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Versus Technology Announces Fourth Quarter Results
Date:12/28/2007

TRAVERSE CITY, Mich., Dec. 28 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $2,012,000 for the fiscal quarter ended October 31, 2007, compared to revenues of $2,177,000 for the same period in 2006. Revenues for the year ended October 31, 2007, were $5,566,000 compared to revenues of $5,812,000 for 2006. 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 quarter from 66% for the same period in 2006. For the year, gross profits increased to 67% compared to 64% in 2006.

The Company reported net income of $335,000 for the quarter compared to net income of $540,000 for the same period in 2006. Net losses for the years ended October 31, 2007 and 2006, were $208,000 and $1,692,000, respectively. The decrease in the reported net loss for the year was primarily attributable to the absence in 2007 of interest expense and accretion of debt discount that resulted from the 2006 redemption and conversion to common stock of the Company's Series B Debentures.

Versus generated positive cash flow from operations of $489,000 for the year ended October 31, 2007, compared to a use of cash from operations of $585,000 for the year ended October 31, 2006.

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

Versus Technology, Inc. (Pink Sheets: VSTI) (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, 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. Versus' proprietary locating systems are sold primarily through an expanding network of resellers and dealers.

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 October 31, 2007, and October 31, 2006, and the related consolidated statements of operations and cash flows for the periods ended October 31, 2007 and 2006, have been prepared by management.

Management has elected to omit substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted 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. 2006 Annual Report which is available at http://www.versustech.com/annual_reports.htm for further details regarding the 2006 results. The full annual report for 2007 will be published at http://www.versustech.com when available.

Richard W. Ebersole

Chief Financial Officer

December 28, 2007

VERSUS TECHNOLOGY, INC. AND SUBSIDIARY

Consolidated Balance Sheets

October 31, 2007 and 2006

October 31,

2007 2006

Assets

Current Assets

Cash and cash equivalents $ 2,428,000 $ 1,401,000

Accounts receivable, including

$91,000 and $23,000 of unbilled

revenues 1,134,000 1,714,000

Inventories 824,000 576,000

Prepaid expenses and other current

assets 127,000 62,000

Total Current Assets 4,513,000 3,753,000

Property and Equipment

Machinery and equipment 374,000 336,000

Furniture and fixtures 92,000 81,000

Leasehold improvements 160,000 158,000

Construction in progress 14,000 -

640,000 575,000

Less accumulated depreciation 542,000 509,000

Net Property and Equipment 98,000 66,000

Goodwill 1,533,000 1,533,000

Patents and Other Intangible Assets,

net of accumulated amortization of

$1,991,000 and $1,950,000 - 41,000

Other non-current assets 9,000 78,000

$ 6,153,000 $ 5,471,000

See accompanying report of management.

The full annual report will be published at http://www.versustech.com when available.

VERSUS TECHNOLOGY, INC. AND SUBSIDIARY

Consolidated Balance Sheets

October 31, 2007 and 2006

October 31,

2007 2006

Liabilities and Shareholders' Equity

Current Liabilities

Accounts payable $ 523,000 $ 478,000

Accrued expenses 263,000 262,000

Deferred revenue - customer advance

payments 242,000 111,000

Total Current Liabilities 1,028,000 851,000

Shareholders' Equity

Common stock $0.01 par value;

120,000,000 shares authorized;

92,781,325 and 86,573,325 shares

issued and outstanding 928,000 866,000

Additional paid-in capital 42,483,000 41,832,000

Accumulated deficit (38,286,000) (38,078,000)

Total Shareholders' Equity 5,125,000 4,620,000

$ 6,153,000 $ 5,471,000

See accompanying report of management.

The full annual report will be published at http://www.versustech.com when available.

VERSUS TECHNOLOGY, INC. AND SUBSIDIARY

Consolidated Statements of Operations

Three Months Ended October 31, Year Ended October 31,

2007 2006 2007 2006

Revenues $2,012,000 $2,177,000 $5,566,000 $5,812,000

Operating Expenses

Cost of

revenues 581,000 741,000 1,810,000 2,105,000

Research and

development 154,000 199,000 610,000 700,000

Sales and

marketing 775,000 460,000 2,508,000 1,716,000

General and

administrative 183,000 245,000 910,000 1,181,000

Total Operating

Expenses 1,693,000 1,645,000 5,838,000 5,702,000

Income (Loss)

From Operations 319,000 532,000 (272,000) 110,000

Other Income

(Expense)

Interest income 16,000 8,000 61,000 47,000

Interest expense,

accretion of debt

discount - - - (1,639,000)

Interest expense,

other - - - (216,000)

Net foreign currency

gain (loss) - - 3,000 6,000

Total Other Income

(Expense), Net 16,000 8,000 64,000 (1,802,000)

Net Income (Loss) $335,000 $540,000 $(208,000) $(1,692,000)

Basic and Diluted

Net Income (Loss)

Per Share $ - $ .01 $( -) $( .03)

See accompanying report of management.

The full annual report will be published at http://www.versustech.com when available.

VERSUS TECHNOLOGY, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

For the year ended October 31,

2007 2006

Operating Activities

Net loss $ (208,000) $ (1,692,000)

Adjustments to reconcile net loss to

net cash provided by (used in)

operating activities:

Depreciation 33,000 25,000

Amortization of intangibles 41,000 172,000

Non-cash stock based compensation 110,000 -

Interest expense - accretion of

debt discount - 1,639,000

Changes in operating assets and

liabilities:

Accounts receivable, net 649,000 (177,000)

Inventories (248,000) (294,000)

Prepaid expenses and other current

assets (65,000) (3,000)

Accounts payable 45,000 (177,000)

Accrued expenses 1,000 (66,000)

Deferred revenues - customer

advance payments 131,000 (12,000)

Net cash (used in) provided by operating

activities 489,000 (585,000)

Investing Activities

Additions to property and equipment (65,000) (44,000)

Financing Activities

Sale of common stock 603,000 348,000

Net Increase (Decrease) in Cash and

Cash Equivalents 1,027,000 (281,000)

Cash and Cash Equivalents, at the

beginning of the period 1,401,000 1,682,000

Cash and Cash Equivalents, at the end

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

Supplemental Cash Flow Information

Cash paid during the period for

interest $ - $ 202,000

Non-Cash Financing Activities

Issuance of common stock $ - $4,675,000

Repayment of long-term debt $ - $(4,675,000)

See accompanying report of management.

The full annual report will be published at http://www.versustech.com when available.


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SOURCE Versus Technology, Inc.
Copyright©2007 PR Newswire.
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