VRX Worldwide Inc.

VRX Worldwide Inc.

May 29, 2014 16:15 ET

VRX Worldwide Reports 2014 First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) - VRX Worldwide Inc. (TSX VENTURE:VRW) -

  • Quarterly revenue achieves highest level in 13 quarters on strong VRX Studios Service and MediaValet Licensing revenues
  • VRX Studios' Service Revenue Increased 67% over the prior year with its new service offerings in high demand
  • MediaValet's Licencing Revenue Increased 105% over the prior year with new customers in cosmetics, consumer products, and agriculture
  • Momentum continues with $350,000 equity raise in April and increased investment in MediaValet division

VRX Worldwide Inc., a leading provider of cloud-based digital asset management software and global photography, content management, and content licensing services, is pleased to report it's first quarter results for 2014.

Summary of Quarterly Results (Unaudited)
2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1
Total revenue $ 1,072,348 $ 931,275 $ 944,220 $ 915,841 $ 732,529
Gross profit $ 594,628 $ 459,131 $ 473,681 $ 457,887 $ 391,695
EBITDA $ (84,215) $ (74,078) $ 64,964 $ 59,495 $ 17,201
Net income $ (249,116) $ (234,259) $ (54,116) $ (58,978) $ (78,120)
Earnings per share $ (0.01) $ (0.01) $ 0.00 $ 0.00 $ 0.00
Total assets $ 1,700,983 $ 1,855,175 $ 1,753,169 $ 1,725,068 $ 1,594,014

Total revenue for the first quarter of 2014 increased 15% sequentially over the fourth quarter of 2013 and 46% over the first quarter of 2013. The increases are a direct result of VRX Studios' broadening service offerings and MediaValet's growing licensing stream. EBITDA and net income decreased over both time frames due to increased investment in the company's cloud-based digital asset management division (MediaValet), corporate development activities, and higher financing costs.

"Over the past four months, we've experienced firsthand the positive effects of the global economy beginning to shake off its sluggishness," commented David MacLaren, President and CEO of VRX Worldwide. "Our global base of customers is beginning to execute long planned marketing and growth strategies while our teams are stronger than ever. We're looking forward to a pivotal year as we plan to launch two new major versions of MediaValet and VRX Studios is expected to contribute significantly to our bottom line."

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 software and global photography, content management, and content licensing 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."

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