VRX Reports 2009 First Quarter Results

    -   Profit trend continues, increasing 208% over Q4'08 to $241,107
    -   Revenue increases 50% over Q1'08 to $1.46 million
    -   Gross margin increases 116% over Q1'08 to $889,361
    -   EBITDA increases 45% over Q1/08 to $329,546

    VANCOUVER, May 29 /CNW/ - VRX Worldwide Inc. (TSX-V:VRW) today reported
results for the three months ended March 31, 2009.
    Net income for the first quarter was $241,107, or $0.007 per share
diluted, a sequential increase of 208% ($162,735) over the prior quarter and a
293% ($501,213) increase over Q1'08.
    Revenue for the first quarter of fiscal 2009 was $1.46 million, down
slightly from $1.47 million in the previous quarter and up 50% from $0.98
million in the same quarter of the previous year. The revenue breakdown for
the quarter was approximately 36% licensing and 64% services. Compared to the
same quarter last year, licensing and service revenue increased 22% and 71%,
    "Since being founded, VRX's core strength has been our ability to produce
the highest quality visual content at a scale and consistency that no other
company can match. Staying true to this competitive advantage and striving to
reduce both operating and variable expenses has dramatically increased our top
and bottom line over the past eighteen months," commented David MacLaren,
President and CEO of VRX. "We're extremely proud to have achieved our second
consecutive quarterly profit in such a tough economic environment. We believe
our ongoing efforts to leverage our core strengths, increase productivity and
reduce costs will enable us to emerge from these challenging times stronger
and better positioned for the future."
    As of March 31, 2009, the Company had a net current monetary liability
position of $372,804 as compared to $479,901 at December 31, 2008. This 22%
($107,097) improvement is due to the net profit generated from operations in
the first quarter. Current monetary items include cash, accounts receivable,
accounts payable and the current portion of convertible debentures.

    Summary of Quarterly Results (Unaudited)

                     2009 Q1     2008 Q4     2008 Q3     2008 Q2     2008 Q1
    Total revenue $1,463,380  $1,472,152  $  916,968  $1,045,714  $  978,798
    Gross profit  $  889,361  $  826,701  $  363,919  $  445,000  $  411,655
    Net income
     (loss)       $  241,107  $   78,372  $ (222,950) $ (183,731) $ (260,106)
    Earnings (loss)
     per share    $    0.007  $    0.002  $   (0.006) $   (0.005) $   (0.008)
    Total assets  $1,010,675  $  860,659  $  542,441  $  625,235  $  978,798

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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890