TRAVERSE CITY, Mich., Dec. 29 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $5,774,000 for the fiscal year ended Oct. 31, 2008, compared to revenues of $5,566,000 for fiscal year 2007. Revenues for the fiscal quarter ended Oct. 31, 2008, were $1,748,000 compared to revenues of $2,012,000 for the same period in 2007. Versus' quarterly revenues can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Gross profits as a percentage of revenues increased to 71% for the year compared to 68% for 2007. For the quarter, gross profits were 70% compared to 71% for the same period in 2007.
The Company reported a net loss of $808,000 for the fiscal year ended Oct. 31, 2008, compared to a net loss of $208,000 for fiscal 2007. The increase in the reported net loss for the year was primarily attributable to a 26% increase in research and development and sales and marketing expenses. Net income for the fiscal quarter ended Oct. 31, 2008, was $15,000 compared to net income of $335,000 for the same period in 2007.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
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 syste
|SOURCE Versus Technology, Inc.|
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