Navigation Links
Versus Technology Announces Third Quarter Results
Date:8/25/2009

TRAVERSE CITY, Mich., Aug. 25 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $1,155,000 for its third fiscal quarter ended July 31, 2009, a 1.8% decrease compared to revenues of $1,176,000 for the same quarter of the prior year. Revenues for the nine months ended July 31, 2009, were $3,905,000, compared to $4,026,000 for the nine months ended July 31, 2008, a 3.0% decrease. 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 69.4% for the current year's third quarter compared to 71.1% for the same quarter of the prior year. Operating expenses, other than cost of revenues, decreased 9.8% for the current year's third quarter compared to the same quarter of the prior year.

Versus reported a net loss of $360,000 for the current year's third quarter compared to a net loss of $448,000 for the same quarter of the prior year. The Company reported a net loss of $731,000 for the nine months ended July 31, 2009, compared to a net loss of $825,000 for the nine months ended July 31, 2008.

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

About Versus Technology, Inc.

Versus Technology, Inc. is the leader in the development and sale of context-aware real-time location systems (RTLS) used for enterprise patient tracking, bed management and asset tracking to improve patient flow and caregiver/patient communications in hospitals, clinics and long-term care facilities. Versus also develops dual infrared and Active RFID tags and other location tracking hardware to make locating systems more precise, security systems more intelligent, nurse call systems automatic, and hospital asset tracking systems more efficient. Indoor positioning through Versus' RTLS enhances existing hospital software and patient care systems with real-time, reliable bed-level location information. The patented Versus IR and Active RFID patient and asset tracking system is exclusively endorsed by the American Hospital Association and is a key component of their Patient Flow Platform--which includes a select group of vendors that provide proven solutions to enhance patient flow and improve patient safety. (www.versustech.com; Pink Sheets: VSTI.PK)

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, 2009, and October 31, 2008, and the related consolidated statements of operations and cash flows for the nine-month period ended July 31, 2009 and 2008, have been prepared by management.

Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and 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. 2008 Annual Report which is available at www.versustech.com/annual_reports.htm for further details regarding the Company's financial position at October 31, 2008.

Joseph E. Winowiecki

Chief Financial Officer

August 25, 2009


                      VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
                           Consolidated Balance Sheets
                                  (Unaudited)


                                            31-Jul-09        31-Oct-08
                                            ---------        ---------
    Assets
    Current assets
       Cash and cash equivalents           $1,621,000       $1,709,000
       Accounts receivable                    543,000        1,359,000
       Inventories                            630,000          720,000
       Prepaid expenses and other
        current assets                        184,000          175,000
                                              -------          -------

    Total current assets                    2,978,000        3,963,000
                                            ---------        ---------

    Property and equipment
       Machinery and equipment                426,000          403,000
       Furniture and fixtures                 100,000          100,000
       Leasehold improvements                 420,000          420,000
                                              -------          -------

                                              946,000          923,000
       Less accumulated depreciation          641,000          594,000
                                              -------          -------

    Net property and equipment                305,000          329,000

    Goodwill                                1,533,000        1,533,000

    Deposits                                    9,000            9,000
                                                -----            -----

    Total assets                           $4,825,000       $5,834,000
                                            =========        =========


    See accompanying report of management.



                         VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
                              Consolidated Balance Sheets
                                      (Unaudited)


                                                31-Jul-09         31-Oct-08
                                                ---------         ---------
    Liabilities and shareholders' equity

    Current Liabilities
       Short-term borrowings                            $-         $400,000
       Accounts payable                            297,000          274,000
       Accrued expenses                            262,000          359,000
       Deferred revenue from customer
        advance payments                           374,000          256,000
                                                   -------          -------

    Total liabilities (all current)                933,000        1,289,000
                                                   -------        ---------

    Shareholders' equity
       Common stock $0.01 par value;
        120,000,000 shares authorized;
        95,325,325 and 92,781,325
        issued and outstanding                     953,000          953,000
       Additional paid-in capital               42,764,000       42,686,000
       Accumulated deficit                     (39,825,000)     (39,094,000)
                                                ----------       ----------

    Total shareholders' equity                   3,892,000        4,545,000
                                                 ---------        ---------

    Total liabilities and shareholders' equity  $4,825,000       $5,834,000
                                                 =========        =========


    See accompanying report of management.



                        VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
                         Consolidated Statements of Operations
                                      (Unaudited)


                                  Three Months Ended     Nine Months Ended
                                       July 31,               July 31,
                                  2009        2008        2009        2008
                                  ----        ----        ----        ----

    Revenues                  $1,155,000  $1,176,000  $3,905,000  $4,026,000

    Operating Expenses
       Cost of revenues          353,000     340,000   1,150,000   1,166,000
       Research and
        development              172,000     218,000     502,000     601,000
       Sales and marketing       735,000     814,000   2,326,000   2,371,000
       General and
        administrative           259,000     261,000     670,000     752,000
                                 -------     -------     -------     -------

    Total Operating Expenses   1,519,000   1,633,000   4,648,000   4,890,000

    Loss From Operations        (364,000)   (457,000)   (743,000)   (864,000)
                                --------    --------    --------    --------

    Other Income (Expense)
       Interest income             4,000       9,000      12,000      40,000
       Net foreign currency
        transaction gain (loss)        -           -           -      (1,000)
                                  ------      ------      ------      ------

    Total Other Income (Expense)   4,000       9,000      12,000      39,000
                                   -----       -----      ------      ------

    Net Loss                   $(360,000)  $(448,000)  $(731,000)  $(825,000)
                               =========    ========   =========   =========

    Basic and Diluted Net
     Loss Per Share                $( - )      $( - )      $( - )      $( - )
                                    ====        ====        ====        ====


    See accompanying report of management.



                       VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
                        Consolidated Statements of Cash Flows
                                   (Unaudited)


                                                       2009        2008
                                                       ----        ----
    Operating Activities
       Net income (loss)                          $(731,000)  $(825,000)
       Adjustments to reconcile net loss to
        net cash provided by (used in) operating
        activities:
       Depreciation                                  48,000      35,000
       Non-cash equity based compensation            78,000      82,000
       Changes in operating assets and
        liabilities:
         Accounts receivable                        815,000     473,000
         Inventories                                 91,000     (79,000)
         Prepaid expenses and other current
          assets                                     (9,000)    (64,000)
         Accounts payable                            22,000     (53,000)
         Accrued expenses                           (97,000)    (39,000)
         Deferred revenues from customer
          advance payments                          119,000    (104,000)
                                                    -------   ---------

    Net cash provided by (used in)
     operating activities                           336,000    (574,000)
                                                    -------   ---------

    Investing Activity
       Additions to property and equipment          (24,000)   (281,000)
                                                    -------   ---------

    Financing Activities
       Issuance of Common Stock                           -     117,000
       Paydown of Debt                             (400,000)          -
                                                  ---------   ---------

    Net Increase (Decrease) in Cash and
     Cash Equivalents                               (88,000)   (738,000)

    Cash and Cash Equivalents, at the
     beginning of the period                      1,709,000   2,428,000
                                                  ---------   ---------

    Cash and Cash Equivalents, at the
     end of the period                           $1,621,000  $1,690,000
                                                 ==========  ==========


    See accompanying report of management.


'/>"/>
SOURCE Versus Technology, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Treatment May Limit Graft-Versus-Host Disease
2. Fox Chase researchers identify differences in treatments and outcomes of patients with second primary lung cancers versus those with one primary lung cancer
3. Versus Technology, Inc. Partners With Microsoft(R) To Promote Health Care Automation in Windows 7 Computing Environments
4. Versus Technology, Inc. Announces Sale of Real-Time Location System to the St. Louis VA Medical Center
5. Connectyx Technologies Holdings Group, Inc. Increases Revenues by 45% and Reduces Expenses by 20% for the Second Quarter of 2009 Versus Second Quarter 2008
6. Versus Introduces Automated, Real-Time Hand Hygiene Compliance Solution
7. Versus Technology, Inc. Announces Sale of Real-Time Location Information System to the Chalmers P. Wylie Veterans Clinic
8. Versus Technology, Inc. Announces Spring 09 Release for Added Workflow Automation
9. Versus Technology Announces Second Quarter Results
10. MapMyRide.com Teams Up With VERSUS for the Grand Tours Challenge
11. New Study Shows Women Experience Significantly Less Unscheduled Bleeding With the ORTHO TRI-CYCLEN(R) LO Birth Control Pill Versus Another Pill
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... 27, 2016 , ... More than a third of American adults are considered ... surgery has received increased attention in recent years, as an article published ... weight loss, most people are familiar with the basic requirements of maintaining a healthy ...
(Date:5/27/2016)... York, NY (PRWEB) , ... May 27, 2016 , ... ... campaign returns for a third time to shed lights on the variety of topics ... and inspirational stories, “Nurse Appreciation” tackles why this career has gone from being in ...
(Date:5/27/2016)... ... May 27, 2016 , ... In ... the many who are unaware of the plight of aphasia. In collaboration with ... the “Stroke Awareness” campaign. , The link between stroke and aphasia is relatively ...
(Date:5/27/2016)... (PRWEB) , ... May 27, 2016 , ... ... in scholarships to students studying complementary medicine. Allison Outerbridge is this year’s ... her award on May 18 at the university’s Student Leadership Awards ceremony. , ...
(Date:5/26/2016)... , ... May 26, 2016 , ... W.S. Badger ... has been honored with a 2016 When Work Works Award for its use of ... of the national When Work Works project administered by the Families and Work Institute ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)...   , Study met ... bowel cleansing and superiority in , ... of the ascending colon   ... Norgine B.V. today announced new positive data from the phase ... preparation) versus standard 2 litre PEG with ascorbate. The study met ...
(Date:5/24/2016)... May 24, 2016  NxStage Medical, Inc. (Nasdaq: ... on advancing renal care, today announced that Jeffrey ... in the following schedule of investor conferences. Where applicable, ... at http://ir.nxstage.com/ .   ... Conference NY, NY           Friday, June 10, 2016 1:30 ...
(Date:5/24/2016)... HONG KONG , May 24, 2016 ... , the world , s ... and AV fistula intervention   OrbusNeich, a ... solutions, has expanded its portfolio to include products to ... balloons are the company,s first entry devices for lower ...
Breaking Medicine Technology: