VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 30, 2010) – VRX Worldwide Inc. (TSX VENTURE:VRW), the world’s leading provider of content production, management and licensing services to the global travel and hospitality industries is pleased to report its financial results for the third quarter ended September 30, 2010.
Summary of Quarterly Results (Unaudited)
| 2010 Q3 | 2010 Q2 | 2010 Q1 | 2009 Q4 | 2009 Q3 | ||||||
| Total revenue | $ | 1,008,181 | $ | 1,027,718 | $ | 1,076,558 | $ | 1,304,424 | $ | 1,674,649 |
| Gross profit | $ | 613,210 | $ | 647,677 | $ | 728,520 | $ | 725,525 | $ | 946,551 |
| EBITDA | $ | 173,448 | $ | 160,476 | $ | 158,645 | $ | 123,777 | $ | 419,204 |
| Net income (loss) | $ | 80,978 | $ | 91,168 | $ | 87,722 | $ | 42,673 | $ | 343,785 |
| Earnings (loss) per share | $ | 0.002 | $ | 0.003 | $ | 0.003 | $ | 0.001 | $ | 0.010 |
| Total assets | $ | 1,395,468 | $ | 1,310,939 | $ | 1,326,653 | $ | 1,382,428 | $ | 1,513,203 |
Total revenue decreased $19,537 (2%) from the second quarter of 2010 and $333,341 (35%) from the same quarter in 2009. This decrease in revenue, over both quarters, is due to the effects of the prolonged global downturn.
Despite the drop in revenue, EBITDA increased $12,972 (8%) over the second quarter of 2010 due to our continued focus on cost controls and operations. Net income decreased $10,190 (11%) over the second quarter of 2010 due to a weaker US dollar. EBITDA and Net income have decreased by $615,840 (56%) and $679,985 (72%), respectively, over the first nine months of 2009 primarily as a result of a drop in service work and a weaker US dollar.
“Our hard work and dedication to the business continues to pay off,” commented David MacLaren, President and CEO of VRX. “In addition to producing our 8th consecutive profitable quarter, we were awarded a revolving credit facility by a major Canadian bank and Choice Hotels appointed us as a qualified vendor for their 6,000 franchises. These milestones reflect our continuing efforts to enhance shareholder value and grow VRX Studios.”
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 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.
per “David MacLaren”
David MacLaren, CEO