Tuesday, April 23, 2013 12:34:49 PM
VSTI.. $0.122 THIS IS MY STOCK FOR 2013.. I expect a 15 bagger (At Least fro when first listed..) ..A TRUE TABLE POUNDER.. Shares issued and
outstanding 103,992,869
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Western Maryland Health System Expands Use of Versus RTLS to Enhance Staff Safety
PR Newswire - Apr 09 11:58 EDT
Visibility™ Staff Assist Solution Deployed in Behavioral Health Unit
TRAVERSE CITY, Mich., April 9, 2013 /PRNewswire/ -- Western Maryland Health System (WMHS) has recently expanded use of its Real-time Locating System (RTLS) from Versus Technology, Inc. (Pink Sheets: VSTI.PK), using their existing sensory network to implement the Visibility™ Staff Assist solution. Deployed in WMHS' Behavioral Health Unit, Staff Assist provides a mobile, location-aware call button for caregivers.
According to the U.S. Department of Justice's National Crime Victimization Survey conducted 2005 to 2009, mental health occupations had one of the highest rates of workplace violence, second only to law enforcement. A 2011 survey by the Emergency Nurses Association found panic buttons to be one of the only environmental measures associated with a lower rate of workplace violence in healthcare.
Because WMHS is committed to enhancing the safety of its staff, the hospital sought to improve safety protocols for behavioral health workers. They selected Versus' Staff Assist solution because it could easily be added to their existing RTLS network, says Jeffery D. O'Neal, LCPC, the systems director for WMHS' Behavioral and Occupational Health Services department.
WMHS, located in Cumberland, Md., has been using Versus' RTLS since 2009 for asset tracking, patient tracking and egress control. By leveraging the existing RTLS sensory network in the Behavioral Health Unit, implementation of Staff Assist involved only installing software and providing Versus Clearview™ Badges, equipped with call buttons, to staff members.
"We saw an opportunity to expand the Versus system using the same sensors," explains O'Neal. "By providing badges to our staff, if they find themselves in a precarious situation with an aggressive or threatening patient, they are able to push the button on the badge and trigger what we call a 'code green,' or a crisis response team."
When a badge button is pressed, the Staff Assist software sends a pop-up alert showing both the staff member's name and location to workstations in the facility's call center, as well as to the nurse's station and Ascom phones. The person's current location is also highlighted on Versus' Enterprise View™ Floorplan, which displays a map of the unit. Call Center workers then call the code, knowing both the name and exact location of the staff member in crisis.
O'Neal says the mobile panic button provided by Staff Assist is an improvement over previous safety protocols. "Staff would have to use their portable telephone to call a code," he says, "which they may not have been able to do if they were being attacked by a client."
Staff members in WMHS' Behavioral Health Unit feel the system has not only improved safety, but also morale. "Working in the behavioral health unit can be stressful," says Vicki Svensson, RN, nurse manager. "Knowing that our hospital places priority on our safety, and gives us a way to call for help, really helps ease our minds as we care for our patients."
The success WMHS experienced in improving patient safety with Versus' RTLS led them to consider the Staff Assist solution. "The thing that has impressed me the most is how accurate the system is," O'Neal says. "We've had patients who have tried leaving the behavioral health unit, and using Versus [for egress alerts], we're always able to get the patient right in the main hall. We have not had any elopements from our unit since we started using Versus. From a safety perspective, that's huge."
By utilizing the same network for multiple applications — asset tracking, patient tracking, egress control, and now Staff Assist — WMHS significantly lowers the total cost of ownership for their RTLS.
As a bonus, Staff Assist was paid for with a patient safety grant. "Our health system had already made a commitment to support the expansion of the Versus system, but it being paid for by a grant was great," O'Neal says.
Life Safety Solutions Integrators, a Certified Versus System Integrator located in Timonium, Md., installed and provides ongoing support for the Versus sensory network.
About Western Maryland Health System
The Western Maryland Health System (WMHS) in Cumberland provides a wide range of healthcare services along the continuum of care for residents in Allegany and Garrett Counties in Maryland and surrounding counties in West Virginia and Pennsylvania. WMHS includes the Western Maryland Regional Medical Center, a 275-bed facility that opened in November 2009. Other components include a nursing home, outpatient diagnostic centers, and a network of urgent care clinics, primary care centers and physician practices. www.wmhs.com
About Life Safety Solutions Integrators
Life Safety Solutions Integrators is a solutions provider of low-voltage electronics and life safety systems for government, education, healthcare and business in the Greater Washington D.C., Northern Virginia and Maryland areas. Since 1978, LSSI has been engineering, installing and maintaining fire alarms, intercoms, security systems, nurse call systems and much more. Learn more at www.lifesafetysystems-lss.com.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used by more than 700 hospitals for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc. (Pink Sheets: VSTI.PK), our technology and client successes, visit versustech.com and view our RTLS Demo.
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Aker Eye/Vision Source Improves Patient Flow, Efficiency with RTLS Technology
Optometry Clinic one of two in nation using wireless real-time locating
TRAVERSE CITY, Mich., Feb. 21, 2013 /PRNewswire/ -- Aker Eye/Vision Source, an eye clinic in Titusville, Fla., is one of the first optometry practices in the nation to improve patient flow and efficiency with a Real-time Locating System (RTLS) from Versus Technology, Inc (OTCPINK: VSTI).
The Versus Advantages™ Clinic patient flow system, an RTLS consisting of staff and patient badges that communicate with wireless V-Link™ sensors installed in each patient care area, tracks and times the stages of each patient visit (e.g. check-in, pre-testing, exam, etc.).
While the times are recorded, real-time locations of patients and staff are displayed on an electronic Glance-and-Go™ floor plan of the office (click for example). Pop-up messages also alert optometrists when patients are ready to be seen.
Greg Aker, O.D., discovered the patient flow system while searching for ways to reduce stress for his staff. Between two optometrists, his practice can see as many as 65 patients per day. "We were getting bogged down," he says, and the heavy patient load was taking a toll. "I knew there had to be a way to smooth the process out."
The eye center implemented the Advantages Clinic RTLS in January of 2013. The system immediately improved the clinic's efficiency. On the very first day, the average patient's overall visit time was reduced by 10 minutes.
According to Dr. Aker, that's because the Advantages system offers real-time visibility and alerts to help keep patients moving through the office efficiently.
Dr. Aker explains the immediate benefit that his staff receive: "At a glance, they know how many patients are waiting, and they know if an exam room is full. Before, they would literally have to get up, walk down the hall, walk in, look in the exam rooms to see which one is free, walk back up, get the patient, and bring them back. The Versus system eliminated that."
For the optometrists, the system's alerts and timers are motivators to keep patient flow moving. "It's the best part about the whole system," Dr. Aker says. "I'm seeing a timer tick by with how long the patient's been waiting for me. If the patient's been left alone for 15 minutes, this blue alert turns to red, so I know, boy, I better get in there."
What do patients think of the system? "I've invested in a lot of technologically advanced equipment throughout the whole office—it's kind of a theme around here," Dr. Aker says. But the Versus Glance-and-Go monitors are what "wows" his patients. "Oh, they marvel. They just shake their heads and say, 'You're the most advanced office I've ever seen.'"
As for staff, Dr. Aker says that out of all the technology he uses, the Advantages Clinic RTLS is the one system that has made their work day better. "Multiple employees have come to me and said, 'Hands down this is the best thing you've ever done.' That's a powerful statement."
Dr. Aker expects efficiencies gained from the system will grow as he begins to use the historical data offered through Versus' Reports Plus™ Analytics software. Ready-made reports compare wait times, overall visit times or other metrics against benchmarks to identify potential bottlenecks in patient flow.
While Versus' RTLS has been used in hospitals for more than 20 years, Aker Eye/Vision Source joins Key-Whitman Eye Center, with offices in Dallas, Plano and Arlington, Texas, as one of only two optometry practices in the nation using the technology.
Versus is the first RTLS vendor to offer affordable real-time locating to clinics of all sizes, thanks to its new V-Link sensory network. The battery-powered, wireless V-Link sensors are quickly and easily installed in a matter of days, without pulling wire. Together with the 10th-generation, AC-powered V-Direct™ sensory network, V-Link allows Versus and its Certified System Integrators to offer comprehensive options to healthcare facilities exploring the benefits of RTLS.
About Aker Eye/Vision Source
At Aker Eye/Vision Source, service to the patient is the highest priority. Through the use of advanced technology, the practice strives to offer an eyecare experience like none other. The center is led by Greg Aker, O.D., who began serving the area of Titusville, Fla., in 1984 and has since built a name for himself as a preeminent optometry provider. Dr. Aker is joined by Sarah Harbove, O.D., who is proud to provide quality eye care in her hometown. Learn more at akereyecenter.com.
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Children's of Alabama Live with Versus RTLS Asset Tracking, Four Rivers Integration
TRAVERSE CITY, Mich., Feb. 19, 2013 /PRNewswire/ -- Children's of Alabama in Birmingham has implemented the Versus Advantages™ Asset Tracking solution. The real-time locating system (RTLS) from Versus Technology, Inc. (OTCPINK: VSTI) includes two-way HL7 integration to Four Rivers Total Maintenance System (TMS).
The Versus RTLS Asset Tracking solution was selected for its proven accuracy and the ability to expand the solution to other uses as needed.
The system has been installed throughout the new Benjamin Russell Hospital for Children which opened in August of 2012, and will be expanded across the remaining six inpatient units making up the Children's of Alabama's main campus. VT Group Healthcare, in Birmingham, Ala., a certified Versus System Integrator, is installing the system.
The hospital is currently tracking approximately 3,000 mobile assets, including IV pumps, beds and stretchers across 760,000 square feet. The first phase of the implementation will allow the hospital to:
reduce shrinkage due to lost or stolen items,
quickly locate critical equipment for patient safety,
manage utilization of key inventory,
improve response times for patient care needs, and
improve overall patient satisfaction.
The integration to Four Rivers TMS application will help Children's of Alabama better manage its equipment fleet by associating key equipment status data with the equipment's real-time location. Factors such as preventative maintenance, warranties and recall notifications are maintained and managed in the Four Rivers system, while Versus provides the equipment's current location. The integration with Versus allows staff to see which equipment is available and where it is.
Asset tracking is one of many RTLS uses. With the Versus system, hospitals can also track and automate patient flow, quickly locate nurses, physicians and other staff, as well as monitor hand hygiene compliance.
Jack Storey, CIO of Children's of Alabama explains, "We selected Versus for our expansion facility because it allows us to have multiple RTLS-driven applications on one infrastructure. Our initial focus was equipment tracking and the Integration to Four Rivers was important to us. The Versus infrastructure can also be used by our GE [Ascom Telligence™] nurse call system for nurse tracking. Additional applications within the Versus suite of products would also allow us to add patient tracking and/or hand washing monitoring if we decide that functionality is needed in the future. It is beneficial for us to have a single system and infrastructure that we can cross-utilize and leverage throughout the hospital."
Versus' RTLS is proven at more than 700 hospitals and clinics—many of which have been operating daily on the same sensory network for more than 15 years. Using infrared (IR) technology for room and bed-level locating and radio frequency identification (RFID) for status communication, the Versus RTLS guarantees No False Positives.
Unlike other real-time locating systems, Versus requires a read, or "hit," from badge or tag that is physically present in a sensed location. Versus' ability to guarantee accuracy allows physicians, nurses, clinicians and clinical engineers to quickly locate patients, staff and equipment and trust that the data is accurate. It also means that Versus can automate other systems without delay and without the risk of providing false data.
To learn more about Asset Tracking and other uses for RTLS in the clinical environment, visit Versus' website at visit versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Children's of Alabama
Children's of Alabama has provided specialized medical care for ill and injured children across the state and throughout the southeastern U.S. since 1911. For the past three years, Children's has been ranked among the best children's hospital programs in the nation by US News & World Report. Last year, patients made more than 634,000 outpatient and nearly 14,000 inpatient visits to Children's from every county in Alabama and from 47 other states. With more than 2 million square feet, it is the third largest pediatric medical facility in the U.S. Children's offers inpatient and outpatient services across its Russell Campus on Birmingham's historic Southside with additional outpatient services provided at Children's South and Children's on 3rd. Primary care is provided at more than a dozen medical offices in communities across central Alabama. Children's of Alabama is the only medical center in Alabama dedicated solely to the care and treatment of children. It is a private, not-for-profit medical center that serves as the primary site of the University of Alabama at Birmingham (UAB) pediatric medicine, surgery, research and residency programs. Children's recently moved much of its inpatient services into a new building named The Benjamin Russell Hospital for Children. More information is available at www.childrensal.org.
About VT Group Healthcare
VT Group provides customer-critical technical services to government agencies and commercial entities. Through its Integrated Solutions, Technical Services and Unmanned Services business units, VT Group delivers critical solutions in C4IT design, integration and installation; healthcare technology; asset management; equipment life cycle support; facility operations and maintenance; logistics services and support; utility management; and unmanned systems support. Whether it is improving communications or quick response to patients' needs, VT Group's Healthcare Division is a leading agent for Ascom Patient Systems Telligence™ Nurse Call, installing and maintaining the advanced Voice over Internet Protocol (VoIP) healthcare communication platform, integrated with Versus RTLS. By keeping staff connected or aiding in the expedition of critical patient information through Healthcare Media Retrieval Systems, VT Group Healthcare is a reliable, responsive supporter for both the healthcare professional and the patients they serve. For more information on VT Group, visit www.vt-group.com.
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Four Rivers TMS Asset Management Software Integrates to Versus RTLS
TRAVERSE CITY, Mich., Feb. 14, 2013 /PRNewswire/ -- Hospitals wishing to track the real-time locations of mobile medical equipment while using Four Rivers® Total Maintenance System (TMS®) will experience improved workflows, thanks to a recent integration with the Versus Technology, Inc. (OTCPINK: VSTI) Real-time Locating System (RTLS).
The integration, already in use at Children's of Alabama in Birmingham, features a single-source procurement process, where a Versus asset tag ID is entered once into the TMS software. Through a bi-directional interface, the asset is automatically registered within the Versus system so its location can be immediately tracked. Versus then provides real-time location updates to TMS, permitting enterprise-wide location visibility.
An average hospital can lose $4,000 per day in lost wages due to time spent searching for mobile assets such as IV pumps. Additionally, many hospitals purchase 20% more equipment than necessary just to ensure availability in case inventory can't be found. By monitoring the real-time locations of these mobile assets and tracking how often they're used in patient care, hospitals can dramatically decrease operational costs and capital investments while increasing staff and patient satisfaction.
Biomedical and other staff can quickly locate assets through the RTLS location field in TMS, where they also track maintenance and other asset details. Clinical staff in patient care units can view equipment locations on Versus Glance-and-Go™ boards, displayed as either a floorplan of the unit, or as a list view of available equipment. Inventory control staff may also use Versus' full-featured par-level asset management software to automate replenishment functions.
Children's of Alabama uses Four Rivers TMS integrated with Versus to track approximately 3,000 mobile assets, including IV pumps, beds and stretchers. Biomedical staff keep track of preventative maintenance, warranties and recall notifications in TMS, where they now know an asset's real-time location thanks to the RTLS integration.
"By combining Versus' real-time location data with our TMS, we are enabling our customers to work smarter," says Larry Shields, Product Coordinator with Four Rivers. "Our joint customers will now be able to use the best features of both systems, making operations more efficient."
After the RTLS asset tag ID is added to TMS, the hospitals also have immediate access to equipment and location information in Versus software. For example, hospitals can use Versus' par-level feature to ensure optimal inventory of IV and other pumps in patient care areas. Clinicians can also access lists of available equipment and their locations via Versus Glance-and-Go boards on overhead screens or workstation web browsers.
"The integration with Four Rivers TMS expands the benefits of RTLS for biomedical engineering without placing additional process burdens on the department," explains Kevin Jackson, Chief Technology Officer for Versus. "Versus seamlessly integrates real-time asset tracking with the TMS features, making it easy for inventory control staff to better serve the facility, physicians, and nurses. This interoperability, a cornerstone of Versus solutions, ultimately improves the efficiency of patient care."
To learn more about Asset Management and other uses for RTLS in the clinical environment, visit Versus' website at versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Four Rivers Software Systems
Four Rivers Software Systems, Inc. is focused on delivering comprehensive maintenance management software (EAM/CMMS) and computer-aided facilities management (CAFM) solutions to the healthcare industry. Serving more 1,800 healthcare organizations, Four Rivers provides powerful tools to increase productivity and profitability. The Four Rivers product family includes TMS OnSite & TMS OnLine, TMS CAFM, a full suite of Mobile Solutions and a number of optional solutions to help healthcare organizations.
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Versus Technology Announces Fiscal Year Results
TRAVERSE CITY, MI -- (Marketwire) -- 12/21/12 -- Versus Technology, Inc. ("Versus" or the "Company") (PINKSHEETS: VSTI) announced revenues of $11,424,000 for the year ended October 31, 2012, a 73.4% increase, compared to revenues of $6,589,000 for fiscal year 2011. Revenues for the quarter ended October 31, 2012, totaled $4,606,000 compared to revenues of $2,605,000 for the same period in fiscal 2011. Versus' revenue can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Fiscal 2012 gross profit as a percentage of revenue was 75.9% compared to 71.0% in fiscal 2011. The higher margins are the result of increased software revenues as a percentage of total revenues, 36.1% in fiscal 2012 compared to 16.3% in fiscal 2011. Similarly, gross profit for the current year's fourth quarter as a percentage of revenue was 85.4% compared to 72.7% for the same quarter of the prior year.
Operating expenses other than cost of revenues for the full year increased from $4,964,000, or 75.3% of revenues in 2011 to $6,132,000, or 53.7% of revenues, in 2012. The increase is the direct result of continued investment in growth strategies directed at building the sales organization and System Integrator channel. Fourth quarter operating expenses other than cost of revenue totaled $1,800,000, or 39.1% of revenues, compared to $1,190,000, or 45.7% of revenues, in 2011.
The Company reported net income of $3,529,000 which includes a deferred income tax benefit of $988,000. This is compared to a net loss of $278,000 for fiscal 2011. Net income for the quarter ended October 31, 2012, was $3,121,000 compared to net income of $704,000 for the same period in fiscal 2011.
Effective with the new fiscal year, the Company will discontinue issuing press releases publishing financial results. Shareholders should visit the Company's website or contact Joe Winowiecki at joew@versustech.com for information regarding access to future financial results.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities throughout North America. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.
REPORT OF MANAGEMENT
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2011, and October 31, 2010, and the related consolidated statements of operations and cash flows for the fiscal year ended October 31, 2011, and 2010, have been prepared by management.
Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2011 Annual Report which is available upon request for further details regarding the Company's financial position at October 31, 2011.
Joseph E. Winowiecki
Chief Financial Officer
December 21, 2012
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
-----------------------
2012 2011
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 2,189,000 $ 1,380,000
Accounts receivable 4,174,000 1,965,000
Inventories, net 893,000 741,000
Prepaid expenses and other current assets 145,000 211,000
Deferred income taxes 1,108,000 -
----------- -----------
Total current assets 8,509,000 4,297,000
----------- -----------
Property and equipment
Machinery and equipment 727,000 631,000
Furniture and fixtures 102,000 99,000
Leasehold improvements 457,000 429,000
----------- -----------
1,286,000 1,159,000
Less accumulated depreciation 795,000 696,000
----------- -----------
Net property and equipment 491,000 463,000
Goodwill 1,533,000 1,533,000
Other intangible assets, net 224,000 128,000
Other noncurrent assets 46,000 10,000
----------- -----------
Total assets $10,803,000 $ 6,431,000
=========== ===========
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
--------------------------
2012 2011
------------ ------------
Liabilities and shareholders' equity
Current liabilities
Accounts payable $ 680,000 $ 599,000
Accrued expenses 829,000 499,000
Income taxes payable 120,000 -
Deferred revenue from customer advance
payments 386,000 306,000
------------ ------------
Total liabilities (all current) 2,015,000 1,404,000
------------ ------------
Shareholders' equity
Common stock $0.01 par value; 150,000,000
shares authorized; 103,992,869 issued and
outstanding 1,040,000 1,016,000
Additional paid-in capital 43,453,000 43,245,000
Accumulated deficit (35,705,000) (39,235,000)
------------ ------------
Total shareholders' equity 8,788,000 5,027,000
------------ ------------
Total liabilities and shareholders' equity $ 10,803,000 $ 6,431,000
============ ============
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three months ended
October 31, Year-ended October 31,
----------------------- -----------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Revenues $ 4,606,000 $ 2,605,000 $11,424,000 $ 6,589,000
Operating Expenses
Cost of revenues 674,000 712,000 2,757,000 1,908,000
Research and development 287,000 170,000 925,000 770,000
Sales and marketing 1,128,000 828,000 3,952,000 3,329,000
General and
administrative 385,000 192,000 1,255,000 865,000
----------- ----------- ----------- -----------
Total Operating Expenses 2,474,000 1,902,000 8,889,000 6,872,000
----------- ----------- ----------- -----------
Income (Loss) From
Operations 2,132,000 703,000 2,535,000 (283,000)
----------- ----------- ----------- -----------
Interest income 1,000 1,000 6,000 5,000
----------- ----------- ----------- -----------
Income (Loss) From
Operations Before Taxes 2,133,000 704,000 2,541,000 (278,000)
----------- ----------- ----------- -----------
Income tax benefit
(expense) 988,000 - 988,000 -
----------- ----------- ----------- -----------
Net Income (Loss) $ 3,121,000 $ 704,000 $ 3,529,000 $ (278,000)
=========== =========== =========== ===========
Basic and Diluted Net
Income (Loss) Per Share $ 0.03 $ 0.01 $ 0.03 $ -
=========== =========== =========== ===========
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Year ended October 31,
-----------------------
2012 2011
----------- -----------
Cash flows from operating activities
Net income (loss) $ 3,529,000 $ (278,000)
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities:
Depreciation and amortization 138,000 106,000
Share-based compensation 90,000 117,000
Deferred tax asset (1,108,000) -
Changes in operating assets and liabilities which
provided (used) cash:
Accounts receivable (2,210,000) (498,000)
Inventories (152,000) 95,000
Prepaid expenses and other current assets 67,000 (50,000)
Accounts payable 81,000 56,000
Accrued expenses 330,000 92,000
Income taxes payable 120,000 -
Deferred revenue from customer advance payments 80,000 (65,000)
----------- -----------
Net cash provided by (used in) operating activities 965,000 (425,000)
----------- -----------
Cash used in investing activities
Additions to property and equipment (155,000) (278,000)
Increase in other noncurrent assets (143,000) -
----------- -----------
Net cash used in investing activities (298,000) (278,000)
----------- -----------
Cash flows from financing activities
Issuance of common stock upon exercise of stock
options 127,000 -
Issuance of Common Stock 15,000 -
----------- -----------
Net cash provided by financing activities 142,000 -
----------- -----------
Net increase (decrease) in cash and cash equivalents 809,000 (703,000)
Cash and cash equivalents, at the beginning of the
year 1,380,000 2,083,000
----------- -----------
Cash and cash equivalents, at the end of the year $ 2,189,000 $ 1,380,000
=========== ===========
See accompanying report of management.
The full annual report is available upon request.
Investors/Analysts contact:
Joseph E. Winowiecki
Chief Financial Officer
Media please contact:
Stephanie Bertschy
Director of Marketing
Versus Technology, Inc.
(231) 946-5868
Source: Versus Technology, Inc.
=========================================
Four Rivers TMS Asset Management Software Integrates to Versus RTLS
TRAVERSE CITY, Mich., Feb. 14, 2013 /PRNewswire/ -- Hospitals wishing to track the real-time locations of mobile medical equipment while using Four Rivers® Total Maintenance System (TMS®) will experience improved workflows, thanks to a recent integration with the Versus Technology, Inc. (OTCPINK: VSTI) Real-time Locating System (RTLS).
The integration, already in use at Children's of Alabama in Birmingham, features a single-source procurement process, where a Versus asset tag ID is entered once into the TMS software. Through a bi-directional interface, the asset is automatically registered within the Versus system so its location can be immediately tracked. Versus then provides real-time location updates to TMS, permitting enterprise-wide location visibility.
An average hospital can lose $4,000 per day in lost wages due to time spent searching for mobile assets such as IV pumps. Additionally, many hospitals purchase 20% more equipment than necessary just to ensure availability in case inventory can't be found. By monitoring the real-time locations of these mobile assets and tracking how often they're used in patient care, hospitals can dramatically decrease operational costs and capital investments while increasing staff and patient satisfaction.
Biomedical and other staff can quickly locate assets through the RTLS location field in TMS, where they also track maintenance and other asset details. Clinical staff in patient care units can view equipment locations on Versus Glance-and-Go™ boards, displayed as either a floorplan of the unit, or as a list view of available equipment. Inventory control staff may also use Versus' full-featured par-level asset management software to automate replenishment functions.
Children's of Alabama uses Four Rivers TMS integrated with Versus to track approximately 3,000 mobile assets, including IV pumps, beds and stretchers. Biomedical staff keep track of preventative maintenance, warranties and recall notifications in TMS, where they now know an asset's real-time location thanks to the RTLS integration.
"By combining Versus' real-time location data with our TMS, we are enabling our customers to work smarter," says Larry Shields, Product Coordinator with Four Rivers. "Our joint customers will now be able to use the best features of both systems, making operations more efficient."
After the RTLS asset tag ID is added to TMS, the hospitals also have immediate access to equipment and location information in Versus software. For example, hospitals can use Versus' par-level feature to ensure optimal inventory of IV and other pumps in patient care areas. Clinicians can also access lists of available equipment and their locations via Versus Glance-and-Go boards on overhead screens or workstation web browsers.
"The integration with Four Rivers TMS expands the benefits of RTLS for biomedical engineering without placing additional process burdens on the department," explains Kevin Jackson, Chief Technology Officer for Versus. "Versus seamlessly integrates real-time asset tracking with the TMS features, making it easy for inventory control staff to better serve the facility, physicians, and nurses. This interoperability, a cornerstone of Versus solutions, ultimately improves the efficiency of patient care."
To learn more about Asset Management and other uses for RTLS in the clinical environment, visit Versus' website at versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Four Rivers Software Systems
Four Rivers Software Systems, Inc. is focused on delivering comprehensive maintenance management software (EAM/CMMS) and computer-aided facilities management (CAFM) solutions to the healthcare industry. Serving more 1,800 healthcare organizations, Four Rivers provides powerful tools to increase productivity and profitability. The Four Rivers product family includes TMS OnSite & TMS OnLine, TMS CAFM, a full suite of Mobile Solutions and a number of optional solutions to help healthcare organizations.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used by more than 700 hospitals for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc., our technology and client successes, visit versustech.com and take the Advantages Tour.
Safe Harbor Provision
This release may include forward-looking statements which "bespeak caution," and which are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. The statements are made only as of the date of this release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
Media Contact:
Investor/Analyst Contact:
Versus Technology, Inc.
Versus Technology, Inc.
Stephanie Bertschy, Director of Marketing
Joseph Winowiecki, Chief Financial Officer
877.983.7787
231.946.5868
skb@versustech.com
joew@versustech.com
SOURCE Versus Technology, Inc.
outstanding 103,992,869
--------------------------------------------------------------------------------
Western Maryland Health System Expands Use of Versus RTLS to Enhance Staff Safety
PR Newswire - Apr 09 11:58 EDT
Visibility™ Staff Assist Solution Deployed in Behavioral Health Unit
TRAVERSE CITY, Mich., April 9, 2013 /PRNewswire/ -- Western Maryland Health System (WMHS) has recently expanded use of its Real-time Locating System (RTLS) from Versus Technology, Inc. (Pink Sheets: VSTI.PK), using their existing sensory network to implement the Visibility™ Staff Assist solution. Deployed in WMHS' Behavioral Health Unit, Staff Assist provides a mobile, location-aware call button for caregivers.
According to the U.S. Department of Justice's National Crime Victimization Survey conducted 2005 to 2009, mental health occupations had one of the highest rates of workplace violence, second only to law enforcement. A 2011 survey by the Emergency Nurses Association found panic buttons to be one of the only environmental measures associated with a lower rate of workplace violence in healthcare.
Because WMHS is committed to enhancing the safety of its staff, the hospital sought to improve safety protocols for behavioral health workers. They selected Versus' Staff Assist solution because it could easily be added to their existing RTLS network, says Jeffery D. O'Neal, LCPC, the systems director for WMHS' Behavioral and Occupational Health Services department.
WMHS, located in Cumberland, Md., has been using Versus' RTLS since 2009 for asset tracking, patient tracking and egress control. By leveraging the existing RTLS sensory network in the Behavioral Health Unit, implementation of Staff Assist involved only installing software and providing Versus Clearview™ Badges, equipped with call buttons, to staff members.
"We saw an opportunity to expand the Versus system using the same sensors," explains O'Neal. "By providing badges to our staff, if they find themselves in a precarious situation with an aggressive or threatening patient, they are able to push the button on the badge and trigger what we call a 'code green,' or a crisis response team."
When a badge button is pressed, the Staff Assist software sends a pop-up alert showing both the staff member's name and location to workstations in the facility's call center, as well as to the nurse's station and Ascom phones. The person's current location is also highlighted on Versus' Enterprise View™ Floorplan, which displays a map of the unit. Call Center workers then call the code, knowing both the name and exact location of the staff member in crisis.
O'Neal says the mobile panic button provided by Staff Assist is an improvement over previous safety protocols. "Staff would have to use their portable telephone to call a code," he says, "which they may not have been able to do if they were being attacked by a client."
Staff members in WMHS' Behavioral Health Unit feel the system has not only improved safety, but also morale. "Working in the behavioral health unit can be stressful," says Vicki Svensson, RN, nurse manager. "Knowing that our hospital places priority on our safety, and gives us a way to call for help, really helps ease our minds as we care for our patients."
The success WMHS experienced in improving patient safety with Versus' RTLS led them to consider the Staff Assist solution. "The thing that has impressed me the most is how accurate the system is," O'Neal says. "We've had patients who have tried leaving the behavioral health unit, and using Versus [for egress alerts], we're always able to get the patient right in the main hall. We have not had any elopements from our unit since we started using Versus. From a safety perspective, that's huge."
By utilizing the same network for multiple applications — asset tracking, patient tracking, egress control, and now Staff Assist — WMHS significantly lowers the total cost of ownership for their RTLS.
As a bonus, Staff Assist was paid for with a patient safety grant. "Our health system had already made a commitment to support the expansion of the Versus system, but it being paid for by a grant was great," O'Neal says.
Life Safety Solutions Integrators, a Certified Versus System Integrator located in Timonium, Md., installed and provides ongoing support for the Versus sensory network.
About Western Maryland Health System
The Western Maryland Health System (WMHS) in Cumberland provides a wide range of healthcare services along the continuum of care for residents in Allegany and Garrett Counties in Maryland and surrounding counties in West Virginia and Pennsylvania. WMHS includes the Western Maryland Regional Medical Center, a 275-bed facility that opened in November 2009. Other components include a nursing home, outpatient diagnostic centers, and a network of urgent care clinics, primary care centers and physician practices. www.wmhs.com
About Life Safety Solutions Integrators
Life Safety Solutions Integrators is a solutions provider of low-voltage electronics and life safety systems for government, education, healthcare and business in the Greater Washington D.C., Northern Virginia and Maryland areas. Since 1978, LSSI has been engineering, installing and maintaining fire alarms, intercoms, security systems, nurse call systems and much more. Learn more at www.lifesafetysystems-lss.com.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used by more than 700 hospitals for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc. (Pink Sheets: VSTI.PK), our technology and client successes, visit versustech.com and view our RTLS Demo.
========================================================
Aker Eye/Vision Source Improves Patient Flow, Efficiency with RTLS Technology
Optometry Clinic one of two in nation using wireless real-time locating
TRAVERSE CITY, Mich., Feb. 21, 2013 /PRNewswire/ -- Aker Eye/Vision Source, an eye clinic in Titusville, Fla., is one of the first optometry practices in the nation to improve patient flow and efficiency with a Real-time Locating System (RTLS) from Versus Technology, Inc (OTCPINK: VSTI).
The Versus Advantages™ Clinic patient flow system, an RTLS consisting of staff and patient badges that communicate with wireless V-Link™ sensors installed in each patient care area, tracks and times the stages of each patient visit (e.g. check-in, pre-testing, exam, etc.).
While the times are recorded, real-time locations of patients and staff are displayed on an electronic Glance-and-Go™ floor plan of the office (click for example). Pop-up messages also alert optometrists when patients are ready to be seen.
Greg Aker, O.D., discovered the patient flow system while searching for ways to reduce stress for his staff. Between two optometrists, his practice can see as many as 65 patients per day. "We were getting bogged down," he says, and the heavy patient load was taking a toll. "I knew there had to be a way to smooth the process out."
The eye center implemented the Advantages Clinic RTLS in January of 2013. The system immediately improved the clinic's efficiency. On the very first day, the average patient's overall visit time was reduced by 10 minutes.
According to Dr. Aker, that's because the Advantages system offers real-time visibility and alerts to help keep patients moving through the office efficiently.
Dr. Aker explains the immediate benefit that his staff receive: "At a glance, they know how many patients are waiting, and they know if an exam room is full. Before, they would literally have to get up, walk down the hall, walk in, look in the exam rooms to see which one is free, walk back up, get the patient, and bring them back. The Versus system eliminated that."
For the optometrists, the system's alerts and timers are motivators to keep patient flow moving. "It's the best part about the whole system," Dr. Aker says. "I'm seeing a timer tick by with how long the patient's been waiting for me. If the patient's been left alone for 15 minutes, this blue alert turns to red, so I know, boy, I better get in there."
What do patients think of the system? "I've invested in a lot of technologically advanced equipment throughout the whole office—it's kind of a theme around here," Dr. Aker says. But the Versus Glance-and-Go monitors are what "wows" his patients. "Oh, they marvel. They just shake their heads and say, 'You're the most advanced office I've ever seen.'"
As for staff, Dr. Aker says that out of all the technology he uses, the Advantages Clinic RTLS is the one system that has made their work day better. "Multiple employees have come to me and said, 'Hands down this is the best thing you've ever done.' That's a powerful statement."
Dr. Aker expects efficiencies gained from the system will grow as he begins to use the historical data offered through Versus' Reports Plus™ Analytics software. Ready-made reports compare wait times, overall visit times or other metrics against benchmarks to identify potential bottlenecks in patient flow.
While Versus' RTLS has been used in hospitals for more than 20 years, Aker Eye/Vision Source joins Key-Whitman Eye Center, with offices in Dallas, Plano and Arlington, Texas, as one of only two optometry practices in the nation using the technology.
Versus is the first RTLS vendor to offer affordable real-time locating to clinics of all sizes, thanks to its new V-Link sensory network. The battery-powered, wireless V-Link sensors are quickly and easily installed in a matter of days, without pulling wire. Together with the 10th-generation, AC-powered V-Direct™ sensory network, V-Link allows Versus and its Certified System Integrators to offer comprehensive options to healthcare facilities exploring the benefits of RTLS.
About Aker Eye/Vision Source
At Aker Eye/Vision Source, service to the patient is the highest priority. Through the use of advanced technology, the practice strives to offer an eyecare experience like none other. The center is led by Greg Aker, O.D., who began serving the area of Titusville, Fla., in 1984 and has since built a name for himself as a preeminent optometry provider. Dr. Aker is joined by Sarah Harbove, O.D., who is proud to provide quality eye care in her hometown. Learn more at akereyecenter.com.
==========================================================
Children's of Alabama Live with Versus RTLS Asset Tracking, Four Rivers Integration
TRAVERSE CITY, Mich., Feb. 19, 2013 /PRNewswire/ -- Children's of Alabama in Birmingham has implemented the Versus Advantages™ Asset Tracking solution. The real-time locating system (RTLS) from Versus Technology, Inc. (OTCPINK: VSTI) includes two-way HL7 integration to Four Rivers Total Maintenance System (TMS).
The Versus RTLS Asset Tracking solution was selected for its proven accuracy and the ability to expand the solution to other uses as needed.
The system has been installed throughout the new Benjamin Russell Hospital for Children which opened in August of 2012, and will be expanded across the remaining six inpatient units making up the Children's of Alabama's main campus. VT Group Healthcare, in Birmingham, Ala., a certified Versus System Integrator, is installing the system.
The hospital is currently tracking approximately 3,000 mobile assets, including IV pumps, beds and stretchers across 760,000 square feet. The first phase of the implementation will allow the hospital to:
reduce shrinkage due to lost or stolen items,
quickly locate critical equipment for patient safety,
manage utilization of key inventory,
improve response times for patient care needs, and
improve overall patient satisfaction.
The integration to Four Rivers TMS application will help Children's of Alabama better manage its equipment fleet by associating key equipment status data with the equipment's real-time location. Factors such as preventative maintenance, warranties and recall notifications are maintained and managed in the Four Rivers system, while Versus provides the equipment's current location. The integration with Versus allows staff to see which equipment is available and where it is.
Asset tracking is one of many RTLS uses. With the Versus system, hospitals can also track and automate patient flow, quickly locate nurses, physicians and other staff, as well as monitor hand hygiene compliance.
Jack Storey, CIO of Children's of Alabama explains, "We selected Versus for our expansion facility because it allows us to have multiple RTLS-driven applications on one infrastructure. Our initial focus was equipment tracking and the Integration to Four Rivers was important to us. The Versus infrastructure can also be used by our GE [Ascom Telligence™] nurse call system for nurse tracking. Additional applications within the Versus suite of products would also allow us to add patient tracking and/or hand washing monitoring if we decide that functionality is needed in the future. It is beneficial for us to have a single system and infrastructure that we can cross-utilize and leverage throughout the hospital."
Versus' RTLS is proven at more than 700 hospitals and clinics—many of which have been operating daily on the same sensory network for more than 15 years. Using infrared (IR) technology for room and bed-level locating and radio frequency identification (RFID) for status communication, the Versus RTLS guarantees No False Positives.
Unlike other real-time locating systems, Versus requires a read, or "hit," from badge or tag that is physically present in a sensed location. Versus' ability to guarantee accuracy allows physicians, nurses, clinicians and clinical engineers to quickly locate patients, staff and equipment and trust that the data is accurate. It also means that Versus can automate other systems without delay and without the risk of providing false data.
To learn more about Asset Tracking and other uses for RTLS in the clinical environment, visit Versus' website at visit versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Children's of Alabama
Children's of Alabama has provided specialized medical care for ill and injured children across the state and throughout the southeastern U.S. since 1911. For the past three years, Children's has been ranked among the best children's hospital programs in the nation by US News & World Report. Last year, patients made more than 634,000 outpatient and nearly 14,000 inpatient visits to Children's from every county in Alabama and from 47 other states. With more than 2 million square feet, it is the third largest pediatric medical facility in the U.S. Children's offers inpatient and outpatient services across its Russell Campus on Birmingham's historic Southside with additional outpatient services provided at Children's South and Children's on 3rd. Primary care is provided at more than a dozen medical offices in communities across central Alabama. Children's of Alabama is the only medical center in Alabama dedicated solely to the care and treatment of children. It is a private, not-for-profit medical center that serves as the primary site of the University of Alabama at Birmingham (UAB) pediatric medicine, surgery, research and residency programs. Children's recently moved much of its inpatient services into a new building named The Benjamin Russell Hospital for Children. More information is available at www.childrensal.org.
About VT Group Healthcare
VT Group provides customer-critical technical services to government agencies and commercial entities. Through its Integrated Solutions, Technical Services and Unmanned Services business units, VT Group delivers critical solutions in C4IT design, integration and installation; healthcare technology; asset management; equipment life cycle support; facility operations and maintenance; logistics services and support; utility management; and unmanned systems support. Whether it is improving communications or quick response to patients' needs, VT Group's Healthcare Division is a leading agent for Ascom Patient Systems Telligence™ Nurse Call, installing and maintaining the advanced Voice over Internet Protocol (VoIP) healthcare communication platform, integrated with Versus RTLS. By keeping staff connected or aiding in the expedition of critical patient information through Healthcare Media Retrieval Systems, VT Group Healthcare is a reliable, responsive supporter for both the healthcare professional and the patients they serve. For more information on VT Group, visit www.vt-group.com.
====================================================
Four Rivers TMS Asset Management Software Integrates to Versus RTLS
TRAVERSE CITY, Mich., Feb. 14, 2013 /PRNewswire/ -- Hospitals wishing to track the real-time locations of mobile medical equipment while using Four Rivers® Total Maintenance System (TMS®) will experience improved workflows, thanks to a recent integration with the Versus Technology, Inc. (OTCPINK: VSTI) Real-time Locating System (RTLS).
The integration, already in use at Children's of Alabama in Birmingham, features a single-source procurement process, where a Versus asset tag ID is entered once into the TMS software. Through a bi-directional interface, the asset is automatically registered within the Versus system so its location can be immediately tracked. Versus then provides real-time location updates to TMS, permitting enterprise-wide location visibility.
An average hospital can lose $4,000 per day in lost wages due to time spent searching for mobile assets such as IV pumps. Additionally, many hospitals purchase 20% more equipment than necessary just to ensure availability in case inventory can't be found. By monitoring the real-time locations of these mobile assets and tracking how often they're used in patient care, hospitals can dramatically decrease operational costs and capital investments while increasing staff and patient satisfaction.
Biomedical and other staff can quickly locate assets through the RTLS location field in TMS, where they also track maintenance and other asset details. Clinical staff in patient care units can view equipment locations on Versus Glance-and-Go™ boards, displayed as either a floorplan of the unit, or as a list view of available equipment. Inventory control staff may also use Versus' full-featured par-level asset management software to automate replenishment functions.
Children's of Alabama uses Four Rivers TMS integrated with Versus to track approximately 3,000 mobile assets, including IV pumps, beds and stretchers. Biomedical staff keep track of preventative maintenance, warranties and recall notifications in TMS, where they now know an asset's real-time location thanks to the RTLS integration.
"By combining Versus' real-time location data with our TMS, we are enabling our customers to work smarter," says Larry Shields, Product Coordinator with Four Rivers. "Our joint customers will now be able to use the best features of both systems, making operations more efficient."
After the RTLS asset tag ID is added to TMS, the hospitals also have immediate access to equipment and location information in Versus software. For example, hospitals can use Versus' par-level feature to ensure optimal inventory of IV and other pumps in patient care areas. Clinicians can also access lists of available equipment and their locations via Versus Glance-and-Go boards on overhead screens or workstation web browsers.
"The integration with Four Rivers TMS expands the benefits of RTLS for biomedical engineering without placing additional process burdens on the department," explains Kevin Jackson, Chief Technology Officer for Versus. "Versus seamlessly integrates real-time asset tracking with the TMS features, making it easy for inventory control staff to better serve the facility, physicians, and nurses. This interoperability, a cornerstone of Versus solutions, ultimately improves the efficiency of patient care."
To learn more about Asset Management and other uses for RTLS in the clinical environment, visit Versus' website at versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Four Rivers Software Systems
Four Rivers Software Systems, Inc. is focused on delivering comprehensive maintenance management software (EAM/CMMS) and computer-aided facilities management (CAFM) solutions to the healthcare industry. Serving more 1,800 healthcare organizations, Four Rivers provides powerful tools to increase productivity and profitability. The Four Rivers product family includes TMS OnSite & TMS OnLine, TMS CAFM, a full suite of Mobile Solutions and a number of optional solutions to help healthcare organizations.
==========================================================
Versus Technology Announces Fiscal Year Results
TRAVERSE CITY, MI -- (Marketwire) -- 12/21/12 -- Versus Technology, Inc. ("Versus" or the "Company") (PINKSHEETS: VSTI) announced revenues of $11,424,000 for the year ended October 31, 2012, a 73.4% increase, compared to revenues of $6,589,000 for fiscal year 2011. Revenues for the quarter ended October 31, 2012, totaled $4,606,000 compared to revenues of $2,605,000 for the same period in fiscal 2011. Versus' revenue can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Fiscal 2012 gross profit as a percentage of revenue was 75.9% compared to 71.0% in fiscal 2011. The higher margins are the result of increased software revenues as a percentage of total revenues, 36.1% in fiscal 2012 compared to 16.3% in fiscal 2011. Similarly, gross profit for the current year's fourth quarter as a percentage of revenue was 85.4% compared to 72.7% for the same quarter of the prior year.
Operating expenses other than cost of revenues for the full year increased from $4,964,000, or 75.3% of revenues in 2011 to $6,132,000, or 53.7% of revenues, in 2012. The increase is the direct result of continued investment in growth strategies directed at building the sales organization and System Integrator channel. Fourth quarter operating expenses other than cost of revenue totaled $1,800,000, or 39.1% of revenues, compared to $1,190,000, or 45.7% of revenues, in 2011.
The Company reported net income of $3,529,000 which includes a deferred income tax benefit of $988,000. This is compared to a net loss of $278,000 for fiscal 2011. Net income for the quarter ended October 31, 2012, was $3,121,000 compared to net income of $704,000 for the same period in fiscal 2011.
Effective with the new fiscal year, the Company will discontinue issuing press releases publishing financial results. Shareholders should visit the Company's website or contact Joe Winowiecki at joew@versustech.com for information regarding access to future financial results.
For additional information, please refer to the attached unaudited consolidated financial statements.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities throughout North America. To learn more about Versus Technology, Inc. (PINKSHEETS: VSTI), our technology and client successes, visit www.versustech.com and take the Advantages Tour.
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.
REPORT OF MANAGEMENT
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2011, and October 31, 2010, and the related consolidated statements of operations and cash flows for the fiscal year ended October 31, 2011, and 2010, have been prepared by management.
Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2011 Annual Report which is available upon request for further details regarding the Company's financial position at October 31, 2011.
Joseph E. Winowiecki
Chief Financial Officer
December 21, 2012
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
-----------------------
2012 2011
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 2,189,000 $ 1,380,000
Accounts receivable 4,174,000 1,965,000
Inventories, net 893,000 741,000
Prepaid expenses and other current assets 145,000 211,000
Deferred income taxes 1,108,000 -
----------- -----------
Total current assets 8,509,000 4,297,000
----------- -----------
Property and equipment
Machinery and equipment 727,000 631,000
Furniture and fixtures 102,000 99,000
Leasehold improvements 457,000 429,000
----------- -----------
1,286,000 1,159,000
Less accumulated depreciation 795,000 696,000
----------- -----------
Net property and equipment 491,000 463,000
Goodwill 1,533,000 1,533,000
Other intangible assets, net 224,000 128,000
Other noncurrent assets 46,000 10,000
----------- -----------
Total assets $10,803,000 $ 6,431,000
=========== ===========
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31,
--------------------------
2012 2011
------------ ------------
Liabilities and shareholders' equity
Current liabilities
Accounts payable $ 680,000 $ 599,000
Accrued expenses 829,000 499,000
Income taxes payable 120,000 -
Deferred revenue from customer advance
payments 386,000 306,000
------------ ------------
Total liabilities (all current) 2,015,000 1,404,000
------------ ------------
Shareholders' equity
Common stock $0.01 par value; 150,000,000
shares authorized; 103,992,869 issued and
outstanding 1,040,000 1,016,000
Additional paid-in capital 43,453,000 43,245,000
Accumulated deficit (35,705,000) (39,235,000)
------------ ------------
Total shareholders' equity 8,788,000 5,027,000
------------ ------------
Total liabilities and shareholders' equity $ 10,803,000 $ 6,431,000
============ ============
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three months ended
October 31, Year-ended October 31,
----------------------- -----------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Revenues $ 4,606,000 $ 2,605,000 $11,424,000 $ 6,589,000
Operating Expenses
Cost of revenues 674,000 712,000 2,757,000 1,908,000
Research and development 287,000 170,000 925,000 770,000
Sales and marketing 1,128,000 828,000 3,952,000 3,329,000
General and
administrative 385,000 192,000 1,255,000 865,000
----------- ----------- ----------- -----------
Total Operating Expenses 2,474,000 1,902,000 8,889,000 6,872,000
----------- ----------- ----------- -----------
Income (Loss) From
Operations 2,132,000 703,000 2,535,000 (283,000)
----------- ----------- ----------- -----------
Interest income 1,000 1,000 6,000 5,000
----------- ----------- ----------- -----------
Income (Loss) From
Operations Before Taxes 2,133,000 704,000 2,541,000 (278,000)
----------- ----------- ----------- -----------
Income tax benefit
(expense) 988,000 - 988,000 -
----------- ----------- ----------- -----------
Net Income (Loss) $ 3,121,000 $ 704,000 $ 3,529,000 $ (278,000)
=========== =========== =========== ===========
Basic and Diluted Net
Income (Loss) Per Share $ 0.03 $ 0.01 $ 0.03 $ -
=========== =========== =========== ===========
See accompanying report of management.
The full annual report is available upon request.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Year ended October 31,
-----------------------
2012 2011
----------- -----------
Cash flows from operating activities
Net income (loss) $ 3,529,000 $ (278,000)
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities:
Depreciation and amortization 138,000 106,000
Share-based compensation 90,000 117,000
Deferred tax asset (1,108,000) -
Changes in operating assets and liabilities which
provided (used) cash:
Accounts receivable (2,210,000) (498,000)
Inventories (152,000) 95,000
Prepaid expenses and other current assets 67,000 (50,000)
Accounts payable 81,000 56,000
Accrued expenses 330,000 92,000
Income taxes payable 120,000 -
Deferred revenue from customer advance payments 80,000 (65,000)
----------- -----------
Net cash provided by (used in) operating activities 965,000 (425,000)
----------- -----------
Cash used in investing activities
Additions to property and equipment (155,000) (278,000)
Increase in other noncurrent assets (143,000) -
----------- -----------
Net cash used in investing activities (298,000) (278,000)
----------- -----------
Cash flows from financing activities
Issuance of common stock upon exercise of stock
options 127,000 -
Issuance of Common Stock 15,000 -
----------- -----------
Net cash provided by financing activities 142,000 -
----------- -----------
Net increase (decrease) in cash and cash equivalents 809,000 (703,000)
Cash and cash equivalents, at the beginning of the
year 1,380,000 2,083,000
----------- -----------
Cash and cash equivalents, at the end of the year $ 2,189,000 $ 1,380,000
=========== ===========
See accompanying report of management.
The full annual report is available upon request.
Investors/Analysts contact:
Joseph E. Winowiecki
Chief Financial Officer
Media please contact:
Stephanie Bertschy
Director of Marketing
Versus Technology, Inc.
(231) 946-5868
Source: Versus Technology, Inc.
=========================================
Four Rivers TMS Asset Management Software Integrates to Versus RTLS
TRAVERSE CITY, Mich., Feb. 14, 2013 /PRNewswire/ -- Hospitals wishing to track the real-time locations of mobile medical equipment while using Four Rivers® Total Maintenance System (TMS®) will experience improved workflows, thanks to a recent integration with the Versus Technology, Inc. (OTCPINK: VSTI) Real-time Locating System (RTLS).
The integration, already in use at Children's of Alabama in Birmingham, features a single-source procurement process, where a Versus asset tag ID is entered once into the TMS software. Through a bi-directional interface, the asset is automatically registered within the Versus system so its location can be immediately tracked. Versus then provides real-time location updates to TMS, permitting enterprise-wide location visibility.
An average hospital can lose $4,000 per day in lost wages due to time spent searching for mobile assets such as IV pumps. Additionally, many hospitals purchase 20% more equipment than necessary just to ensure availability in case inventory can't be found. By monitoring the real-time locations of these mobile assets and tracking how often they're used in patient care, hospitals can dramatically decrease operational costs and capital investments while increasing staff and patient satisfaction.
Biomedical and other staff can quickly locate assets through the RTLS location field in TMS, where they also track maintenance and other asset details. Clinical staff in patient care units can view equipment locations on Versus Glance-and-Go™ boards, displayed as either a floorplan of the unit, or as a list view of available equipment. Inventory control staff may also use Versus' full-featured par-level asset management software to automate replenishment functions.
Children's of Alabama uses Four Rivers TMS integrated with Versus to track approximately 3,000 mobile assets, including IV pumps, beds and stretchers. Biomedical staff keep track of preventative maintenance, warranties and recall notifications in TMS, where they now know an asset's real-time location thanks to the RTLS integration.
"By combining Versus' real-time location data with our TMS, we are enabling our customers to work smarter," says Larry Shields, Product Coordinator with Four Rivers. "Our joint customers will now be able to use the best features of both systems, making operations more efficient."
After the RTLS asset tag ID is added to TMS, the hospitals also have immediate access to equipment and location information in Versus software. For example, hospitals can use Versus' par-level feature to ensure optimal inventory of IV and other pumps in patient care areas. Clinicians can also access lists of available equipment and their locations via Versus Glance-and-Go boards on overhead screens or workstation web browsers.
"The integration with Four Rivers TMS expands the benefits of RTLS for biomedical engineering without placing additional process burdens on the department," explains Kevin Jackson, Chief Technology Officer for Versus. "Versus seamlessly integrates real-time asset tracking with the TMS features, making it easy for inventory control staff to better serve the facility, physicians, and nurses. This interoperability, a cornerstone of Versus solutions, ultimately improves the efficiency of patient care."
To learn more about Asset Management and other uses for RTLS in the clinical environment, visit Versus' website at versustech.com or register for our RTLS sessions at the HIMSS13 Annual Conference & Exhibition in New Orleans, La., March 3-7, 2013 by visiting versustech.com/himss13.
About Four Rivers Software Systems
Four Rivers Software Systems, Inc. is focused on delivering comprehensive maintenance management software (EAM/CMMS) and computer-aided facilities management (CAFM) solutions to the healthcare industry. Serving more 1,800 healthcare organizations, Four Rivers provides powerful tools to increase productivity and profitability. The Four Rivers product family includes TMS OnSite & TMS OnLine, TMS CAFM, a full suite of Mobile Solutions and a number of optional solutions to help healthcare organizations.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in real-time location systems (RTLS) for healthcare. Used by more than 700 hospitals for enterprise patient tracking, bed management, asset tracking, and nurse call automation, Versus Advantages™ improves patient flow and documentation of caregiver and patient interactions, while enhancing communication and efficiency. Exclusively endorsed by the American Hospital Association, the Versus Advantages infrared (IR) and Active RFID solution is responsible for clinical-grade location and automation at a number of hospitals, clinics and long-term care facilities worldwide. To learn more about Versus Technology, Inc., our technology and client successes, visit versustech.com and take the Advantages Tour.
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This release may include forward-looking statements which "bespeak caution," and which are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. The statements are made only as of the date of this release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
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Versus Technology, Inc.
Versus Technology, Inc.
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SOURCE Versus Technology, Inc.
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