VANCOUVER, CANADA — (Marketwired) — 05/30/13 — Versatile Systems Inc. (TSX VENTURE: VV), announces its results for the third quarter of the 2013 fiscal year.
Revenue for the three months ended March 31, 2013 was $10,222,371, generating a gross profit of $1,697,798 or 16.6% of sales compared to $12,482,474, generating a gross profit of $2,335,833 or 18.7% of sales for the same quarter last year. The Net Loss for the quarter amounted to $780,888 ($0.00 per share) compared to Net Earnings of $35,603 ($0.00 per share) for the same period last year.
The Company has incurred significant losses, the continuation of which is unacceptable. The Company is currently exploring all strategic alternatives to deal with the losses.
Highlights for the quarter included:
Revenue for the nine months ended March 31, 2013 was $27,688,798 generating a gross profit of $5,373,205 or 19.4% of sales compared to $30,669,238 generating a gross profit of $6,078,044 or 19.8% of sales for the same period last year. The Net Loss for the period amounted to $1,679,571 ($0.01 per share) compared to $641,919 ($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 go to .
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.
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 or International: 001-206-979-6760
Versatile Systems Inc.
Fraser Atkinson
CFO
1-800-262-1633
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