VRX Worldwide Inc.
TSX VENTURE : VRW

VRX Worldwide Inc.

May 02, 2011 20:25 ET

VRX Reports 2010 Annual Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2011) - VRX Worldwide Inc. (TSX VENTURE:VRW) -

  • Profit Trend Continues with 9thConsecutive Profitable Quarter
  • Product Offering Expanded with Launch of First 100% Cloud-based DAMS: MediaValet
  • $250,000 Debenture Extended for an additional 3 Year Term
  • $300,000 Credit Facility Secured

VRX Worldwide Inc. the world's leading provider of content production, management and licensing services to the global travel and hospitality industries is pleased to report its 2010 annual and fourth quarter results.

Summary of Annual Results (Audited)

201020092008
Total revenue$ 4,029,647$ 6,029,968$ 4,413,632
Gross profit$ 2,542,002$ 3,484,797$ 2,047,275
EBITDA$ 591,719$ 1,231,745$ (103,105)
Net income (loss)$ 275,008$ 982,526$ (588,415)
Earnings (loss) per share$ 0.01$ 0.03$ (0.02)
Total assets$ 1,251,438$ 1,382,428$ 860,659

Summary of Quarterly Results (Unaudited)

2010 Q42010 Q32010 Q22010 Q12009 Q4
Total revenue$ 917,190$ 1,008,181$ 1,027,718$ 1,076,558$ 1,304,424
Gross profit$ 556,395$ 613,210$ 647,677$ 728,520$ 725,525
EBITDA$ 99,150$ 173,448$ 160,476$ 158,645$ 123,777
Net income15,140$ 80,978$ 91,168$ 87,722$ 42,673
Earnings per share$ 0.000$ 0.002$ 0.003$ 0.003$ 0.001
Total assets$ 1,251,438$ 1,395,468$ 1,310,939$ 1,326,653$ 1,382,428

For the year ended December 31, 2010, net income was $275,008, or one cent per share, on revenue of $4,029,647 compared to net income of $982,526, or three cents per share, on revenue of $6,029,968, for fiscal 2009. The decrease in revenue and profitability is due to the effects of the prolonged global downturn and a weaker US dollar.

For the three month period ended December 31, 2010, net income was $15,140 or 1/10 of a cent per share, on revenue of $917,190 compared to net income of $42,673, or 1/10 of a cent per share, on revenue of $1,304,424 for the final quarter of 2009. The decrease in profitability over previous quarters is primarily due to an increased provision for doubtful accounts.

"We are very pleased to announce another profitable year and quarter during these challenging economic times," commented David MacLaren, President and CEO of VRX. "2010 was a difficult yet very exciting year as we continued to refine our cost structure, improve our financial flexibility and expand our service offering and markets with the launch of MediaValet™ - the world's first 100% cloud-based digital asset management system."

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 STUDIOS

Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Studios remains the world's leading provider of content production, management and licensing services to the global travel and hospitality industries. Through our comprehensive suite of products, covering Architectural, Destination, Food and Beverage and Lifestyle Photography, Content Management, Distribution, and Licensing, we help travel and hospitality companies capture and showcase their brands to the world – making people take notice. To find out more about VRX Studios, its products and services, visit www.vrxstudios.com and www.mediavalet.co.

VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW) (www.vrxworldwide.com).

VRX Worldwide Inc.

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."

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