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 t
|SOURCE Versus Technology, Inc.|
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