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TSXV:VV | TSX Venture | Common Stock |
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Versatile Systems Inc. (TSX VENTURE:VV), announces its results for the fourth quarter and the 2013 fiscal year. Revenue for the three months ended June 30, 2013 was $8,584,095, generating a gross profit of $1,050,994 or 12.2% of sales compared to $8,832,150, generating a gross profit of $1,942,201 or 22.0% of sales for the same quarter last year. The Net Loss for the quarter amounted to $2,175,031 ($0.01 per share) compared to a Net Loss of $14,075,239 ($0.09 per share) for the same period last year. Highlights for the quarter included: -- Revenue for the three months ended June 30, 2013 was $8,584,095 compared to $8,832,150 for the same quarter last year; -- The gross profit for the three months ended June 30 2013 was $1,050,994 or 12.2% of sales compared to $1,942,201 or 22.0% of sales for the same quarter last year; -- The research and development expense for the quarter amounted to $339,273 compared to $208,356 for the same quarter last year; and -- Deferred revenue at June 30, 2013 was $6,835,938 (of which $5,586,738 is expected to be recognized in the next four quarters) compared to $6,712,216 at June 30, 2012, an increase of $123,722. Revenue for the year ended June 30, 2013 was $36,272,893 generating a gross profit of $6,424,199 or 17.7% of sales compared to $39,501,388 generating a gross profit of $8,020,245 or 20.3% of sales for the same period last year. The Net Loss for the year amounted to $3,854,602 ($0.02 per share) compared to $14,717,158 ($0.09 per share) for the same period last year. On June 26, 2013 the Board of Directors formally approved the disposition of the Company's investment in Equus. The disposition is by way of a spin-out of the shares of the Company's wholly owned subsidiary, Mobiquity Investments Corp ("MIC"). The Company signed an Arrangement Agreement with MIC. Under the Arrangement Agreement, Versatile and MIC have agreed to undertake a plan of arrangement (the "Spin-out Transaction") under which the shares of MIC will be distributed to Versatile shareholders. Existing Versatile shareholders will receive the same percentage interest in MIC as they presently hold in Versatile such that following the completion of the transaction, shareholders will hold shares in both Versatile and MIC. On September 27, 2013 the Company completed an Information Circular setting out the details of the Spin-out Transaction which was mailed to the shareholders of the Company. A shareholder meeting to approve the Spin-out Transaction will be held on October 31, 2013. The completion of the Spin-out Transaction is subject to a number of conditions precedent, including the approval of the Versatile shareholders, the approval of the Supreme Court of British Columbia, the approval of the TSX Venture Exchange, and the listing of the common shares of MIC on the CNSX. About Versatile Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information go to www.versatile.com. Forward-Looking Statements This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts are expressed in U.S. dollars unless otherwise stated. (C) 2013 Versatile Systems Inc. All rights reserved. ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Financial Position ---------------------------------------------------------------------------- Expressed in U.S. dollars June 30, 2013 June 30, 2012 ------------------------------- ASSETS Current Assets Cash and cash equivalents $ 83,724 $ 434,725 Investment in Equus 1,798,203 - Accounts receivable 6,379,629 5,994,377 Prepaid expenses 4,588,012 4,152,994 Inventory 2,406,355 2,347,110 ------------------------------- 15,255,923 12,929,206 Long-term accounts receivable 14,368 181,366 Long-term prepaid expenses 1,140,311 1,278,432 Investment in Equus - 2,105,473 Capital Assets 189,274 251,591 Intangible assets 169,959 167,206 Deferred income tax assets 336,275 880,407 Goodwill 2,718,970 2,718,970 ------------------------------- $ 19,825,080 $ 20,512,651 ------------------------------- ------------------------------- LIABILITIES Current Liabilities Line of credit and bank overdraft $ 3,602,269 $ 1,988,675 Accounts payable and accrued liabilities 6,963,126 5,544,888 Current portion of deferred revenue 5,586,738 5,292,359 ------------------------------- 16,152,133 12,825,922 Deferred Revenue 1,249,200 1,419,857 ------------------------------- 17,401,333 14,245,779 ------------------------------- SHAREHOLDERS' EQUITY Share Capital 54,433,709 54,433,709 Equity Reserve 4,637,968 4,629,219 Deficit (56,313,036) (52,458,434) Accumulated other comprehensive loss (334,894) (337,622) ------------------------------- 2,423,747 6,266,872 ------------------------------- $ 19,825,080 $ 20,512,651 ------------------------------- ------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited - Prepared by Management) ---------------------------------------------------------------------------- Expressed in U.S. dollars Three months ended June 30 Year ended June 30 2013 2012 2013 2012 -------------------------------------------------------- (unaudited) (unaudited) SALES $ 8,584,095 $ 8,832,150 $ 36,272,893 $ 39,501,388 COST OF SALES 7,533,101 6,889,949 29,848,694 31,481,143 -------------------------------------------------------- 1,050,994 1,942,201 6,424,199 8,020,245 -------------------------------------------------------- EXPENSES Selling and marketing 1,113,068 1,269,214 4,445,260 4,571,281 General and administrative 971,171 819,595 3,485,107 3,420,726 Research and development 339,273 208,356 1,265,258 927,881 Amortization of capital assets 18,300 43,164 119,709 168,388 Share-based compensation 2,188 - 8,749 8,749 Foreign exchange loss (gain) 2,204 (7,353) 4,402 16,061 -------------------------------------------------------- 2,446,204 2,332,976 9,328,485 9,113,086 -------------------------------------------------------- LOSS FROM OPERATIONS (1,395,210) (390,775) (2,904,286) (1,092,841) Interest expense (30,204) (62,203) (93,784) (82,282) Goodwill impairment - (7,195,380) - (7,195,380) Equity loss from Investment in Equus (204,490) (105,875) (307,270) (220,412) Loss on sale of capital assets and investments - (190) - (1,724) -------------------------------------------------------- LOSS BEFORE INCOME TAXES (1,629,904) (7,754,423) (3,305,340) (8,592,639) Current income tax expense (995) (995) (5,130) (4,330) Deferred income taxes (544,132) (6,319,821) (544,132) (6,120,189) -------------------------------------------------------- NET LOSS $ (2,175,031) $ (14,075,239) $ (3,854,602) $(14,717,158) -------------------------------------------------------- -------------------------------------------------------- Other comprehensive income (loss) Foreign exchange translation (3,250) 2,317 2,728 (11,361) -------------------------------------------------------- Total comprehensive loss $ (2,178,281) $ (14,072,922) $ (3,851,874) $(14,728,519) -------------------------------------------------------- -------------------------------------------------------- LOSS PER SHARE (basic and diluted) ($0.01) ($0.09) ($0.02) ($0.09) -------------------------------------------------------- Weighted average number of common shares oustanding, basic and diluted 157,285,643 157,285,643 157,285,643 157,285,643 -------------------------------------------------------- -------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited - Prepared by Management) ---------------------------------------------------------------------------- Expressed in U.S. dollars Share Warrant Equity Capital Reserve Reserve -------------------------------------------------- Balance, June 30, 2011 $ 54,433,709 $ 42,000 $ 4,578,470 Net loss - - - Foreign exchange on the translation of VMS-UK - - - Expiration of warrants - (42,000) 42,000 Share-based compensation expense - - 8,749 -------------------------------------------------- Balance, June 30, 2012 54,433,709 - 4,629,219 -------------------------------------------------- -------------------------------------------------- Balance, June 30, 2012 54,433,709 - 4,629,219 Net loss - - - Foreign exchange on the translation of VMS-UK - - - Share-based compensation expense - - 8,749 -------------------------------------------------- Balance, June 30, 2013 $ 54,433,709 $ - $ 4,637,968 -------------------------------------------------- -------------------------------------------------- Expressed in U.S. dollars Accumulated other comprehensive Deficit loss Total -------------------------------------------------- Balance, June 30, 2011 $ (37,741,276) $ (326,261) $ 20,986,642 Net loss (14,717,158) - (14,717,158) Foreign exchange on the translation of VMS-UK - (11,361) (11,361) Expiration of warrants - - - Share-based compensation expense - - 8,749 -------------------------------------------------- Balance, June 30, 2012 (52,458,434) (337,622) 6,266,872 -------------------------------------------------- -------------------------------------------------- Balance, June 30, 2012 (52,458,434) (337,622) 6,266,872 Net loss (3,854,602) - (3,854,602) Foreign exchange on the translation of VMS-UK - 2,728 2,728 Share-based compensation expense - - 8,749 -------------------------------------------------- Balance, June 30, 2013 $ (56,313,036) $ (334,894) $ 2,423,747 -------------------------------------------------- -------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Cash Flows (Unaudited - Prepared by Management) ---------------------------------------------------------------------------- Expressed in U.S. dollars Three months ended June 30 2013 2012 ------------------------------------ (unaudited) (unaudited) OPERATING ACTIVITIES Net loss $ (2,175,031) $ (14,075,239) Items not involving cash Amortization of capital assets 18,300 43,164 Share-based compensation 2,188 - Goodwill impairment - 7,195,380 Loss on sale of capital assets and investments - 190 Equity loss from Investment in Equus 204,490 105,875 Unrealized foreign exchange loss (gain) ( 2,728) 29,389 Deferred income taxes 544,132 6,319,821 ------------------------------------ Cash flow generated from (used in) operations before other items (1,408,649) (381,420) Net change in non-cash working capital 882,631 326,310 ------------------------------------ (526,018) (55,110) INVESTING ACTIVITIES Purchase of shares in Equus - - Proceeds from disposition of capital assets - (17,387) Intangible assets - contract cost additions (71,197) (80,321) Intangible assets - contract cost recognized 54,744 107,293 Purchase of capital assets (14,428) (29,957) ------------------------------------ (30,881) (20,372) ------------------------------------ FINANCING ACTIVITIES Proceeds from line of credit and bank overdraft 598,978 220,903 ------------------------------------ 598,978 220,903 ------------------------------------ Increase (Decrease) in cash and cash equivalents 42,079 145,421 Cash and cash equivalents, beginning of period 41,645 289,304 ------------------------------------ Cash and cash equivalents, end of period $ 83,724 $ 434,725 ------------------------------------ ------------------------------------ Expressed in U.S. dollars Year ended June 30 2013 2012 ------------------------------------ OPERATING ACTIVITIES Net loss $ (3,854,602) $ (14,717,158) Items not involving cash Amortization of capital assets 119,709 177,159 Share-based compensation 8,749 8,749 Goodwill impairment - 7,195,380 Loss on sale of capital assets and investments - 1,724 Equity loss from Investment in Equus 307,270 220,412 Unrealized foreign exchange loss (gain) (2,045) 11,498 Deferred income taxes 544,132 6,120,189 ------------------------------------ Cash flow generated from (used in) operations before other items (2,876,787) (982,047) Net change in non-cash working capital 972,692 (344,877) ------------------------------------ (1,904,095) (1,326,924) INVESTING ACTIVITIES Purchase of shares in Equus - (14,776) Proceeds from disposition of capital assets - 17,640 Intangible assets - contract cost additions (261,361) (321,283) Intangible assets - contract cost recognized 258,608 313,621 Purchase of capital assets (57,747) (193,117) ------------------------------------ (60,500) (197,915) ------------------------------------ FINANCING ACTIVITIES Proceeds from line of credit and bank overdraft 1,613,594 980,908 ------------------------------------ 1,613,594 980,908 ------------------------------------ Increase (Decrease) in cash and cash equivalents (351,001) (543,931) Cash and cash equivalents, beginning of period 434,725 978,656 ------------------------------------ Cash and cash equivalents, end of period $ 83,724 $ 434,725 ------------------------------------ ------------------------------------ FOR FURTHER INFORMATION PLEASE CONTACT: Versatile Systems Inc. John Hardy, CEO 1-800-262-1633 International: 001-206-979-6760 Versatile Systems Inc. Fraser Atkinson, CFO 1-800-262-1633 www.versatile.com
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