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or Name
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Virtutone Networks Inc
Symbol VFX
Shares Issued 42,355,000
Close 2014-09-29 C$ 0.20
Market Cap C$ 8,471,000
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Virtutone Networks earns $625,000 in Q3

2014-09-30 09:33 ET - News Release

Mr. Bill Woods reports

VIRTUTONE ANNOUNCES EARNINGS OF $0.02 PER SHARE FOR PERIOD ENDED JULY 31, 2014

Virtutone Networks Inc. has provided its financial results for the three- and six-month period ended July 31, 2014.

                              FINANCIAL HIGHLIGHTS
                   Selected consolidated results (unaudited)
                            (thousands of dollars)

                                  Second quarter        Six months
                                 2014       2013      2014      2013

Revenue                        $43,216    $8,660   $71,579   $11,858
Gross profit                    $1,578      $242    $2,530      $419
Net income (loss)                 $625     $(334)     $658     $(379)
Earnings (loss) per share        $0.02    $(0.01)    $0.02    $(0.01)
EBITA from continued operations   $892       $(3)   $1,129       $21

Virtutone net revenues reached $43,216,403 for the second quarter of 2014, an increase of $34,555,976 or 399 per cent compared with the same period a year earlier, and an increase of $14,853,436 or 52 per cent compared with the first quarter of 2014.

The growth in revenues year over year is the result of focusing on the wholesale business and the company's ability to acquire a strong customer base in 2013. The growth of second quarter to first quarter, 2014, mainly stems from Virtutone's current customer base providing more business.

"I am pleased with the progress we made during the second quarter, which has resulted in significant growth in our revenue, gross profit and income from continuing operations," says Bill Woods, chief financial officer.

With a strong management team in place, the company continues the review of its internal process identifying areas that enables the company to reduce it costs.

We seek Safe Harbor.

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