We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:VV | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Versatile Systems Inc. (TSX VENTURE:VV) announces its results for the third
quarter of the 2014 fiscal year.
Revenue for the three months ended March 31, 2014 was $11,386,580, generating a
gross profit of $1,974,726 or 17.3% of sales compared to $10,222,371, generating
a gross profit of $1,697,798 or 16.6% of sales for the same quarter last year.
The Net Loss for the quarter amounted to $560,852 ($0.00 per share), which
includes non-recurring expenses of $27,286, compared to a Net Loss of $780,888
($0.00 per share) for the same quarter last year.
Highlights for the quarter included:
-- Revenue for the three months ended March 31, 2014 was $11,386,580
compared to $10,222,371 for the same quarter last year, an increase of
$1,164,209;
-- The gross profit for the three months ended March 31, 2014 was
$1,974,726 or 17.3% of sales compared to $1,697,798 or 16.6% of sales
for the same quarter last year;
-- The research and development expense for the quarter amounted to
$214,976 compared to $366,890 for the same quarter last year; and
-- Deferred revenue at March 31, 2014 was $5,613,780 (of which $4,930,662
is expected to be recognized in the next four quarters) compared to
$6,835,938 at June 30, 2013.
During this current quarter the Company continued to actively pursue its goal of
improved financial and operational performance. "I am proud of the management
team and the improving performance is the direct result of effectively
remodeling the business," said Kenny Kahn the Company's Chief Executive Officer.
"Since assembling this management team, Versatile has been able to improve
operational performance quarter over quarter. I feel confident we can continue
this trend and get our Company back to profitability."
Revenue for the nine months ended March 31, 2014 was $27,883,744 generating a
gross profit of $4,941,881 or 17.7% of sales compared to $27,688,798 generating
a gross profit of $5,373,205 or 19.4% of sales for the same period last year.
The Net Loss for the period amounted to $2,762,167 ($0.02 per share) compared to
$1,679,571 ($0.01 per share) for the same period last year.
About Versatile
Versatile is a multi-disciplinary technology company with solutions across the
mobile, digital signage, IT infrastructure, software and hardware landscape. The
company's products are utilized by Fortune 500 companies, leading financial
institutions and large and small retail organizations. For more information,
please visit www.versatilecredit.com and 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) 2014 Versatile Systems Inc. All rights
reserved.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Versatile Systems Inc.
Condensed Consolidated Statements of Financial Position
(Unaudited - Prepared by Management)
----------------------------------------------------------------------------
March 31, June 30,
Expressed in U.S. dollars 2014 2013
----------------------------
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 110,904 $ 83,724
Investment in Equus 1,798,203 1,798,203
Accounts receivable 5,078,239 6,379,629
Prepaid expenses 4,262,076 4,588,012
Inventory 1,988,191 2,406,355
----------------------------
13,237,613 15,255,923
Long-term accounts receivable 568 14,368
Long-term prepaid expenses 618,955 1,140,311
Capital Assets 138,113 189,274
Intangible assets 139,194 169,959
Deferred income tax assets 336,275 336,275
Goodwill 2,718,970 2,718,970
----------------------------
$ 17,189,688 $ 19,825,080
----------------------------
----------------------------
LIABILITIES
Current Liabilities
Line of credit $ 4,083,417 $ 3,602,269
Accounts payable and accrued liabilities 6,435,267 6,963,126
Current portion of deferred revenue 4,930,662 5,586,738
----------------------------
15,449,346 16,152,133
Deferred Revenue 683,118 1,249,200
Convertible Loan 475,816 -
----------------------------
16,608,280 17,401,333
----------------------------
SHAREHOLDERS' EQUITY
Share Capital 55,175,946 54,433,709
Equity Reserve 4,798,636 4,637,968
Deficit (59,075,203) (56,313,036)
Accumulated other comprehensive loss (317,972) (334,894)
----------------------------
581,408 2,423,747
----------------------------
$ 17,189,688 $ 19,825,080
----------------------------
----------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Versatile Systems Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Loss)
(Unaudited - Prepared by Management)
----------------------------------------------------------------------------
Expressed in U.S.
dollars Three months ended March 31 Nine months ended March 31
2014 2013 2014 2013
--------------------------------------------------------
SALES $ 11,386,580 $ 10,222,371 $ 27,883,744 $ 27,688,798
COST OF SALES 9,411,854 8,524,573 22,941,863 22,315,593
--------------------------------------------------------
1,974,726 1,697,798 4,941,881 5,373,205
--------------------------------------------------------
EXPENSES
Selling and
marketing 910,969 1,183,700 2,566,195 3,332,192
General and
administrative 1,267,490 859,206 3,632,073 2,513,936
Research and
development 214,976 366,890 839,732 925,985
Non recurring
expenses 27,286 - 434,705 -
Amortization of
capital assets 20,118 24,408 61,065 101,409
Share-based
compensation - 2,188 - 6,561
Foreign exchange
(gain) loss (14,679) (7,348) (17,348) 2,198
--------------------------------------------------------
2,426,160 2,429,044 7,516,422 6,882,281
--------------------------------------------------------
LOSS FROM OPERATIONS (451,434) (731,246) (2,574,541) (1,509,076)
Interest expense
and financing
costs (108,218) (24,766) (183,838) (63,580)
Equity loss from
Investment in
Equus - (23,881) - (102,780)
Loss on sale of
capital assets - - (461) -
--------------------------------------------------------
LOSS BEFORE INCOME
TAXES (559,652) (779,893) (2,758,840) (1,675,436)
Current income tax
expense (1,200) (995) (3,327) (4,135)
--------------------------------------------------------
NET LOSS $ (560,852) $ (780,888) $ (2,762,167) $ (1,679,571)
--------------------------------------------------------
--------------------------------------------------------
Other comprehensive
income (loss)
Foreign exchange
translation (10,657) 6,075 16,922 5,978
--------------------------------------------------------
Total comprehensive
loss $ (571,509) $ (774,813) $ (2,745,245) $ (1,673,593)
--------------------------------------------------------
--------------------------------------------------------
LOSS PER SHARE
(basic and diluted) $ (0.00) $ (0.00) $ (0.02) $ (0.01)
--------------------------------------------------------
--------------------------------------------------------
Weighted average
number of common
shares oustanding,
basic and diluted 161,654,689 157,285,643 158,362,942 157,285,643
--------------------------------------------------------
--------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Versatile Systems Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(Unaudited - Prepared by Management)
----------------------------------------------------------------------------
Expressed in U.S. dollars
Share Equity
Capital Reserve Deficit
------------------------------------------------
Balance, June 30, 2012 $ 54,433,709 $ 4,629,219 $ (52,458,434)
Net loss - - (1,679,571)
Foreign exchange on the
translation of VMS-UK - - -
Share-based compensation
expense - 6,561 -
------------------------------------------------
Balance, March 31, 2013 54,433,709 4,635,780 (54,138,005)
------------------------------------------------
------------------------------------------------
Balance, June 30, 2013 54,433,709 4,637,968 (56,313,036)
Shares issued during the
period 742,237 - -
Warrants issued during the
period - 33,714 -
Conversion option with the
convertible loan - 126,954 -
Net loss - - (2,762,167)
Foreign exchange on the
translation of VMS-UK - - -
------------------------------------------------
Balance, March 31, 2014 $ 55,175,946 $ 4,798,636 $ (59,075,203)
------------------------------------------------
------------------------------------------------
Expressed in U.S. dollars
Accumulated
other
comprehensive
loss Total
--------------------------------
Balance, June 30, 2012 $ (337,622) $ 6,266,872
Net loss - (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 (331,644) 4,599,840
--------------------------------
--------------------------------
Balance, June 30, 2013 (334,894) 2,423,747
Shares issued during the
period - 742,237
Warrants issued during the
period - 33,714
Conversion option with the
convertible loan - 126,954
Net loss - (2,762,167)
Foreign exchange on the
translation of VMS-UK 16,922 16,922
--------------------------------
Balance, March 31, 2014 $ (317,972) $ 581,408
--------------------------------
--------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Versatile Systems Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited - Prepared by Management)
----------------------------------------------------------------------------
Expressed in U.S. Three months ended Nine months ended
dollars March 31 March 31
2014 2013 2014 2013
----------------------------------------------------
OPERATING ACTIVITIES
Net loss $ (560,852) $ (780,888) $ (2,762,167) $ (1,679,571)
Items not involving
cash
Amortization of
capital assets 20,118 24,408 61,065 101,409
Amortization of
Financing costs 51,520 - 51,520 -
Share-based
compensation - 2,188 - 6,561
Loss on sale of
capital assets - - 461 -
Equity loss from
Investment in Equus - 23,881 - 102,780
Unrealized foreign
exchange loss
(gain) - (409) 991 683
----------------------------------------------------
Cash flow used in
operations before other
items (489,213) (730,820) (2,648,129) (1,468,138)
Net change in non-
cash working
capital (30,740) 675,027 837,121 90,061
----------------------------------------------------
(519,953) (55,793) (1,811,008) (1,378,077)
INVESTING ACTIVITIES
Proceeds from
disposition of
capital assets - - 1,418 -
Intangible assets -
contract cost
additions (30,195) (52,185) (140,090) (190,164)
Intangible assets -
contract cost
recognized 57,937 58,491 176,690 203,864
Purchase of capital
assets (3,355) (15,815) (10,117) (43,319)
----------------------------------------------------
24,387 (9,509) 27,901 (29,619)
----------------------------------------------------
FINANCING ACTIVITIES
Proceeds from the
bridge loan - - 742,237 -
Repayment of the
bridge loan (742,237) - (742,237) -
Issuance of common
shares 742,237 - 742,237 -
Proceeds from the
convertible loan 586,902 - 586,902 -
Proceeds from line
of credit (43,543) 36,167 481,148 1,014,616
----------------------------------------------------
543,359 36,167 1,810,287 1,014,616
----------------------------------------------------
Increase (decrease) in
cash and cash
equivalents 47,793 (29,135) 27,180 (393,080)
Cash and cash
equivalents, beginning
of period 63,111 70,780 83,724 434,725
----------------------------------------------------
Cash and cash
equivalents, end of
period $ 110,904 $ 41,645 $ 110,904 $ 41,645
----------------------------------------------------
----------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Versatile Systems Inc.
Kenny Kahn
CEO
717-620-2531
kkahn@versatile.com
www.versatile.com
Media Contact: Daum Weigle Inc.
Jon Daum
858-538-9755
jdaum@daumweigle.com
1 Year Versatile Systems Inc. Chart |
1 Month Versatile Systems Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
