Science & Technology
Science and Technology
Science and Technology
Thu, November 29, 2012
Wed, November 28, 2012 
November 28, 2012 16:35 ET
VRX Worldwide Reports 2012 Third Quarter Results
-- VRX Returns to Profitability with Strongest Quarterly Service Revenue Since the Fourth Quarter of 2009 -- Revenue, EBITDA and Profit Increase $144,000, $103,000 and $65,000 respectively -- Version 2.0 of MediaValet Released, Customer Base Continues to Grow
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 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, is pleased to report it's third quarter results for 2012.
| Summary of Quarterly Results (Unaudited) | ||||||||||||||
| 2012 Q3 | 2012 Q2 | 2012 Q1 | 2011 Q4 | 2011 Q3 | ||||||||||
| Total revenue | $ | 923,788 | $ | 780,772 | $ | 633,659 | $ | 682,426 | $ | 803,124 | ||||
| Gross profit | $ | 485,915 | $ | 428,796 | $ | 370,958 | $ | 326,538 | $ | 353,381 | ||||
| EBITDA | $ | 156,258 | $ | 53,586 | $ | (6,884 | ) | $ | (147,374 | ) | $ | (113,280 | ) | |
| Net income | $ | 56,188 | $ | (8,658 | ) | $ | (87,808 | ) | $ | (241,968 | ) | $ | (134,108 | ) |
| Earnings per share | $ | 0.002 | $ | (0.000 | ) | $ | (0.003 | ) | $ | (0.007 | ) | $ | (0.004 | ) |
| Total assets | $ | 1,476,084 | $ | 1,266,843 | $ | 1,125,440 | $ | 1,107,431 | $ | 1,364,336 | ||||
Total revenue for the third quarter of 2012 increased 18% ($143,016) from the second quarter of 2012 and 15% ($120,664) over the third quarter of 2011. This increase in revenue, month over month and year over year, is due to many of VRX's existing hotel clients increasing their marketing budgets in Q3 and new revenue from new customers signed in 2012.
"Over the past two years, the growth of our customer base has slowed and our existing customers have constrained their marketing budgets," commented David MacLaren, President and CEO of VRX Worldwide. "In Q3, we finally saw the end to this slowdown and constraint. As we've seen many times since VRX was founded in 2000, our uncompromising commitment to quality, consistency and customer service continues to see us through tough economic times and drive the growth of our customer base."
"On the MediaValet front, we released version 2.0 in October and have seen a great response from our customers and target markets. Today, we have customers around the world, in various industries, including manufacturing, natural resources, technology, advertising, travel & tourism, transportation, hospitality, retail and real estate. Amongst the new clients we've landed since the launch of 2.0, is our first airline and our first healthcare organization" 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.
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."
