VRX Worldwide Inc.

TSX VENTURE : VRW


VRX Worldwide Inc.

April 30, 2014 19:50 ET

VRX Worldwide Reports 2013 Annual Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 30, 2014) - VRX Worldwide Inc. (TSX VENTURE:VRW) -

  • VRX Studios' broadening service offerings and strengthening global markets drive 15% increase in Service Revenue
  • MediaValet's Revenue Increases 172% with new customers in agriculture, healthcare, education, manufacturing, transportation, sports and recreation, tourism, and consumer products
  • Investment and momentum increases with $525,000 Equity Raise in the 4th Quarter

VRX Worldwide Inc., a global provider of content production and cloud-based digital asset management services, is pleased to report it's annual and fourth quarter results for 2013.

2013 2012 2011
Total revenue $ 3,523,865 $ 3,213,772 $ 3,243,586
Gross profit $ 1,782,394 $ 1,783,237 $ 1,845,030
EBITDA $ 67,582 $ 309,553 $ (366,730 )
Net income (loss) $ (425,473 ) $ 13,057 $ (619,185 )
Earnings (loss) per share $ (0.01 ) $ 0.00 $ (0.02 )
Total assets $ 1,855,175 $ 1,618,141 $ 1,107,431
Summary of Quarterly Results (Unaudited)
2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4
Total revenue $ 931,275 $ 944,220 $ 915,841 $ 732,529 $ 875,553
Gross profit $ 459,131 $ 473,681 $ 457,887 $ 391,695 $ 497,568
EBITDA $ (74,078 ) $ 64,964 $ 59,495 $ 17,201 $ 106,593
Net income $ (234,259 ) $ (54,116 ) $ (58,978 ) $ (78,120 ) $ 53,335
Earnings per share $ (0.01 ) $ 0.00 $ 0.00 $ 0.00 $ 0.00
Total assets $ 1,855,175 $ 1,753,169 $ 1,725,068 $ 1,594,014 $ 1,618,141

Total revenue increased 9.6% year over year and 6.4% quarter over quarter due to VRX Studios' strengthening client base, it's broadening service offering, and MediaValet's growing licensing stream. Gross profit, EBTIDA and net income decreased over both time frames due to increased investment in operations, sales and marketing, research and development, and corporate development activities; and higher financing costs.

"Throughout 2013 we invested in the foundation of our business, successfully growing several new service offerings, nurturing a new brand, and attracting new investors who share our vision for the future," commented David MacLaren, President and CEO of VRX Worldwide. "With the ongoing improvement in the global economy, demand from VRX Studios' 13,000 hotel customers continued to strengthen, our new service initiatives generated higher returns, and version 2.0 of MediaValet helped us land many new customers in a variety of industries across North America, Europe, the Middle East and Asia."

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 its wholly owned brands, MediaValet™ and VRX Studios™, VRX Worldwide delivers cloud-based digital asset management and global content production services to many of the world's leading manufacturing, healthcare, resource, high-tech, agricultural, consulting, consumer, travel and hospitality brands.

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."

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that VRX Worldwide Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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