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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 third quarter of the 2013 fiscal year. Revenue for the three months ended March 31, 2013 was $10,222,371, generating a gross profit of $1,697,798 or 16.6% of sales compared to $12,482,474, generating a gross profit of $2,335,833 or 18.7% of sales for the same quarter last year. The Net Loss for the quarter amounted to $780,888 ($0.00 per share) compared to Net Earnings of $35,603 ($0.00 per share) for the same period last year. The Company has incurred significant losses, the continuation of which is unacceptable. The Company is currently exploring all strategic alternatives to deal with the losses. Highlights for the quarter included: -- Revenue for the three months ended March 31, 2013 was $10,222,371 compared to $9,550,579 for the previous quarter and $12,482,474 for the same quarter last year; -- The gross profit for the three months ended March 31 2013 was $1,697,798 or 16.6% of sales compared to $2,335,833 or 18.7% of sales for the same quarter last year; -- The research and development expense for the quarter amounted to $366,890 compared to $199,568 for the same quarter last year. The Company incurred $133,814 for research and development activities related to Mobiquity Route(TM) and other mobile software products and $215,597 for research and development activities primarily related to Smart Sign (TM); and -- Deferred revenue at March 31, 2013 was $5,834,685 (of which $4,793,039 is expected to be recognized in the next four quarters) compared to $6,712,216 at June 30, 2012, a decrease of $877,531. Revenue for the nine months ended March 31, 2013 was $27,688,798 generating a gross profit of $5,373,205 or 19.4% of sales compared to $30,669,238 generating a gross profit of $6,078,044 or 19.8% of sales for the same period last year. The Net Loss for the period amounted to $1,679,571 ($0.01 per share) compared to $641,919 ($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 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. 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 March 31, 2013 June 30, 2012 ---------------------------------- (unaudited) ASSETS Current Assets Cash and cash equivalents $ 41,645 $ 434,725 Accounts receivable 5,479,586 5,994,377 Prepaid expenses 4,087,680 4,152,994 Inventory 2,349,292 2,347,110 ---------------------------------- 11,958,203 12,929,206 Long-term accounts receivable 45,715 181,366 Long-term prepaid expenses 940,596 1,278,432 Investment in Equus 2,002,693 2,105,473 Capital Assets 193,553 251,591 Intangible assets 153,506 167,206 Deferred income tax assets 880,407 880,407 Goodwill 2,718,970 2,718,970 ---------------------------------- $ 18,893,643 $ 20,512,651 ---------------------------------- ---------------------------------- LIABILITIES Current Liabilities Line of credit $ 3,003,291 $ 1,988,675 Accounts payable and accrued liabilities 5,455,827 5,544,888 Current portion of deferred revenue 4,793,039 5,292,359 ---------------------------------- 13,252,157 12,825,922 Deferred Revenue 1,041,646 1,419,857 ---------------------------------- 14,293,803 14,245,779 ---------------------------------- SHAREHOLDERS' EQUITY Share Capital 54,433,709 54,433,709 Equity Reserve 4,635,780 4,629,219 Deficit (54,138,005) (52,458,434) Accumulated other comprehensive loss (331,644) (337,622) ---------------------------------- 4,599,840 6,266,872 ---------------------------------- $ 18,893,643 $ 20,512,651 ---------------------------------- ---------------------------------- ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited - Prepared by Management) ---------------------------------------------------------------------------- Expressed in U.S. Three months ended Nine months ended dollars March 31 March 31 2013 2012 2013 2012 ---------------------------------------------------- (Restated) (Restated) SALES $10,222,371 $12,482,474 $27,688,798 $30,669,238 COST OF SALES 8,524,573 10,146,641 22,315,593 24,591,194 ---------------------------------------------------- 1,697,798 2,335,833 5,373,205 6,078,044 ---------------------------------------------------- EXPENSES Selling and marketing 1,183,700 1,183,949 3,332,192 3,302,067 General and administrative 859,206 812,153 2,513,936 2,601,131 Research and development 366,890 199,568 925,985 719,525 Amortization of capital assets 24,408 38,713 101,409 125,224 Share-based compensation 2,188 - 6,561 8,749 Foreign exchange loss (gain) (7,348) 1,303 2,198 23,414 ---------------------------------------------------- 2,429,044 2,235,686 6,882,281 6,780,110 ---------------------------------------------------- EARNINGS (LOSS) FROM OPERATIONS (731,246) 100,147 (1,509,076) (702,066) Interest expense (24,766) (7,262) (63,580) (20,079) Equity loss from Investment in Equus (23,881) (35,087) (102,780) (114,537) Loss on sale of capital assets and investments - - - (1,534) ---------------------------------------------------- EARNINGS (LOSS) BEFORE INCOME TAXES (779,893) 57,798 (1,675,436) (838,216) Current income tax expense (995) (995) (4,135) (3,335) Deferred income taxes - (21,200) - 199,632 ---------------------------------------------------- NET EARNINGS (LOSS) $ (780,888) $ 35,603 $(1,679,571) $ (641,919) ---------------------------------------------------- ---------------------------------------------------- Other comprehensive income (loss) Foreign exchange translation 6,075 (7,008) 5,978 (13,678) ---------------------------------------------------- Total comprehensive income (loss) $ (774,813) $ 28,595 $(1,673,593) $ (655,597) ---------------------------------------------------- ---------------------------------------------------- EARNINGS (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) --------------------------------------------------------------------------- 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, March 31, 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 - - 6,561 ----------------------------------------------- Balance, March 31, 2013 $ 54,433,709 $ - $ 4,635,780 ----------------------------------------------- ----------------------------------------------- --------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited - Prepared by Management) --------------------------------------------------------------------------- Expressed in U.S. dollars Accumulated other comprehensive Deficit loss Total ------------------------------------------------ (Restated) (Restated) (Restated) Balance, June 30, 2011 $ (37,741,276) $ (326,261) $ 20,986,642 Net loss (641,919) - (641,919) Foreign exchange on the translation of VMS-UK - (13,678) (13,678) Expiration of warrants - - - Share-based compensation expense - - 8,749 ------------------------------------------------ Balance, March 31, 2012 (38,383,195) (339,939) 20,339,794 ------------------------------------------------ ------------------------------------------------ Balance, June 30, 2012 (52,458,434) (337,622) 6,266,872 Net loss (1,679,571) - (1,679,571) Foreign exchange on the translation of VMS-UK - 5,978 5,978 Share-based compensation expense - - 6,561 ------------------------------------------------ Balance, March 31, 2013 $ (54,138,005) $ (331,644) $ 4,599,840 ------------------------------------------------ ------------------------------------------------ ---------------------------------------------------------------------------- Versatile Systems Inc. Condensed Consolidated Statements of Cash Flows (Unaudited - Prepared by Management) ---------------------------------------------------------------------------- Three months ended Nine months ended Expressed in U.S. dollars March 31 March 31 2013 2012 2013 2012 -------------------------------------------------- (Restated) (Restated) OPERATING ACTIVITIES Net earnings (loss) $(780,888) $ 35,603 $(1,679,571) $ (641,919) Items not involving cash Amortization of capital assets 24,408 52,725 101,409 147,725 Share-based compensation 2,188 - 6,561 8,749 Loss on sale of capital assets and investments - - - 1,534 Equity loss from Investment in Equus 23,881 35,087 102,780 114,537 Unrealized foreign exchange loss (gain) (409) (28,587) 683 (45,299) Deferred income taxes - 21,200 - (199,632) -------------------------------------------------- Cash flow generated from (used in) operations before other items (730,820) 116,028 (1,468,138) (614,305) Net change in non-cash working capital 675,027 (811,631) 90,061 (672,193) -------------------------------------------------- (55,793) (695,603) (1,378,077) (1,286,498) INVESTING ACTIVITIES Short term investments - - - (14,776) Proceeds from disposition of capital assets - 14,597 - 35,027 Intangible assets - contract cost additions (52,185) (101,501) (190,164) (274,287) Amortization of Intangible assets 58,491 110,892 203,864 254,337 Purchase of capital assets (15,815) (53,856) (43,319) (163,160) -------------------------------------------------- (9,509) (29,868) (29,619) (162,859) -------------------------------------------------- FINANCING ACTIVITIES Proceeds from line of credit 36,167 882,647 1,014,616 760,005 -------------------------------------------------- 36,167 882,647 1,014,616 760,005 -------------------------------------------------- Increase (Decrease) in cash and cash equivalents (29,135) 157,176 (393,080) (689,352) Cash and cash equivalents, beginning of period 70,780 132,128 434,725 978,656 -------------------------------------------------- Cash and cash equivalents, end of period $ 41,645 $ 289,304 $ 41,645 $ 289,304 -------------------------------------------------- -------------------------------------------------- FOR FURTHER INFORMATION PLEASE CONTACT: Versatile Systems Inc. John Hardy CEO 1-800-262-1633 or International: 001-206-979-6760 Versatile Systems Inc. Fraser Atkinson CFO 1-800-262-1633 www.versatile.com
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