VITRIX Announces Fiscal Second Quarter Financial Results
January 31, 2003 7:19:00 PM ET TEMPE, Ariz., Jan. 31 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC Bulletin Board: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal second quarter ended December 31, 2002.
Revenue for the quarter ended December 31, 2002 increased 31% to $1,036,764, compared to revenue of $789,666 for the quarter ended December 31, 2001. The net loss from operations for the quarter ended December 31, 2002 decreased 64% to $45,584, compared to a net loss from operations of $127,477 for the quarter ended December 31, 2001.The net loss for the quarter ended December 31, 2002 decreased 55% to $65,562, or $.01 per basic share, compared to a net loss of $145,248, or $.02 per basic share, for the quarter ended December 31, 2001.
Revenue for the six month period ended December 31, 2002 increased 33% to $2,145,000, compared to revenue of $1,608,762 for the six month period ended December 31, 2001. The net loss from operations for the six month period ended December 31, 2002 decreased 95% to $16,735, compared to a net loss from operations of $321,697 for the six month period ended December 31, 2001. The net loss for the six month period ended December 31, 2002 decreased 85% to $54,947, or $.01 per basic share, compared to a net loss of $365,223, or $.06 per basic share, for the six month period ended December 31, 2001.
"For the second consecutive quarter, revenues exceeded $1 million and for the past two quarters our revenue growth has exceeded 30% over the comparable quarters in the prior fiscal year. We increased our gross profit percentage by five points in the present quarter compared to the same quarter in fiscal 2001, and increased our profit margin on services revenue from 31% to 43%. Both of these items contributed to a significant reduction in our operating loss in the quarter and in the six-month period," stated Thomas S. Bednarik, President and CEO.
As a result of our proactive efforts in recruiting new dealers in targeted geographic markets and continued focus on leveraging existing partnerships, the Company's reseller and partner business experienced continued growth, including:
About VITRIX, Inc.: Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, Time Spot, Inc., is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time Spot's family of GENESIS PRO(TM), HourTrack(TM) and NETtime(TM) solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing. For more information please visit the Company's Web site at https://timespothq.com .
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2002
ASSETS Current Assets:
Three Months Ended Six Months Ended
Certain information and comments contained in this press release may be forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2002 and subsequently filed Form 10-QSBs, together with other factors that appear in this press release or in the Company's other Securities and Exchange Commission filings could affect the Company's actual results and could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.
For further information please contact: Craig Smith, CFO of VITRIX, Inc., 480-296-0442,