VRX Worldwide Reports 2014 First Quarter Results
30 May 2014 - 6:15AM
Marketwired
VRX Worldwide Reports 2014 First Quarter Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) - VRX
Worldwide Inc. (TSX-VENTURE:VRW) -
- Quarterly revenue achieves highest level in 13 quarters on
strong VRX Studios Service and MediaValet Licensing revenues
- VRX Studios' Service Revenue Increased 67% over the prior year
with its new service offerings in high demand
- MediaValet's Licencing Revenue Increased 105% over the prior
year with new customers in cosmetics, consumer products, and
agriculture
- Momentum continues with $350,000 equity raise in April and
increased investment in MediaValet division
VRX Worldwide Inc., a leading provider of cloud-based digital
asset management software and global photography, content
management, and content licensing services, is pleased to report
it's first quarter results for 2014.
|
| Summary of Quarterly Results (Unaudited) |
|
|
|
|
2014 Q1 |
2013 Q4 |
2013 Q3 |
2013 Q2 |
2013 Q1 |
|
Total revenue |
$ 1,072,348 |
$ 931,275 |
$ 944,220 |
$ 915,841 |
$ 732,529 |
|
Gross profit |
$ 594,628 |
$ 459,131 |
$ 473,681 |
$ 457,887 |
$ 391,695 |
|
EBITDA |
$ (84,215) |
$ (74,078) |
$ 64,964 |
$ 59,495 |
$ 17,201 |
|
Net income |
$ (249,116) |
$ (234,259) |
$ (54,116) |
$ (58,978) |
$ (78,120) |
|
Earnings per share |
$ (0.01) |
$ (0.01) |
$ 0.00 |
$ 0.00 |
$ 0.00 |
|
Total assets |
$ 1,700,983 |
$ 1,855,175 |
$ 1,753,169 |
$ 1,725,068 |
$ 1,594,014 |
Total revenue for the first quarter of 2014 increased 15%
sequentially over the fourth quarter of 2013 and 46% over the first
quarter of 2013. The increases are a direct result of VRX Studios'
broadening service offerings and MediaValet's growing licensing
stream. EBITDA and net income decreased over both time frames due
to increased investment in the company's cloud-based digital asset
management division (MediaValet), corporate development activities,
and higher financing costs.
"Over the past four months, we've experienced firsthand the
positive effects of the global economy beginning to shake off its
sluggishness," commented David MacLaren, President and CEO of VRX
Worldwide. "Our global base of customers is beginning to execute
long planned marketing and growth strategies while our teams are
stronger than ever. We're looking forward to a pivotal year as we
plan to launch two new major versions of MediaValet and VRX Studios
is expected to contribute significantly to our bottom line."
The full financial statements and related MD&A are now
available on the Company's website (www.vrxworldwide.com) and on
SEDAR (www.sedar.com).
ABOUT VRX Worldwide Inc.
Through its wholly owned brands, MediaValet™ and VRX Studios™,
VRX Worldwide delivers cloud-based digital asset management
software and global photography, content management, and content
licensing services to many of the world's leading manufacturing,
healthcare, resource, high-tech, agricultural, consulting,
consumer, travel and hospitality brands.
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."
VRX Worldwide Inc.Investor & Public
Relations888.605.0059info@vrxworldwide.comwww.vrxworldwide.com
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