VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/31/13 -- VRX Worldwide Inc. (TSX VENTURE: VRW), a global provider of photography, content hosting, distribution, licensing and digital asset management services, is pleased to report its first quarter results for 2013.
Summary of Quarterly Results (Unaudited)
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2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1
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Total revenue $ 732,529 $ 875,553 $ 923,788 $ 780,772 $ 633,659
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Gross profit $ 391,695 $ 497,568 $ 485,915 $ 428,796 $ 370,958
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EBITDA $ 17,201 $ 131,593 $ 156,258 $ 53,586 $ (6,884)
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Net income $ (78,120) $ 53,335 $ 56,188 $ (8,658) $ (87,808)
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Earnings per
share $ (0.002) $ 0.002 $ 0.002 $ (0.000) $ (0.003)
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Total assets $1,748,497 $1,618,141 $1,476,084 $1,266,843 $1,125,440
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Total revenue for the first quarter of 2013 increased 16% ($98,870) over the first quarter of 2012. The year over year increase in quarterly revenue is due to a significant improvement in Service Revenue of 47% ($161,811), which was partially offset by a decrease in License Revenue of 22% ($62,941).
"2013 has started off well for both VRX Studios and MediaValet", commented David MacLaren, President and CEO of VRX Worldwide. "As we're seeing signs that economies in North America and Asia are stabilizing and in many cases improving, we're experiencing increasing demand for our production and digital asset management services. We expect this demand to continue throughout the remainder of the year as the global economy continues to improve and companies increase their marketing efforts."
Subsequent to year-end, in compliance with the bank's request, VRX has agreed to raise additional capital in order to maintain its operating facility. If the Company is not able to raise the funds required or decides it is not in shareholders' best interest to do so, the Company will seek a suitable alternative facility to replace it's operating facility and repay the bank.
The full financial statements and related MD&A are now available on the Company's website (www.vrxworldwide.com) and on SEDAR (www.sedar.com).
ABOUT VRX Worldwide Inc.
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Worldwide is one of the world's leading providers of content production, management, distribution and licensing services. To find out more about VRX Worldwide, its products and services, visit www.vrxworldwide.com, www.vrxstudios.com and www.mediavalet.co. VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE: VRW).
VRX Worldwide Inc.,
per David MacLaren, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
VRX Worldwide Inc.
Investor & Public Relations
info@vrxworldwide.com
888.605.0059
