VRX Reports 2008 Annual and Fourth Quarter Results



    
    -   4th Quarter return to profit of $78,372
    -   Annual Revenue increases 15% to $4.4 million
    -   Gross margin increases 33% to $2.0 million
    -   Annual Net Loss improves 52% to ($588,415)
    

    VANCOUVER, May 1 /CNW/ - VRX Worldwide Inc. (TSX-V:VRW) today reported
results for the three months and fiscal year ended December 31, 2008.
    Revenue for the fourth quarter of fiscal 2008 was $1.47 million, up 61%
from $0.91 million in the previous quarter and up 36% from $1.08 million in
the same quarter of the previous year. The revenue breakdown for the quarter
was approximately 34% licensing and 66% services. Revenue for the fiscal year
ended December 31, 2008 was $4.4 million, up 15% from $3.8 million last year.
    "We are very pleased to report our return to profitability in the fourth
quarter of 2008. Our primary focus throughout 2008 was to grow revenues while
reducing operating expenses," commented David MacLaren, President and CEO of
VRX. "To this end, we were very successful as we were able to limit expense
growth to 1% while increasing revenue by 15%. These efforts directly affected
our bottom line by reducing our net loss over the previous year by 52%.
Looking ahead, we will continue to focus on revenue growth and expense
control."
    Net income for the fourth quarter was $78,372, or $0.02 per share
diluted, compared with a net loss of $222,950, or $0.01 per share diluted, in
the prior quarter and a net loss of $250,758, or $0.01 per share diluted, in
the same quarter last year. For the fiscal year 2008, net loss was $588,415,
or $0.02 per share diluted, up 52% over the net loss of $1,237,246 in fiscal
2007.
    As of December 31, 2008, the Company had a net current monetary liability
position of $479,901 as compared to a net current asset position of $573,909
at December 31, 2007. The decrease in the net current monetary position of
$1,053,810 was caused primarily by a reclassification of the balance owing on
the Sabre convertible debenture ($670,285) from a long term liability to a
short term liability due to its maturity in 2009. Excluding this
reclassification the Company would have had a net current monetary asset
position of $190,384 at December 31, 2008.
    As previously reported, VRX and Sabre have mutually agreed to extend the
amended maturity date from May 1, 2009 to May 29, 2009. The extension is being
agreed to allow both parties to finalize an amicable settlement for the
maturity of this debenture. As of today, the outstanding balance of the loan
is $590,224.

    
    Summary of Quarterly Results (Unaudited)

    -------------------------------------------------------------------------
                        2008 Q4        2008 Q3        2008 Q2        2008 Q1
    -------------------------------------------------------------------------
    Total revenue  $  1,472,152   $    916,968   $  1,045,714   $    978,798
    -------------------------------------------------------------------------
    Gross profit   $    826,701   $    363,919   $    445,000   $    411,655
    -------------------------------------------------------------------------
    Net income
     (loss)        $     78,372   $   (222,950)  $   (183,731)  $   (260,106)
    -------------------------------------------------------------------------
    Earnings
     (loss) per
     share         $      0.002   $     (0.006)  $     (0.005)  $     (0.008)
    -------------------------------------------------------------------------


    Selected Annual Results (Audited)

    -------------------------------------------------------------------------
                           2008           2007           2006
    -------------------------------------------------------------------------
    Total revenue  $  4,413,632   $  3,830,455   $  5,167,452
    -------------------------------------------------------------------------
    Net loss       $   (588,415)  $ (1,237,246)  $   (893,834)
    -------------------------------------------------------------------------
    Loss per share $      (0.02)  $      (0.04)  $      (0.03)
    -------------------------------------------------------------------------
    Total Assets   $    860,659   $  1,038,566   $  1,295,511
    -------------------------------------------------------------------------

    The full financial statements and the related MD&A are now available on
    the Company's website, www.vrxworldwide.com and on SEDAR at
    www.sedar.com.
    

    About VRX

    VRX Studios Inc., a wholly owned subsidiary of VRX Worldwide Inc.
(TSX-V:VRW) (www.vrxworldwide.com), is the world leader in producing,
distributing and licensing high quality, rich media content that educates,
inspires, and compels online travel consumers. Many of today's leading travel
brands rely on VRX's stunning hotel, cruise and destination content to attract
and engage millions of consumers each month. In 2007, VRX was recognized by
Profit magazine and Business in Vancouver as one of Canada's fastest growing
companies. To find out more about VRX Studios, its products and services,
visit www.vrxstudios.com.

    
    VRX Worldwide Inc.
    per "David MacLaren"
    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."
    





For further information:

For further information: Investor & Public Relations, 1-888-605-0059,
info@vrxworldwide.com

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VRX WORLDWIDE INC.

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