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) ( 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
|SOURCE Versus Technology, Inc.|
Copyright©2008 PR Newswire.
All rights reserved