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) (http://www.versustech.com)
(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,
|SOURCE Versus Technology, Inc.|
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