the right path," continued MacLaren.
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.
per 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.
