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Versus Technology Announces Third Quarter Results

TRAVERSE CITY, Mich., Aug. 28 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $1,176,000 for its third fiscal quarter ended July 31, 2008, a decrease of 8% compared to revenues of $1,283,000 for the same quarter of the prior year. Revenues for the nine months ended July 31, 2008, were $4,026,000, compared to $3,554,000 for the nine months ended July 31, 2007, a 13% increase. 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 were 71% for the current year's third quarter compared to 69% for the same quarter of the prior year. Operating expenses, other than cost of revenues, increased 25% for the current year's third quarter compared to the same quarter of the prior year, due primarily to an increase in research and development and sales and marketing expenses.

Versus reported a net loss of $448,000 for the current year's third quarter compared to a net loss of $134,000 for the same quarter of the prior year. The Company reported a net loss of $825,000 for the nine months ended July 31, 2008, compared to a net loss of $544,000 for the nine months ended July 31, 2007.

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. 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 July 31, 2008, and October 31, 2007, and the related consolidated statements of operations and cash flows for the periods ended July 31, 2008 and 2007, 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. 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

August 28, 2008


Consolidated Balance Sheets


July 31, 2008 October 31, 2007


Current Assets

Cash and cash equivalents $1,690,000 $2,428,000

Accounts receivable 661,000 1,134,000

Inventories 903,000 824,000

Prepaid expenses and other current assets 191,000 127,000

Total Current Assets 3,445,000 4,513,000

Property and Equipment

Machinery and equipment 401,000 374,000

Furniture and fixtures 100,000 92,000

Leasehold improvements 420,000 160,000

Construction in progress - 14,000

921,000 640,000

Less accumulated depreciation 577,000 542,000

Net Property and Equipment 344,000 98,000

Goodwill 1,533,000 1,533,000

Other Non-Current Assets 9,000 9,000

$5,331,000 $6,153,000

See accompanying report of management.


Consolidated Balance Sheets


July 31, 2008 October 31, 2007

Liabilities and Shareholders' Equity

Current Liabilities

Accounts payable $470,000 $523,000

Accrued expenses 224,000 263,000

Deferred revenue from customer advance

payments 138,000 242,000

Total Current Liabilities 832,000 1,028,000

Shareholders' Equity

Common stock $0.01 par value;

120,000,000 shares authorized;

95,325,325 and 92,781,325 shares

issued and outstanding 953,000 928,000

Additional paid-in capital 42,657,000 42,483,000

Accumulated deficit (39,111,000) (38,286,000)

Total Shareholders' Equity 4,499,000 5,125,000

$5,331,000 $6,153,000

See accompanying report of management.


Consolidated Statements of Operations


Three Months Ended Nine Months Ended

July 31, July 31,

2008 2007 2008 2007

Revenues $1,176,000 $1,283,000 $4,026,000 $3,554,000

Operating Expenses

Cost of revenues 340,000 403,000 1,166,000 1,229,000

Research and development 218,000 137,000 601,000 455,000

Sales and marketing 814,000 648,000 2,371,000 1,733,000

General and

administrative 261,000 246,000 752,000 728,000

Total Operating Expenses 1,633,000 1,434,000 4,890,000 4,145,000

Loss From Operations (457,000) (151,000) (864,000) (591,000)

Other Income (Expense)

Interest income 9,000 17,000 40,000 45,000

Net foreign currency

transaction gains - - (1,000) 2,000

Total Other Income

(Expense) 9,000 17,000 39,000 47,000

Net Loss $(448,000) $(134,000) $(825,000) $(544,000)

Basic and Diluted Net

Loss Per Share $(-) $(-) $(-) $(-)

See accompanying report of management.


Consolidated Statements of Cash Flows


For the nine months ended

July 31,

2008 2007

Operating Activities

Net loss $(825,000) $(544,000)

Adjustments to reconcile net loss to net cash

provided by operating activities:

Depreciation 35,000 24,000

Amortization of intangibles - 41,000

Non-cash equity based compensation 82,000 82,000

Changes in operating assets and liabilities:

Accounts receivable 473,000 890,000

Inventories (79,000) (184,000)

Prepaid expenses and other current assets (64,000) (85,000)

Accounts payable (53,000) (36,000)

Accrued expenses (39,000) (2,000)

Deferred revenues - customer advance

payments (104,000) (46,000)

Net cash (used in) provided by operating

activities (574,000) 140,000

Investing Activities

Additions to property and equipment (281,000) (33,000)

Financing Activities

Issuance of common stock 117,000 352,000

Net (Decrease) Increase in Cash and

Cash Equivalents (738,000) 459,000

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 $1,690,000 $1,860,000

See accompanying report of management.

SOURCE Versus Technology, Inc.
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