Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan

News Feed Item

Versatile Reports Second Quarter Results

VANCOUVER, CANADA -- (Marketwire) -- 02/06/13 -- 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. © 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 
                        ----------------------------------------------------
                        ----------------------------------------------------

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.

Contacts:
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investments to the new style of IT," said Meg Whitman, Chairman, President and Chief Executive Officer of HP...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...