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Versus Technology Announces First Quarter Results

TRAVERSE CITY, Mich., Feb. 27 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $1,426,000 for its first fiscal quarter ended January 31, 2008, a 26% increase over revenues of $1,133,000 for the same quarter of the prior year. Versus' quarterly revenues can vary significantly depending upon the timing of delivery of major customer projects. Accordingly, the revenues reported in any one quarter are not necessarily indicative of what full year results will be.

Gross profits as a percentage of revenues were 71% for the current year's first quarter compared to 61% for the same quarter of the prior year. Operating expenses, other than cost of revenues, increased 27% for the current year's first quarter compared to the same quarter of the prior year, primarily due to an increase in sales and marketing expenses.

Versus reported a net loss of $130,000 for the current year's first quarter compared to a net loss of $212,000 for the same quarter of the prior year. The decrease in cash from the balance at October 31, 2007, was due in part to capital spending on facilities to accommodate expansion of the organization.

For additional information, please refer to the attached unaudited consolidated financial statements.

Versus Technology, Inc. (Pink Sheets: VSTI.PK) ( (Versus) is the leader in the development and sale of context-aware systems used for the management of patient flow and medical assets and to improve caregiver/patient communications in medical and long-term care facilities. Versus also supplies Active RFID/IR tags and readers that make locating systems more precise, security systems more intelligent, data collection routines automatic, and asset management systems more efficient. Versus' systems, which are currently installed in hospitals, corporate facilities, government facilities, and other complexes, permit the automatic and accurate registry of essential management and business information. By monitoring the precise location of personnel or equipment and automatically recording events associated with their locations, the systems offer real-time asset and staff locating, automatic data collection, access/egress control, and a passive source of location data that facilitates scheduling and communication interfaces.

Safe Harbor Provision

This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.

Report of Management

The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of January 31, 2008, and October 31, 2007, and the related consolidated statements of operations and cash flows for the three-month periods ended January 31, 2008 and 2007, have been prepared by management.

Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

The reader should refer to the Versus Technology, Inc. 2007 Annual Report which is available at for further details regarding the Company's financial position at October 31, 2007.

Richard W. Ebersole

Chief Financial Officer


Consolidated Balance Sheets


January 31, 2008 October 31, 2007


Current Assets

Cash and cash equivalents $ 1,865,000 $ 2,428,000

Accounts receivable 1,169,000 1,134,000

Inventories 815,000 824,000

Prepaid expenses and other

current assets 155,000 127,000

Total Current Assets 4,004,000 4,513,000

Property and Equipment

Machinery and equipment 384,000 374,000

Furniture and fixtures 92,000 92,000

Leasehold improvements 160,000 160,000

Construction in progress 199,000 14,000

835,000 640,000

Less accumulated depreciation 551,000 542,000

Net Property and Equipment 284,000 98,000

Goodwill 1,533,000 1,533,000

Patents and Other Intangible Assets,

net of accumulated amortization

of $1,991,000 - -

Other Non-Current Assets 9,000 9,000

$ 5,830,000 $ 6,153,000

See accompanying report of management.


Consolidated Balance Sheets


January 31, 2008 October 31, 2007

Liabilities and Shareholders'


Current Liabilities

Accounts payable $ 344,000 $ 523,000

Accrued expenses 211,000 263,000

Deferred revenue from

customer advance payments 254,000 242,000

Total Current Liabilities 809,000 1,028,000

Commitments and Contingencies

Shareholders' Equity

Common stock $0.01 par value;

120,000,000 shares authorized;

92,781,325 shares issued and

outstanding 928,000 928,000

Additional paid-in capital 42,509,000 42,483,000

Accumulated deficit ( 38,416,000 ) ( 38,286,000 )

Total Shareholders' Equity 5,021,000 5,125,000

$ 5,830,000 $ 6,153,000

See accompanying report of management.


Consolidated Statements of Operations


Three Months Ended January 31,

2008 2007

Revenues $1,426,000 $1,133,000

Operating Expenses

Cost of revenues 413,000 440,000

Research and development 177,000 155,000

Sales and marketing 738,000 520,000

General and administrative 245,000 237,000

Total Operating Expenses 1,573,000 1,352,000

Loss From Operations ( 147,000 ) ( 219,000 )

Other Income (Expense)

Interest income 18,000 12,000

Net foreign currency transaction losses ( 1,000 ) ( 5,000 )

Total Other Income (Expense) 17,000 7,000

Net Loss $( 130,000 ) $( 212,000 )

Basic and Diluted Net Loss Per Share $- $-

See accompanying report of management.


Consolidated Statements of Cash Flows


Three Months Ended January 31,

2008 2007

Operating Activities

Net loss $( 130,000 ) $( 212,000 )

Adjustments to reconcile net loss to net

cash provided by (used in) operating


Depreciation 9,000 8,000

Amortization of intangibles - 41,000

Non-cash equity based compensation 26,000 28,000

Changes in operating assets and liabilities:

Accounts receivable ( 35,000 ) 671,000

Inventories 9,000 ( 66,000 )

Prepaid expenses and other current

assets ( 28,000 ) ( 35,000 )

Accounts payable ( 179,000 ) ( 89,000 )

Accrued expenses ( 52,000 ) ( 30,000 )

Deferred revenues from customer advance

payments 12,000 ( 6,000 )

Net cash provided by (used in) operating

activities ( 368,000 ) 310,000

Investing Activity

Additions to property and equipment ( 195,000 ) ( 15,000 )

Net Increase (Decrease) in Cash and Cash

Equivalents ( 563,000 ) 295,000

Cash and Cash Equivalents, at the beginning

of the period 2,428,000 1,401,000

Cash and Cash Equivalents, at the end of

the period $ 1,865,000 $ 1,696,000

See accompanying report of management.

SOURCE Versus Technology, Inc.
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