VANCOUVER, BRITISH COLUMBIA, May 27, 2010 (Marketwire) -- VRX Worldwide Inc. (TSX VENTURE:VRW) -
-- Profit trend continues with 6th consecutive profitable quarter-- EBITDA increases 28% over Q4'09
-- Net income increases 106% over Q4'09
-- Gross margin percentage improves to 68%
VRX Worldwide Inc. (TSX VENTURE:VRW), the global leader in producing, managing, distributing and licensing high-quality Photography and Rich Media content for the world's top travel brands, is pleased to report its financial results for the first quarter ended March 31, 2010.
Summary of Quarterly Results (Unaudited)
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2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1
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Total
revenue $ 1,076,558 $ 1,304,424 $ 1,674,649 $ 1,587,515 $ 1,463,380
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Gross
profit $ 728,520 $ 725,525 $ 946,551 $ 923,360 $ 889,361
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EBITDA $ 158,645 $ 123,777 $ 419,204 $ 359,218 $ 329,546
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Net income
(loss) $ 87,722 $ 42,673 $ 343,785 $ 354,961 $ 241,107
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Earnings
(loss) per
share $ 0.003 $ 0.001 $ 0.010 $ 0.010 $ 0.007
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Total
assets $ 1,326,653 $ 1,382,428 $ 1,513,203 $ 1,290,630 $ 1,010,675
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Revenue for the first quarter of 2010 was down 17% over the fourth quarter of 2009 and 26% over the first quarter of 2009 as a result of the lower Canadian dollar and unusually poor weather throughout the U.S.
Gross profit, EBITDA and net income in the first quarter of 2010 were up over the fourth quarter of 2009 due to continued improvements in cost efficiencies and the initial sales of several new products and services that are in various stages of development.
"Although revenue was down in the first quarter, we continue to maintain profitability and improve our margins," commented David MacLaren, President and CEO of VRX. "Our focus on quality and customer service, along with our ongoing investment in new products, processes and technology, continue to drive and improve our business."
The Company's full financial statements and 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 leading provider of Photography, Content Management and Licensing services to the global hospitality and travel industries. Through our comprehensive suite of products, covering Architectural, Destination, Food and Beverage and Lifestyle Photography, Content Management, Distribution, Licensing and Presentation, we help hospitality and travel 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.
VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW) (www.vrxworldwide.com).
VRX Worldwide Inc.
David MacLaren, CEO
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.
