VRX Worldwide Reports 2014 Second Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2014) -

• Total revenue in the second quarter increased 16% over the same period in 2013
• VRX Studios' Service Revenue grew 19% and MediaValet's Licencing Revenue grew 55%
• On a trailing 12 months basis, MediaValet's Licencing Revenue increased 122%
• MediaValet's customer base continues to diversify with new customers in the US public and non-profit sectors, advertising, and online education
• VRX Worldwide continues to invest in the cloud-based enterprise software space

VRX Worldwide Inc. (TSX VENTURE:VRW), a leading provider of cloud-based digital asset management software and global photography services, is pleased to report its second quarter results for 2014.

Summary of Quarterly Results (Unaudited)
	2014 Q2			2014 Q1			2013 Q4			2013 Q3			2013 Q2
Total revenue	$	1,060,355		$	1,072,348		$	931,275		$	944,220		$	915,841
Gross profit	$	538,742		$	594,628		$	459,131		$	473,681		$	457,887
EBITDA	$	(350,498	)	$	(84,215	)	$	(74,078	)	$	64,964		$	59,495
Net income	$	(419,460	)	$	(249,116	)	$	(234,259	)	$	(54,116	)	$	(58,978	)
Earnings per share	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	0.00		$	0.00
Total assets	$	1,840,687		$	1,700,983		$	1,855,175		$	1,753,169		$	1,725,068

Total revenue for the second quarter of 2014 increased 1% sequentially over the first quarter and increased 16% over the second quarter of 2013. EBITDA and net income decreased over both time frames due to increased investment in the company's cloud-based enterprise software division (MediaValet), corporate development activities, and higher financing costs.