Welcome!

News Feed Item

VRX Worldwide Reports 2014 Second Quarter Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/28/14 --


--  Total revenue in the second quarter increased 16% over the same period
    in 2013 
--  VRX Studios' Service Revenue grew 19% and MediaValet's Licencing Revenue
    grew 55% 
--  On a trailing 12 months basis, MediaValet's Licencing Revenue increased
    122% 
--  MediaValet's customer base continues to diversify with new customers in
    the US public and non-profit sectors, advertising, and online education 
--  VRX Worldwide continues to invest in the cloud-based enterprise software
    space

VRX Worldwide Inc. (TSX VENTURE:VRW), a leading provider of cloud-based digital asset management software and global photography services, is pleased to report its second quarter results for 2014.


Summary of Quarterly Results (Unaudited)                                    
                                                                            
----------------------------------------------------------------------------
                    2014 Q2     2014 Q1     2013 Q4     2013 Q3     2013 Q2 
----------------------------------------------------------------------------
Total revenue    $1,060,355  $1,072,348  $  931,275  $  944,220  $  915,841 
----------------------------------------------------------------------------
Gross profit     $  538,742  $  594,628  $  459,131  $  473,681  $  457,887 
----------------------------------------------------------------------------
EBITDA           $ (350,498) $  (84,215) $  (74,078) $   64,964  $   59,495 
----------------------------------------------------------------------------
Net income       $ (419,460) $ (249,116) $ (234,259) $  (54,116) $  (58,978)
----------------------------------------------------------------------------
Earnings per                                                                
 share           $    (0.01) $    (0.01) $    (0.01) $     0.00  $     0.00 
----------------------------------------------------------------------------
Total assets     $1,840,687  $1,700,983  $1,855,175  $1,753,169  $1,725,068 
----------------------------------------------------------------------------

Total revenue for the second quarter of 2014 increased 1% sequentially over the first quarter and increased 16% over the second quarter of 2013. EBITDA and net income decreased over both time frames due to increased investment in the company's cloud-based enterprise software division (MediaValet), corporate development activities, and higher financing costs.

"With the third and most advanced release of MediaValet due out later this year, our development team has grown over 300% in the past six months," commented David MacLaren, President and CEO of VRX Worldwide. "Our increased investment in product development, R&D, and other areas of our software business over the last six months is to increase our ability to capitalize on the surging demand for cloud-based enterprise software. In our case, this explosion in demand, combined with the rapid increase in the creation of digital assets by marketing departments, is driving the need - by large and small companies alike - for a cost-effective, scalable, and secure digital asset management solution."

Continued MacLaren, "We're seeing a seismic shift in how companies think about software and IT. The flexibility, affordability and security of the Cloud is having a major effect on department budgets and accountability throughout organizations. IT budgets are tending to shrink while Marketing, Sales and HR budgets are tending to increase. This shift is allowing departments to take accountability for their own software and IT needs - enabling them to move faster, be more productive and add more value to their organizations as a whole."

Subsequent Event - As announced on August 25th, VRX Worldwide has entered into an agreement to sell its photography services business for $3 million CDN. This transaction is part of VRX Worldwide's strategic restructuring to focus solely on its cloud-based enterprise software business under its brand, MediaValet. Upon closing, which is subject to shareholder and TSX Venture approval, VRX Worldwide Inc. will be renamed MediaValet Inc. and the company's trading symbol will be changed accordingly.

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(TM) and VRX Studios(TM), VRX Worldwide delivers cloud-based digital asset management software and global photography 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."

Contacts:
Corporate Office:
David MacLaren
CEO
(604) 688-2321
[email protected]

Press Relations:
Asa Zanatta
(604) 688-2321
[email protected]

Investor Relations:
Mario Vetro
(604) 687-7130, x105
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.