VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 30, 2010) – 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 results for the second quarter of 2010, ended June 30, 2010.
Summary of Quarterly Results (Unaudited)
|2010 Q2||2010 Q1||2009 Q4||2009 Q3||2009 Q2|
|Total revenue||$ 1,027,718||$ 1,076,558||$ 1,304,424||$ 1,674,649||$ 1,587,515|
|Gross profit||$ 647,677||$ 728,520||$ 725,525||$ 946,551||$ 923,360|
|EBITDA||$ 160,476||$ 158,645||$ 123,777||$ 419,204||$ 359,218|
|Net income (loss)||$ 91,168||$ 87,722||$ 42,673||$ 343,785||$ 354,961|
|Earnings (loss) per share||$ 0.003||$ 0.003||$ 0.001||$ 0.010||$ 0.010|
|Total assets||$ 1,310,939||$ 1,326,653||$ 1,382,428||$ 1,513,203||$ 1,290,630|
Total revenue decreased $48,840 (4.5%) over the first quarter of 2010 and $559,797 (35%) over the same quarter in 2009. The decrease in revenue over both quarters is due to the effects of the prolonged global down turn on the travel industry.
Despite the drop in revenue, EBITDA and net income increased $1,831 (1%) and $3,446 (4%), respectively, over the first quarter of 2010 due to further cost reductions and process improvements. EBITDA and net income decreased $198,742 (55%) and $263,793 (74%), respectively, over the second quarter of 2009 as a result of less production work and a weaker US dollar.
“Our continued focus on controlling costs, increasing efficiencies and improving the flexibility of our production business have allowed us to respond quickly to changing market conditions and as a result, maintain our profitability – posting our seventh consecutive profitable quarter,” commented David MacLaren, President and CEO of VRX. “While the global economic down turn stretches further into 2010, the travel industry as a whole is becoming more cautious with their marketing budgets. In turn, we’ve tailored our sales and marketing and research and development initiatives to navigate this difficult environment while enabling us to continue to bring new services and offerings to market.”
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