Valuesetters Reports Second Quarter Earnings
Dec 23, 2014 (ACCESSWIRE via COMTEX) -- WHITE PLAINS, NY / ACCESSWIRE / December 23, 2014 / Valuesetters, Inc. (USOTC: VSTR)
Summary of Recent Accomplishments:
- Quarterly revenues up 2,701% compared to prior year
- Six-month revenues up 1,483% compared to prior year
- Increase in assets of more than $1.8 million in six months
- Six-month earnings of $285,928
- Three month earnings of $166,616
- Gross margin of 82%
Valuesetters, Inc, a cloud-based over-the-top (OTT) content delivery business, today announced earnings for its quarter ended October 31, 2014.
Valuesetter's Chief Executive Officer, Manny Teixeira, stated, "We are very pleased with the progress we have made in the past six months. We have acquired two businesses and a 5% equity stake of two other businesses. We believe our strategy of purchasing part or all of early stage companies and cross pollinating the ideas, technology and expertise within these companies to enhance operations, profits and market share is creating value."
Teixeira continued, "We have combined games, apps, consulting and our cloud-based OTT content delivery capabilities, and generated good short-term results. However, we believe we are only getting started, and that the addition of new OTT products and new acquisitions are our future."
Valuesetters reported a net income for the six months ended October 31, 2014 of $285,928, or $0.00 per share, as compared to a net loss of ($13,085), or ($0.00) per share, for the six months ended October 31, 2013. For the three months ended October 31, 2014 it reported net income of $166,616, or $0.00 per share, as compared to a net loss of ($4,883), or ($0.00) per share, for the six months ended October 31, 2013.
Total assets amounted to $1,847,104 at October 31, 2014, an increase of $1,845,481 over the total assets of $1,623, reported at the end of its 2014 fiscal year, on April 30, 2014.
Revenues for the six months ended October 31, 2014 increased by $52,878, or 1,483%, to $56,444 as compared to $3,566 reported for the six months ended October 31, 2013. Revenues for the three months ended October 31, 2014 increased by $38,348, or 2,701%, to $39,768 as compared to $1,420 reported for the three months ended October 31, 2013.
For additional disclosure regarding Valuesetter's operating results, refer to Valuesetter's Quarterly Report on Form-Q.
About Valuesetters:
Valuesetters is an Internet-based company that seeks free subscribers and revenue-generating subscribers. Valuesetters operates on an automated basis with the belief that Internet operations, customer sign-ups, sales and game playing should occur without human intervention so that it can quickly expand in the event the number of subscribers begins to rapidly grow on a viral basis. Its focus is on the digital delivery of games, apps, movies and music. Research from Parks Associates shows that 55% of broadband households subscribe to OTT services.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE: Valuesetters, Inc.
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