Time Spot Inc. A Vitrix Company
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Time Spot Press Releases

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:

-- Increased channel sales, through more than 100 resellers in over 40 states -- An overall increase of reseller sales of 39% vs. the same period last year
-- Increased referral business through the Company's targeted Partner Referral Program
-- 10% sequential quarterly growth in sales of the Company's hosted NETtime offering, contributed mainly by business partners

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 .

VITRIX, INC.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2002
(Unaudited)

ASSETS Current Assets:
  Cash and cash equivalents                                $134,621
  Accounts receivable -- trade, net                         566,064
  Inventory                                                 178,841
  Prepaid expenses and other current assets                  44,502

  Total Current Assets                                      924,028
  Property and equipment, net                               111,807

  Total Assets                                           $1,035,835

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities:
  Current portion of long-term debt                        $421,586
  Accounts payable                                          323,534
  Accrued liabilities                                       185,433
  Deferred revenue                                          273,928
  Total Current Liabilities                               1,204,481

  Long-term debt, less current portion                      423,033

  Total Liabilities                                      $1,627,514

Commitments:                                                     --
  Stockholders' Equity (Deficit):
  Common stock,
$.005 par value,                                   
  
50,000,000 shares authorized,                                    
  
9,219,371 shares issued and outstanding                                        46,097
  Contributed capital                                    6,087,886
  Accumulated deficit                                   (6,725,662)
    Total Stockholders' Equity (Deficit)                  (591,679)

    Total Liabilities and
    Stockholders' Equity (Deficit)                      $1,035,835

VITRIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

                       Three Months Ended        Six Months Ended
                           December 31,             December 31,
                        2002         2001        2002        2001

Revenues:
  Product sales      $810,534     $625,897   $1,720,217  $1,303,955
  Services revenue    226,230      163,769      424,783     304,807

Total Revenues      1,036,764      789,666    2,145,000   1,608,762

Cost of Revenues:
  Product             319,060      272,268      677,754     559,325
  Services            129,912      112,740      255,657     241,212

    Total Cost of
     Revenues         448,972      385,008      933,411     800,537

Gross Profit          587,792      404,658    1,211,589     808,225

Costs and Expenses:
  Sales and marketing 291,006      202,834      552,008     425,295
  Research and
   development        163,829      170,389      332,869     354,910
  General and
   administrative     178,541      158,912      343,447     349,717

    Total Costs and
     Expenses         633,376      532,135    1,228,324   1,129,922

Net Loss from
  Operations         (45,584)    (127,477)     (16,735)   (321,697)

Other Income (Expense):
  Interest expense   (20,382)     (19,061)     (39,361)    (46,530)
  Other                   40          725           40       1,058
  Interest income        364          565        1,109       1,946

                     (19,978)     (17,771)     (38,212)    (43,526)

Net Loss            $(65,562)   $(145,248)    $(54,947)  $(365,223)

Basic Loss per Shar   $(0.01)      $(0.02)      $(0.01)     $(0.06)

Weighted Average
  Number of Shares
  Outstanding       9,219,371    6,295,828   9,181,729   6,295,828

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,

 
 
 
 

     
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