Time Spot Inc. A Vitrix Company
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Time Spot Press Releases

VITRIX Announces Second Fiscal Quarter Results and Closing of Funds

TEMPE, Ariz., Feb. 11 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC: VRXI) today announced financial results for its second fiscal quarter ended December 31, 2001 and the closing of an additional equity funding for the Company.

Revenue for the quarter ended December 31, 2001 decreased 41% to $789,666, compared to revenue of $1,347,151 for the quarter ended December 31, 2000. The net loss for the quarter ended December 31, 2001 decreased 38% to $145,248, or $.02 per basic share, compared to a net loss of $234,963, or $.04 per basic share, for the quarter ended December 31, 2000. Sequentially, the net loss decreased 34% vs. the prior quarter.

Revenue for the six-month period ended December 31, 2001 decreased 26% to $1,608,762, compared to revenue of $2,185,509 for the six-month period ended December 31, 2000. The net loss for the six month period ended December 31, 2001, decreased 54% to $365,223, or $.06 per basic share, compared to a net loss of $800,821, or $.13 per basic share, for the six month period ended December 31, 2000.

The financial results include the operations of Time Spot, Inc., which merged with a subsidiary of Vitrix on March 30, 2001.

"We experienced a revenue decline in the quarter in both the direct and indirect segments of our business, as we believe a number of our prospective clients deferred planned purchases. We continued to improve in the area of expense reduction both on a year-over-year and sequential basis,'' stated Thomas Bednarik, president and CEO of Vitrix, Inc. In addition, the Company generated a 132% increase in its recurring revenue ASP solution, NETtime, during the most recent quarter.

"I am pleased to announce that the Company recently secured additional capital of $555,000 through the sale of 2,775,000 shares of common stock, primarily from existing investors,'' added Bednarik. The funds consisted of a $60,000 conversion of debt, with the balance in the form of cash. Also during the quarter, the Company was able to secure a $200,000 line of credit. The Company intends to use these funds to increase its sales and marketing presence and to help fund operations.

About VITRIX, Inc.: VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of workforce management solutions for businesses of all sizes. VITRIX products improve productivity by automating collection of time and attendance data, staff scheduling and management of labor resources. Its wholly-owned subsidiary, Time Spot, Inc., has been developing Time and Labor Management software and hardware solutions for over fourteen years, which automate the payroll process by collecting, processing and packaging payroll data for all types of companies in a broad range of markets. For more information please visit the Company's Web site at https://timespothq.com .

                           VITRIX, INC. AND SUBSIDIARY
                            CONSOLIDATED BALANCE SHEET
                                December 31, 2001
                                   (Unaudited)

                                      ASSETS
     Current Assets:
       Cash and cash equivalents                                   $166,224
       Accounts receivable - trade, net                             378,664
       Inventory                                                    191,886
       Prepaid expenses and other current assets                     46,840

           Total Current Assets                                     783,614

     Property and equipment, net                                    176,804

           Total Assets                                            $960,418

                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

     Current Liabilities:
       Current portion of long-term debt                           $188,336
       Accounts payable                                             476,090
       Accrued liabilities                                          165,463
       Deferred revenue                                             180,594

           Total Current Liabilities                              1,010,483

     Long-term debt, less current portion                           794,572

           Total Liabilities                                      1,805,055

     Commitments:                                                        --

     Stockholders' Equity (Deficit):
       Common stock, $.005 par value, 50,000,000 shares
        authorized, 6,295,828 shares issued and outstanding          31,479
       Contributed capital                                        5,503,970
       Accumulated deficit                                       (6,380,086)

           Total Stockholders' Equity (Deficit)                    (844,637)

           Total Liabilities and Stockholders' Equity (Deficit)    $960,418


                           VITRIX, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                               Three Months Ended        Six Months Ended
                                  December 31,             December 31,
                                2001        2000         2001        2000
     Revenues:
       Product sales         $625,897   $1,082,381  $1,303,955   $1,766,025
       Services revenue       163,769      264,770     304,807      419,484

         Total Revenues       789,666    1,347,151   1,608,762    2,185,509

     Cost of Revenues
       Product                272,268      516,111     559,325      826,425
       Services               112,740      112,133     241,212      244,096

         Total Cost of
          Revenues            385,008      628,244     800,537    1,070,521

     Gross Profit             404,658      718,907     808,225    1,114,988

     Costs and Expenses
       Sales and marketing    202,834      326,268     425,295      660,577
       Research and
        development           142,661      312,978     327,182      696,959
       General and
        administrative        186,640      289,702     377,445      528,471

         Total Costs and
          Expenses            532,135      928,948   1,129,922    1,886,007

     Net Loss From
      Operations             (127,477)    (210,041)   (321,697)    (771,019)

     Other Income (Expense):
       Interest expense       (19,061)     (13,088)    (46,530)     (32,005)
       Other                      725      (14,448)      1,058       (8,031)
       Interest income            565        2,614       1,946       10,234

                              (17,771)     (24,922)    (43,526)     (29,802)

     Net Loss               $(145,248)   $(234,963)  $(365,223)   $(800,821)

     Basic Loss per Share      $(0.02)      $(0.04)     $(0.06)      $(0.13)

     Weighted Average
      Number of Shares
      Outstanding           6,295,828    6,265,537   6,295,828    6,232,532

 

     
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