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Share Name | Share Symbol | Market | Type |
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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 second quarter of the 2013 fiscal year. Revenue for the three months ended December 31, 2012 was $9,550,579, generating a gross profit of $1,842,628 or 19.3% of sales compared to $9,147,552, generating a gross profit of $1,951,833 or 21.3% of sales for the same quarter last year. The Net Loss for the quarter amounted to $494,389 ($0.00 per share) compared to the Net Loss of $263,695 ($0.00 per share) for the same period last year. Highlights for the quarter included: -- Revenue for the three months ended December 31, 2012 was $9,550,579 compared to $9,147,552 for the same quarter last year, an increase of $403,027; -- The gross profit for the three months ended December 31, 2012 was $1,842,628 or 19.3% of sales compared to $1,951,833 or 21.3% of sales for the same quarter last year; -- The research and development expense for the quarter amounted to $322,849 compared to $275,847 for the same quarter last year. The Company incurred $105,277 for research and development activities related to an iPad application for Mobiquity Route(TM) and $176,317 primarily related to Smart Sign TM; and -- Deferred revenue at December 31, 2012 was $5,969,441 (of which $4,924,276 is expected to be recognized in the next four quarters) compared to $6,712,216 at June 30, 2012, a decrease of $742,775. Revenue for the six months ended December 31, 2012 was $17,466,427 generating a gross profit of $3,675,407 or 21.0% of sales compared to $18,186,764 generating a gross profit of $3,742,211 or 20.6% of sales for the same period last year. The Net Loss for the period amounted to $898,683 ($0.01 per share) compared to $677,522 ($0.00 per share) for the same period last year. 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: 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. 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 (Unaudited - Prepared by Management) Expressed in U.S. dollars December 31, 2012 June 30, 2012 ------------------------------------ (unaudited) ASSETS Current Assets Cash and cash equivalents $ 70,780 $ 434,725 Accounts receivable 5,585,111 5,994,377 Prepaid expenses 4,443,223 4,152,994 Inventory 2,272,065 2,347,110 ------------------------------------ 12,371,179 12,929,206 Long-term accounts receivable 88,673 181,366 Long-term prepaid expenses 938,983 1,278,432 Investment in Equus 2,026,574 2,105,473 Capital Assets 200,905 251,591 Intangible assets 159,812 167,206 Deferred income tax assets 880,407 880,407 Goodwill 2,718,970 2,718,970 ------------------------------------ $ 19,385,503 $ 20,512,651 ------------------------------------ ------------------------------------ LIABILITIES Current Liabilities Line of credit $ 2,967,124 $ 1,988,675 Accounts payable and accrued liabilities 5,076,473 5,544,888 Current portion of deferred revenue 4,924,276 5,292,359 ------------------------------------ 12,967,873 12,825,922 Deferred Revenue 1,045,165 1,419,857 ------------------------------------ 14,013,038 14,245,779 ------------------------------------ SHAREHOLDERS' EQUITY Share Capital 54,433,709 54,433,709 Equity Reserve 4,633,592 4,629,219 Deficit (53,357,117) (52,458,434) Accumulated other comprehensive loss (337,719) (337,622) ------------------------------------ 5,372,465 6,266,872 ------------------------------------ $ 19,385,503 $ 20,512,651 ------------------------------------ ------------------------------------ Versatile Systems Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited - Prepared by Management) Expressed in U.S. Three months ended Six months ended dollars December 31 December 31 2012 2011 2012 2011 ---------------------------------------------------- (Restated) (Restated) SALES $ 9,550,579 $ 9,147,552 $17,466,427 $18,186,764 COST OF SALES 7,707,951 7,195,719 13,791,020 14,444,553 ---------------------------------------------------- 1,842,628 1,951,833 3,675,407 3,742,211 ---------------------------------------------------- EXPENSES Selling and marketing 1,085,949 1,098,187 2,148,492 2,118,118 General and administrative 845,714 827,851 1,654,730 1,788,978 Research and development 322,849 275,847 559,095 519,957 Amortization of capital assets 36,753 38,092 77,001 86,511 Share-based compensation 2,187 4,279 4,373 8,749 Foreign exchange loss (gain) (2,588) 21,287 9,546 22,111 ---------------------------------------------------- 2,290,864 2,265,543 4,453,237 4,544,424 ---------------------------------------------------- LOSS FROM OPERATIONS (448,236) (313,710) (777,830) (802,213) Interest expense (19,899) (7,594) (38,814) (12,817) Equity loss from Investment in Equus (25,259) (25,534) (78,899) (79,450) Loss on sale of capital assets and investments - (1,534) - (1,534) ---------------------------------------------------- LOSS BEFORE INCOME TAXES (493,394) (348,372) (895,543) (896,014) Current income tax expense (995) (995) (3,140) (2,340) Deferred income tax recovery - 85,672 - 220,832 ---------------------------------------------------- NET LOSS $ (494,389) $ (263,695) $ (898,683) $ (677,522) ---------------------------------------------------- ---------------------------------------------------- Other comprehensive loss Foreign exchange translation (1,015) (6,670) (97) (6,670) ---------------------------------------------------- Total comprehensive loss $ (495,404) $ (270,365) $ (898,780) $ (684,192) ---------------------------------------------------- ---------------------------------------------------- LOSS PER SHARE (basic and diluted) ($0.00) ($0.00) ($0.01) ($0.00) ---------------------------------------------------- ---------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited - Prepared by Management) Warrant Equity Expressed in U.S. dollars Share 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 - - Share-based compensation expense - - 8,749 --------------------------------------------------- Balance, December 31, 2011 54,433,709 42,000 4,587,219 --------------------------------------------------- --------------------------------------------------- Balance, June 30, 2012 54,433,709 - 4,629,219 Net loss - - - Foreign exchange on the translation of VMS-UK - - - Share-based compensation expense - - 4,373 --------------------------------------------------- Balance, December 31, 2012 $ 54,433,709 $ - $ 4,633,592 --------------------------------------------------- --------------------------------------------------- Accumulated other comprehensive Expressed in U.S. dollars Deficit loss Total --------------------------------------------------- (Restated) (Restated) (Restated) Balance, June 30, 2011 $ (37,741,276) $ (326,261) $ 20,986,642 Net loss (677,522) - (677,522) Foreign exchange on the translation of VMS-UK - (6,670) (6,670) Expiration of warrants - - - Share-based compensation expense - - 8,749 --------------------------------------------------- Balance, December 31, 2011 (38,418,798) (332,931) 20,311,199 --------------------------------------------------- --------------------------------------------------- Balance, June 30, 2012 (52,458,434) (337,622) 6,266,872 Net loss (898,683) - (898,683) Foreign exchange on the translation of VMS-UK - (97) (97) Share-based compensation expense - - 4,373 --------------------------------------------------- Balance, December 31, 2012 $ (53,357,117) $ (337,719) $ 5,372,465 --------------------------------------------------- --------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Cash Flows (Unaudited - Prepared by Management) Expressed in U.S. Three months ended Six months ended dollars December 31 December 31 2012 2011 2012 2011 ---------------------------------------------------- (Restated) (Restated) OPERATING ACTIVITIES Net loss $ (494,389) $ (263,695) $ (898,683) $ (677,522) Items not involving cash Amortization of capital assets 36,753 42,491 77,001 95,000 Share-based compensation 2,187 4,279 4,373 8,749 Loss on sale of capital assets and investments - 1,534 - 1,534 Equity loss from Investment in Equus 25,259 25,534 78,899 79,450 Unrealized foreign exchange loss (gain) 1,092 (16,712) 1,092 (16,712) Deferred income taxes - (85,672) - (220,832) ---------------------------------------------------- Cash flow used in operations before other items (429,098) (292,241) (737,318) (730,333) Net change in non- cash working capital (462,265) (194,553) (584,966) 139,438 ---------------------------------------------------- (891,363) (486,794) (1,322,284) (590,895) INVESTING ACTIVITIES Short term investments - (14,776) - (14,776) Proceeds from disposition of capital assets - 19,089 - 20,430 Intangible assets - contract cost additions (59,574) (69,639) (137,979) (172,786) Intangible assets - contract cost recognized 60,797 62,200 145,373 143,445 Purchase of capital assets (7,938) (102,095) (27,504) (109,304) ---------------------------------------------------- (6,715) (105,221) (20,110) (132,991) ---------------------------------------------------- FINANCING ACTIVITIES Proceeds from (Repayment of) line of credit 703,174 160,144 978,449 (122,642) ---------------------------------------------------- 703,174 160,144 978,449 (122,642) ---------------------------------------------------- Decrease in cash and cash equivalents (194,904) (431,871) (363,945) (846,528) Cash and cash equivalents, beginning of period 265,684 563,999 434,725 978,656 ---------------------------------------------------- Cash and cash equivalents, end of period $ 70,780 $ 132,128 $ 70,780 $ 132,128 ---------------------------------------------------- ---------------------------------------------------- FOR FURTHER INFORMATION PLEASE CONTACT: Versatile Systems Inc. John Hardy CEO 1-800-262-1633 Versatile Systems Inc. Fraser Atkinson CFO 1-800-262-1633 Versatile Systems Inc. International: 001-206-979-6760 www.versatile.com
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