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VirtualScopics Reports 2nd Quarter 2011 Results; Revenues Rise 20%
Date:8/9/2011

lation or delay of customer contracts or specifically as it relates to contact awards, the risk that they may not get signed.  Other risks include the company's dependence on its largest customers and risks of contract performance, protection of our intellectual property and the risks of infringement of the intellectual property rights of others. All forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update such forward-looking statements.

-Financial tables to follow-VirtualScopics, Inc. and SubsidiaryCondensed Consolidated Statements of Operations (unaudited)For the Three Months Ended June 30,For the Six Months Ended June 30,2011201020112010Revenues$ 3,576,253$ 2,970,039$ 6,925,863$ 5,811,795Reimbursement revenues276,672251,554586,039480,804Total revenues3,852,9253,221,5937,511,9026,292,599Cost of services1,755,2351,331,0223,505,1042,574,665Cost of reimbursement revenues276,672251,554586,039480,804Total cost of services2,031,9071,582,5764,091,1433,055,469Gross profit1,821,0181,639,0173,420,7593,237,130Operating expensesResearch and development350,449268,116664,706519,238Sales and marketing307,618338,807609,714641,322General and administrative687,969621,2221,288,1811,223,523Stock-based compensation expense203,729193,351437,934377,126Depreciation and amortization113,224127,094250,448252,013Total operating expenses1,662,9891,548,5903,250,9833,013,222Operating income 158,02990,427169,776223,908Other income (expense)Other income13,0063,13814,2327,359Other expense(16,720)(5,115)(17,940)(5,286)Gain (Loss) on derivative financial instrument173,335252,574(38,799)123,135Total other income (expense)169,621250,597(42,507)125,208Net income 327,650341,024127,269349,116Series B preferred stock cash dividend12,00044,09224,989100,057Net income attributable to common stockholders$
315,650$
296,932$
2,280$
249,059Basic and diluted earnings per common share$
.01$
.01$
.00$
.01Weight
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SOURCE VirtualScopics, Inc.
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