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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vers. Sys. Di | LSE:VVS | London | Ordinary Share | CA92531V1067 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today announces its results for the fourth quarter and the year ended June 30, 2008. Revenue for the twelve months ended June 30, 2008 was $59,380,354 generating a gross profit of $14,852,818 or 25.0% of revenue compared to $62,230,275 generating a gross profit of $14,715,797 or 23.7% of revenue for the same period last year. The Company generated sales of higher margin products resulting in an increase in gross profit of $137,021 compared with the prior year. Net Earnings for the period amounted to $200,130 ($0.00 per share) compared to $1,379,445 ($0.01 per share) for the prior year with the significant change relating to the future income tax expense of $101,604 for the current year compared to a benefit of $951,622 for the prior year. Comprehensive income for the year amounted to $427,253 compared to $1,403,649 for the prior year. The EBITDA for the year was $1,289,230 compared to an EBITDA of $1,992,905 for the same period last year. EBITDA is defined as net earnings before interest expense, income taxes, depreciation and amortization. The Company has included information concerning EBITDA because it believes that it may be used by certain investors as one measure of the Company's financial performance. "The downturn in the U.S. economy has impacted all aspects of our business," said John Hardy, Chairman and CEO of Versatile. "Nevertheless we continued to generate significant cash flow from operations while also investing in our proprietary products and sales resources. As the economy improves we will be positioned to respond to and support growth opportunities." The cash flow from operations, before non-cash working capital items, was $1,452,981 for the year ended June 30, 2008 compared to cash flow of $2,159,289 for the same period last year. Over the past four years the cash flow from operations, before non-cash working capital items, has been as follows: 2008 $1,452,981 2007 2,159,289 2006 1,099,233 2005 (878,482) The Company had working capital of $3,772,462 at June 30, 2008, an improvement of $1,084,963 over the working capital at the year-end on June 30, 2007. During the current fiscal year the Company repaid two term loans in the amount of $2,924,263, which had been classified with current liabilities. "During the year our financial position improved," said Fraser Atkinson, CFO of Versatile. "Our working capital increased by $1,084,963, and we generated $1,452,981 cash flow from operations. We repaid two term loans totaling $2,924,263. In addition our deferred revenue increased by $1,067,850." Highlights for the year included: - Revenue for the twelve months ended June 30, 2008 was $59,380,354 generating a gross profit of $14,852,818 or 25.0% of revenue compared to $62,230,275 generating a gross profit of $14,715,797 or 23.7% of revenue for the same period last year; - Deferred revenue at June 30, 2008 was $7,855,129 (of which $6,582,593 is expected to be recognized in the next four quarters) compared to $6,787,279 at June 30, 2007, an increase of $1,067,850 or 15.7%; - The working capital as of June 30, 2008 was $3,772,462, an improvement of $1,084,963 over the working capital at the year-end of June 30, 2007; - Obtained a line of credit of $5,800,000 from the Commerce Bank, an increase from the previous line of credit of $3,000,000; and - Mobiquity Kiosk(TM): implementation of a new HSBC-based financial services kiosk which enables electronic processing of private label credit applications, MasterCard loyalty credit card applications, credit limit checks and information on other HSBC financial products and services; - Mobiquity Kiosk(TM) implementation of a kiosk-based electronic credit application for Citi Financial; - Deployed a large scale virtualization solution in each of the healthcare and telecommunication sectors; - Completed the first phase of deployment of a route accounting system for Tree of Life, a major U.S. distributor, with Versatile's Mobiquity Route(TM) 4.0 as the core driver of this system. - Partnering with CitiFinancial in order to simplify and streamline the credit application process for Shaw flooring retailers with the Mobiquity Kiosk(TM); - Completed large Proof of Concept deployments of Virtual Desktop Infrastructure for a leading global financial services company and a global education provider; and - Opened the Versatile Virtual Desktop Infrastructure Center of Excellence in conjunction with Sun Microsystems at their New York City Metro headquarters in Manhattan. Revenue for the three months ended June 30, 2008 was $13,721,812 compared to $18,193,167 for the same quarter last year, a decrease of $4,471,355. While the Company had repeat business from its existing customer base, the Company experienced a slowdown in orders from customers for routine expenditures on infrastructure. The EBITDA for the quarter was $155,206 compared to an EBITDA of $977,377 for the same quarter last year. The Net Loss for the quarter amounted to $362,043 ($0.00 per share) compared to Net Earnings of $992,566 ($0.01 per share) for the same period last year with the significant change relating to the future income tax expense of $294,213 for the current year compared to a future income tax benefit of $408,067 for the same quarter last year. Technology Development During the fourth quarter the Company spent $448,260 on Research and development compared to $339,369 in the same period last year. Versatile had many feature improvements to current product lines. For the Mobiquity Route(TM) these included the following: - Implementation of new features into Mobiquity Route(TM), including: -- Non-APL warnings and APL filterings -- Warehouse stock-on-hand quantities -- Brand lookup capabilities -- Discontinued Items warnings -- Historical Data -- Promotional Items -- Suggested Product Substitutions -- CheckSelect(TM) feature -- Intelligent Orders(TM) feature set - Implementation of a demonstration system for AT&T sales representatives to pre-sell Mobiquity Route(TM); and For the Mobiquity Transaction Engine 3.0(TM) these included the following: - Implementation of an RFID-based manufacturing solution for tracking pallets and work-in-progress in a manufacturing facility; - Implementation of support for WiFi Location tracking using Cisco access points and Cisco's Location Appliance; - Implementation of the Mobiquity Transaction Engine 3.0(TM) Health Care asset-tracking solution, which allows high-value assets to be tracked and intelligently monitored using Mobiquity Transaction Engine 3.0(TM) and WiFi location tags; - Expanded device support for the Mobiquity Transaction Engine 3.0(TM), including Symbol handheld scanners, Alien RFID readers, Data Logic RFID Readers, Cisco Wifi Location data, Newbury Wifi Location data; and - Enhancing the functionality of the Mobiquity Transaction Engine 3.0(TM) Time Tracking System. For the Mobiquity Kiosk(TM), these included the following: - Deployment of the hardware and operating system support for the new Madison Kiosk desktop computer; - Implementation of the Shaw Flooring Alliance credit application in association with Citi Financial; - Implementation of self-service conference registration kiosk application; - Implementation of an application to allow customers to register for retailer mailings at the kiosk; and - Enhancements to the Kiosk platform including improved networking support, better system performance, expanded device support, improved configuration, and support for new banking requirements. 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) 2008 Versatile Systems Inc. All rights reserved. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Versatile Systems Inc. Consolidated Balance Sheets -------------------------------------------------------------------------- Expressed in U.S. dollars June 30, 2008 June 30, 2007 ------------- ------------- ASSETS Current Assets Cash and cash equivalents $ 1,500,005 $ 3,369,087 Accounts receivable 11,842,754 15,200,919 Current portion of deferred contract costs 4,918,704 4,489,111 Work-in-progress 80,668 41,705 Prepaid expenses 309,061 347,023 Inventory 1,944,100 1,268,682 Future income tax benefits 706,249 1,094,579 ------------- ------------- 21,301,541 25,811,106 Long-term accounts receivable 26,522 812,000 Deferred contract costs 1,050,694 396,423 Capital Assets 867,771 492,979 Intangible assets 695,726 1,335,877 Future income tax benefits 4,672,907 4,326,136 Goodwill 9,977,659 9,914,350 ------------- ------------- $ 38,592,820 $ 43,088,871 ------------- ------------- ------------- ------------- LIABILITIES Current Liabilities Line of credit $ 74,942 $ 3,383 Bank overdraft 127,214 170,422 Accounts payable and accrued liabilities 10,704,330 13,720,928 Current portion of deferred revenue 6,582,593 6,299,863 Bank term loan - 2,749,263 Term loan - 175,000 Promissory Notes 40,000 - Current portion of capital lease obligations - 4,748 ------------- ------------- 17,529,079 23,123,607 Deferred Revenue 1,272,536 487,416 ------------- ------------- 18,801,615 23,611,023 ------------- ------------- SHAREHOLDERS' EQUITY Share Capital 51,353,054 51,643,963 Warrants 369,965 382,650 Contributed surplus 3,188,496 2,998,798 Deficit (35,063,096) (35,263,226) Accumulated other comprehensive income (57,214) (284,337) ------------- ------------- 19,791,205 19,477,848 ------------- ------------- $ 38,592,820 $ 43,088,871 ------------- ------------- ------------- ------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Versatile Systems Inc. Consolidated Statements of Earnings and Deficit -------------------------------------------------------------------------- Expressed in U.S. Three months Twelve months dollars ended June 30 ended June 30 2008 2007 2008 2007 ------------------------------------------------------ (unaudited) SALES $ 13,721,812 $ 18,193,167 $ 59,380,354 $ 62,230,275 COST OF SALES 10,180,648 13,770,768 44,527,536 47,514,478 ------------------------------------------------------ 3,541,164 4,422,399 14,852,818 14,715,797 ------------------------------------------------------ EXPENSES General and administrative 1,529,268 1,263,358 5,090,959 4,588,693 Selling and marketing 1,470,184 1,587,817 6,504,762 6,502,051 Research and development 448,260 339,369 1,745,569 1,068,216 Foreign Exchange Loss 1,465 (10,418) 175,627 8,488 Stock-based compensation (63,219) 264,896 46,671 555,444 ------------------------------------------------------ 3,385,958 3,445,022 13,563,588 12,722,892 ------------------------------------------------------ Earnings before interest, taxes and amortization 155,206 977,377 1,289,230 1,992,905 Amortization of capital assets 69,300 90,251 256,929 288,291 Amortization of intangible assets 124,355 192,454 693,748 874,550 Interest expense (income) 167 69,236 (28,212) 300,918 ------------------------------------------------------ EARNINGS (LOSS) BEFORE INCOME TAXES (38,616) 625,436 366,765 529,146 Current income tax expense (29,214) (40,937) (65,031) (101,323) Future income tax (expense) benefit (294,213) 408,067 (101,604) 951,622 ------------------------------------------------------ NET EARNINGS (LOSS) FOR THE PERIOD (362,043) 992,566 200,130 1,379,445 ------------------------------------------------------ DEFICIT, BEGINNING OF PERIOD (34,701,053) (36,255,792) (35,263,226) (36,642,671) ------------------------------------------------------ DEFICIT, END OF PERIOD (35,063,096) (35,263,226) (35,063,096) (35,263,226) ------------------------------------------------------ ------------------------------------------------------ EARNINGS PER SHARE (basic and fully diluted) ($0.00) $0.01 $0.00 $0.01 ------------------------------------------------------ ------------------------------------------------------ -------------------------------------------------------------------------- -------------------------------------------------------------------------- Versatile Systems Inc. Consolidated Statements of Comprehensive Income (Loss) -------------------------------------------------------------------------- Expressed in U.S. Three months Twelve months dollars ended June 30 ended June 30 2008 2007 2008 2007 ------------------------------------------------------ (unaudited) Net earnings (loss) for the period (362,043) 992,566 200,130 1,379,445 Other comprehensive income (loss) Foreign currency translation adjustments (230) 21,749 227,123 24,204 ------------------------------------------------------ Comprehensive income (loss) for the period (362,273) 1,014,315 427,253 1,403,649 ------------------------------------------------------ ------------------------------------------------------ -------------------------------------------------------------------------- -------------------------------------------------------------------------- Versatile Systems Inc. Consolidated Statements of Cash Flows -------------------------------------------------------------------------- Expressed in U.S. Three months Twelve months dollars ended June 30 ended June 30 2008 2007 2008 2007 ------------------------------------------------------ (unaudited) CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Net earnings (loss) for the period $ (362,043) $ 992,566 $ 200,130 $ 1,379,445 Items not affecting cash Amortization of capital and intangible assets 193,655 282,705 950,677 1,162,841 Loss on disposal of capital assets - 4,293 212 4,693 Stock-based compensation (63,219) 264,896 46,671 555,444 Foreign exchange loss 85,847 8,488 153,687 8,488 Future income tax expense (benefit) 294,213 (408,067) 101,604 (951,622) ------------------------------------------------------ Cash flow from operations before other items 148,453 1,144,881 1,452,981 2,159,289 Net change in non-cash working capital items (1,087,563) 24,665 449,708 (1,907,534) ------------------------------------------------------ (939,110) 1,169,546 1,902,689 251,755 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Cash acquired on acquisition of Sagent Solutions 5,081 - 5,081 - Proceeds from disposition of capital assets - 700 1,867 2,640 Additions to capital assets (170,470) (63,921) (634,181) (455,234) ------------------------------------------------------ (165,389) (63,221) (627,233) (452,594) ------------------------------------------------------ CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of shares, net of costs - 4,050,642 416,202 4,564,059 Purchase of Company shares (311,511) - (618,780) - Repayment of convertible debenture - - - (107,594) Proceeds from (repayment of) line of credit 74,942 (1,680,236) 71,559 (367,377) Repayment of bank overdraft (193,820) (276,334) (43,208) (587,546) Repayment of the Bank Term Loan - - (2,749,263) - Repayment of the Term Loan - - (175,000) - Repayment of Promissory Notes (20,000) - (40,000) - Repayment of capital lease obligations - (1,196) (4,748) (6,422) ------------------------------------------------------ (450,389) 2,092,876 (3,143,238) 3,495,120 ------------------------------------------------------ Effect of foreign exchange rate on cash (54,492) (37,922) (1,300) (24,204) Increase (decrease) in cash and cash equivalents (1,609,380) 3,161,279 (1,869,082) 3,270,077 CASH and cash equivalents, beginning of period 3,109,385 207,808 3,369,087 99,010 ------------------------------------------------------ CASH and cash equivalents, end of period $ 1,500,005 $ 3,369,087 $ 1,500,005 $ 3,369,087 ------------------------------------------------------ ------------------------------------------------------
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