VANCOUVER, BRITISH COLUMBIA -- 11/24/09 --
VRX Worldwide Inc. (TSX VENTURE: VRW) -
- Profit trend continues, 4th consecutive profitable quarter
- Revenue increases 83% over Q3'08 to $1.7 million
- Gross margin increases 160% over Q3'08 to $946,551
- EBITDA increases 422% over Q3'08 to $419,204
VRX Worldwide Inc. (TSX VENTURE: VRW) today reported results for the nine months ended September 30, 2009.
EBITDA for the third quarter was $419,204, a sequential increase of 17% over the prior quarter and a 422% increase over the same quarter of the previous year.
Net income for the third quarter was $343,785, or $0.01 per share diluted, a sequential decrease of 3% or $11,176 over the prior quarter and a 254% increase over the same quarter of the previous year.
Revenue for the third quarter of fiscal 2009 was $1.7 million, a sequential increase of 5.5% and an 83% increase over the same quarter of the previous year. The revenue breakdown for the quarter was approximately 28% licensing and 72% services. Compared to the same quarter last year, licensing and service revenue increased 14% and 139%, respectively.
"As we wait to see significant signs that the global economy is recovering, we remain focused on increasing our productivity, product innovation and helping our customers grow their market share," commented David MacLaren, President and CEO of VRX.
As of September 30, 2009, the Company had a net current monetary asset position of $446,423 as compared to a net current monetary liability position of $479,901 at December 31, 2008. This 193% ($926,324) improvement is due to the net profit generated from operations in the first nine months of 2009 and the successful restructuring of an outstanding debenture. Current monetary items include cash, accounts receivable, accounts payable and the current portion of long-term debt.
Summary of Quarterly Results (Unaudited)
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2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
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Total
revenue $1,674,649 $1,587,515 $1,463,380 $1,472,152 $ 916,968
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Gross profit $ 946,551 $ 923,360 $ 889,361 $ 826,701 $ 363,919
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EBITDA $ 419,204 $ 359,218 $ 329,546 $ 227,731 $ (130,231)
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Net income
(loss) $ 343,785 $ 354,961 $ 241,107 $ 78,372 $ (222,950)
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Earnings (loss)
per share $ 0.010 $ 0.010 $ 0.007 $ 0.002 $ (0.006)
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Total assets $1,513,203 $1,290,630 $1,010,675 $ 860,659 $ 542,441
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The full financial statements and the related MD&A are now available on the Company's website (www.vrxworldwide.com) and on SEDAR (www.sedar.com).
About VRX
VRX Studios Inc., a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE: VRW) (www.vrxworldwide.com), is the world leader in producing, distributing and licensing high quality, rich media content that educates, inspires, and compels online travel consumers. Many of today's leading travel brands rely on VRX's stunning hotel, cruise and destination content to attract and engage millions of consumers each month. In 2007, VRX was recognized by Profit magazine and Business in Vancouver as one of Canada's fastest growing companies. To find out more about VRX Studios, its products and services, visit www.vrxstudios.com.
VRX Worldwide Inc.
David MacLaren, CEO
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
VRX Worldwide Inc.
Investor & Public Relations
1(888) 605-0059
info@vrxworldwide.com
www.vrxworldwide.com
