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Versus Technology comes out with its increased second fiscal quarter results compared to revenues for the same quarter of the prior year.

Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $2,513,000 for its second fiscal quarter ended April 30, 2010, a 121% increase compared to revenues of $1,137,000 for the same quarter of the prior year. Revenues for the six months ended April 30, 2010, were $4,306,000, compared to $2,750,000 for the six months ended April 30, 2009, a 56.6% increase.

As was the case in the second fiscal quarter ended April 30, 2010, Versus' quarterly revenues 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.

Gross profits as a percentage of revenues were 76.8% for the current year's second quarter compared to 69.2% for the same quarter of the prior year. Fiscal 2010 year-to-date gross profit as a percentage of revenues is 73.1% compared to 71.0% year-to-date in fiscal 2009.

Operating expenses, other than cost of revenues, increased 35.8% and 17.5% for the current year's second quarter and fiscal year-to-date, respectively, compared to the same period of the prior year. The increase in operating expenses is due to increased service expenses to support the Company's growing customer base and certain one-time professional fees.

Versus reported net income of $312,000 for the second quarter of fiscal 2010 compared to a net loss of $407,000 for the same quarter of the prior year. The Company reported net income of $416,000 for the six months ended April 30, 2010, compared to a net loss of $371,000 for the six months ended April 30, 2009.

For additional information, please refer to the unaudited consolidated financial statements below.

Source: Versus Technology