VRX Worldwide Inc. (TSX-V:VRW) reduced its annual net loss by 64% on the strength of higher revenue in fiscal 2006.
The annual net loss for the Vancouver-based producer of online photos for travel websites fell to $893,834 compared with a net loss of $2.5 million in 2005.
VRX cited a significant boost in service fee revenue as the main reason for the reduced loss. Overall company revenue in 2006 rose to $5.2 million from $1.8 million in 2005.
Service fee revenue jumped to $4.3 million from $1.2 million as the result of the company's signing new licensing agreements with two online travel agencies and continued servicing of existing clients.
VRX's client base includes Carnival, Hyatt, Travelocity, Southwest Vacations and Orbitz.
VRX share price range during the past week: between $0.09 and $0.13; 52-week high: $0.29; 52-week low: $0.09.