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| 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 | - |
From Nov 2019 to Nov 2024
Versatile Systems Inc. (Trading symbol on the TSX Venture Exchange: VV), announces its results for the fourth quarter and the 2014 fiscal year.
Revenue for the three months ended June 30, 2014 was $8,485,599, generating a gross profit of $1,027,270 or 12.1% of sales compared to $8,584,095, generating a gross profit of $1,050,994 or 12.2% of sales for the same quarter last year. The Net Loss for the quarter amounted to $3,675,953 ($0.02 per share) compared to a Net Loss of $2,172,843 ($0.01 per share) for the same period last year.
Highlights for the Fourth quarter:
Revenue for the year ended June 30, 2014 was $36,369,343 generating a gross profit of $5,969,151 or 16.4% of sales compared to $36,272,893 generating a gross profit of $6,424,199 or 17.7% of sales for the same period last year. The Net Loss for the year amounted to $6,438,120 ($0.04 per share) compared to $3,854,602 ($0.02 per share) for the same period last year. The total comprehensive loss for the year amounted to $6,434,487 compared to a comprehensive loss of $3,851,874 for last year. The significant components of the loss in the prior year, relates to the $2,718,970 for the Goodwill impairment for the U.S. Western operations and a write-down of the Deferred income tax assets in the amount of $336,275.
During this current quarter the Company continued to actively pursue its goal of improved financial and operational performance. "I am optimistic about the improving performance of the company as a result of our focusing on operating cost reduction and an emphasis on our higher growth business segments,” said Bertrand des Pallieres the Company’s Executive Chairman.
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.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.
Versatile Systems Inc. Consolidated Statements of Financial Position Expressed in U.S. dollars June 30, 2014 June 30, 2013 ASSETS Current Assets Cash and cash equivalents $ 2,439,635 $ 83,724 Investment in Equus 24,800 1,798,203 Accounts receivable 4,593,075 6,379,629 Prepaid expenses 5,100,642 4,588,012 Inventory 1,153,376 2,406,355 13,311,528 15,255,923 Long-term Accounts Receivable 187 14,368 Long-term Prepaid Expenses 502,488 1,140,311 Capital Assets 184,260 189,274 Intangible Assets 112,867 169,959 Deferred Income Tax Assets - 336,275 Goodwill - 2,718,970 $ 14,111,330 $ 19,825,080 LIABILITIES Current Liabilities Line of credit and bank overdraft $ 4,492,062 $ 3,602,269 Accounts payable and accrued liabilities 5,957,226 6,963,126 Current portion of deferred revenue 5,986,802 5,586,738 Derivative liability 57,814 - 16,493,904 16,152,133 Deferred Revenue 555,246 1,249,200 Convertible Loan 386,353 - 17,435,503 17,401,333 SHAREHOLDERS’ EQUITY (DEFICIENCY) Share capital 55,120,276 54,433,709 Equity reserve 4,637,968 4,637,968 Accumulated deficit (62,751,156 ) (56,313,036 ) Accumulated other comprehensive loss (331,261 ) (334,894 ) (3,324,173 ) 2,423,747 $ 14,111,330 $ 19,825,080 Versatile Systems Inc. Consolidated Statements of Comprehensive Loss Expressed in U.S. dollars Year ended June 30 2014 2013 SALES $ 36,369,343 $ 36,272,893 COST OF SALES 30,400,192 29,848,694 5,969,151 6,424,199 EXPENSES Selling and marketing 3,419,190 4,445,260 General and administrative 5,330,648 3,485,107 Research and development 1,105,781 1,265,258 Amortization of capital assets 77,237 119,709 Share-based compensation - 8,749 Foreign exchange (gain)/loss (41,997 ) 4,402 9,890,859 9,328,485 LOSS FROM OPERATIONS (3,921,708 ) (2,904,286 ) Interest expense (268,098 ) (93,784 ) Goodwill impairment (2,718,970 ) - Gain on sale of investment 567,019 Equity gain (loss) from Investment in Equus - (307,270 ) Loss on sale of capital assets (110 ) - Gain on derivatives 244,549 - LOSS BEFORE INCOME TAXES (6,097,318 ) (3,305,340 ) Current income tax expense (4,527 ) (5,130 ) Deferred income taxes (336,275 ) (544,132 ) NET LOSS $ (6,438,120 ) $ (3,854,602 ) Other comprehensive income (loss) Foreign exchange translation 3,633 2,728 Total comprehensive loss $ (6,434,487 ) $ (3,851,874 ) LOSS PER SHARE (basic and diluted) ($0.04 ) ($0.02 )Weighted average number of common shares outstanding, basic and diluted
168,198,052 157,285,643 Versatile Systems Inc. Consolidated Statements of Changes in Shareholders' Equity (Deficit) Expressed in U.S. dollars Share Equity Accumulated other Capital Reserve Deficit comprehensive loss Total Balance, June 30, 2012 $ 54,433,709 $ 4,629,219 $ (52,458,434 ) $ (337,622 ) $ 6,266,872 Net loss - - (3,854,602 ) - (3,854,602 ) Foreign exchange translation of subsidiary - - - 2,728 2,728 Share-based compensation expense - 8,749 - - 8,749 Balance, June 30, 2013 54,433,709 4,637,968 (56,313,036 ) (334,894 ) 2,423,747 Balance, June 30, 2013 54,433,709 4,637,968 (56,313,036 ) (334,894 ) 2,423,747 Net loss - - (6,438,120 ) - (6,438,120 )Shares Issued, net of share issuance costs
686,567 - - - 686,567 Foreign exchange translation of subsidiary - - - 3,633 3,633 Balance, June 30, 2014 55,120,276 4,637,968 (62,751,156 ) (331,261 ) (3,324,173 ) Versatile Systems Inc. Consolidated Statements of Cash Flows Expressed in U.S. dollarsYear ended June 30
2014 2013 OPERATING ACTIVITIES Net loss $ (6,438,120 ) $ (3,854,602 ) Items not involving cash Amortization of capital assets 77,237 119,709 Amortization of financing fees 68,100 - Inventory Write-down 738,892 - Fair value gain on investment in Equus(567,019
)
- Share-based compensation - 8,749 Equity (gain) loss from Investment in Equus - 307,270 Fair value gain on derivative liabilities(210,835
)
- Unrealized foreign exchange loss (gain) -(2,045
)
Goodwill impairment 2,718,970-
Deferred income taxes 336,275 544,132 Cash flow generated from (used in) operations before other items(3,276,500
)
(2,876,787
)
Net change in non-cash working capital 1,140,225 972,692(2,136,275
)
(1,904,095
)
INVESTING ACTIVITIES Proceeds from disposition of capital assets - - Intangible assets - contract cost additions (170,812 ) (261,361 ) Intangible assets - contract cost recognized 227,904 258,608 Purchase of capital assets(68,590
)
(57,747
)
Sale of investment in Equus 2,340,422 - 2,328,924(60,500
)
FINANCING ACTIVITIES Proceeds from line of credit and bank overdraft 889,793 1,613,594 Proceeds from bridge loan 742,237 - Repayment of bridge loan (244,952 ) - Issuance of common shares 189,282 - Proceeds - convertible loan 586,902 - 2,163,262 1,613,594 Effect of Foreign exchange rate on cash- Increase (decrease) in cash and cash equivalents 2,355,911
(351,001
)
Cash and cash equivalents, beginning of year 83,724 434,725 Cash and cash equivalents, end of year $ 2,439,635 $ 83,724
Versatile Systems Inc.Bertrand des PallieresExecutive Chairman800-851-1281orVicki TurjanCFO800-851-1281
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