VANCOUVER, BRITISH COLUMBIA, Apr. 27, 2010 (Marketwire) -- VRX Worldwide Inc. (TSX VENTURE:VRW) -
-- Annual revenue increases 37% to all time high $6.0 million
-- EBITDA increases $1.3 million to $1.2 million
-- Net income increases $1.6 million to $1.0 million
-- Working capital improves $1.5 million to positive
-- 5th consecutive profitable quarter
VRX Worldwide Inc., the global leader in producing, distributing and licensing high-quality photography and rich media content for the world's top travel brands, is pleased to report its 2009 annual and fourth quarter results.
Selected Annual Results (Audited)2009 2008 2007
----------------------------------------------------------------Total revenue $6,029,968 $4,413,632 $3,830,455
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Gross Profit 3,484,797 2,047,275 1,535,898
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EBITDA 1,231,745 (103,105) (646,950)
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Net income (loss) 982,526 (588,415) (1,237,246)
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Profit (loss) per share 0.03 (0.02) (0.04)Working Capital (deficit) 14,428 (1,445,421) (132,723)
Total Assets 1,382,428 860,659 1,038,566Summary of Quarterly Results (Unaudited)
2009 Q4 2009 Q3 2009 Q2 2009 Q1
----------------------------------------------------------------Total revenue $1,304,424 $1,674,649 $1,587,515 $1,463,380
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Gross profit 725,525 946,551 923,360 889,361
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EBITDA 123,777 419,204 359,218 329,546
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Net income 42,673 343,785 354,961 241,107
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Earnings per share 0.001 0.010 0.010 0.007
"VRX thrived in 2009 despite a challenging economic climate," says VRX President and CEO, David MacLaren. "Our industry-leading products and renowned customer service, the innovation of our team and the support and commitment of our world-class customers, drove our business to its best year ever. In 2009, we surpassed all previous revenue achievements, returned to annual profitability and positive working capital, improved our operating and net margins, all while increasing our market share."
Through a combination of strong operational results and extending the maturity dates of outstanding debentures, the Company's working capital increased by $1.5 million to a positive working capital position of $14,428 as compared to a working capital deficit of $1.4 million at the end of 2008.
"Our strategy of growing our business and market share through product innovation, customer service and globalization was successful in 2009 and will be continued throughout 2010," says MacLaren.
To view the Company's full financial statements and MD&As for it's 2009 annual and fourth quarter results, please go to www.vrxworldwide.com or www.sedar.com.
About VRX
VRX Studios Inc., a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW) (www.vrxworldwide.com), is the world leader in producing, distributing and licensing high quality, photography and rich media content that educates, inspires, and compels 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. To find out more about VRX Studios, its products and services, visit www.vrxstudios.com.
VRX Worldwide Inc.
David MacLaren, President & 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."
