Time Spot Inc. A Vitrix Company
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Time Spot Press Releases

VITRIX ANNOUNCES FISCAL FIRST QUARTER FINANCIAL RESULTS
Company increases sales force; positions itself for continued growth

TEMPE, Ariz, November 4, 2003 ?Vitrix, Inc., (OTCBB: 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 first quarter ended September 30, 2003.

Revenue for the quarter ended September 30, 2003 was $1,126,397, a 2% increase over revenue of $1,108,236 in the year-ago quarter. Net loss from operations for the quarter ended September 30, 2003 was $141,755, compared to a net profit from operations of $28,849 for the year-ago quarter. Net loss for the quarter ended September 30, 2003 was $161,573, or $.01 per basic and diluted share, compared to a net income of $10,615, or $.00 per basic and diluted share, for the quarter ended September 30, 2002.

?Our labor management solutions continue to gain traction with corporate users and channel partners. As a result, we?ve strengthened our sales force considerably this quarter in anticipation of continued demand for our products,? said Thomas Bednarik, President and CEO of Vitrix. ?Sales and marketing expenses grew as a direct result of this critical investment in our infrastructure, which helps position us for continued revenue growth.?

?Specifically, we have seen increased activity with our partners in the Human Resource Outsourcing (HRO) space,? said Mr. Bednarik. ?The cost-effective management of a company?s human capital is a hot business concern. Our products complement the offerings of HRO providers by automating the time and data collection process in a quick and simple manner. Our NETtime product fits the HRO revenue model well as it is offered on the same monthly recurring revenue basis.?

?Looking ahead, we will focus our efforts on expanding our growing network of resellers and partners and continue to add salespeople with valuable industry experience,? said Mr. Bednarik. ?The investments we?ve made in the first quarter were the first in a series of planned investments. We will continue to build the direct sales organization by adding salespeople with industry experience and proven skills. We also plan to substantially increase our engineering resources to develop our next generation products and to allow for the continued customization of our current products.?

Mr. Bednarik added, ?We believe there is an opportunity for consolidation in our highly fragmented space and look to pursue an acquisition strategy in the months to come. We are receiving a strong reception from prospective customers and are optimistic about the future of Time Spot and the market opportunity for our products.?

The Company will hold a conference call today at 4:30 p.m. EST to discuss its 2004 first quarter results. To participate, call (888) 694-4676 five minutes prior to the start of the call, or log on to www.kcsa.com for a live webcast of the call.

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?, HourTrack? and NETtime? solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing.

FORWARD LOOKING STATEMENTS
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 Quarterly Report on Form 10-QSB for the fiscal quarter ended March 31, 2003, 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.

VITRIX, INC.
CONSOLIDATED BALANCE SHEETS

 

  September 30,2003 June 30, 2003
  (Unaudited)  
ASSETS
Current Assets:
$
$
Cash and cash equivalents
370,675
245,795
Accounts receivable ? trade, net
809,711
551,576
Inventory
242,504
232,815
Prepaid expenses and other current assets
41,865
34,451
Total Current Assets
1,464,755
1,064,637
Property and equipment, net
150,475
115,633
Total Assets
$ 1,615,230
$ 1,180,270
 
LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)
Current Liabilities:
$
$
Current portion of long-term debt
282,565
283,148
Accounts payable
282,127
272,129
Accrued liabilities
232,571
209,288
Deferred revenue
296,395
250,012
Total Current Liabilities
1,093,658
1,014,577
Long-term debt, less current portion
565,560
597,505
Total Liabilities
1,659,218
1,612,082
Commitments:
Stockholders? Equity (Deficit):
Common stock, $.005 par value, 50,000,000 shares authorized,
12,106,557 and 10,656,057 shares issued and outstanding
60,533
53,280
Contributed capital
6,880,495
6,338,351
Accumulated deficit
(6,985,016)
(6,823,443)
Total Stockholders? Equity (Deficit)
(43,988)
(431,812)
Total Liabilities and Stockholders? Equity (Deficit)
$ 1,615,230
$ 1,180,270

VITRIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
Three Months Ended
September 30,
 
2003
2002
Revenues:
$
$
Product Sales:
898,328
909,683
Services Revenue:
228,069
198,553
Total Revenues
1,126,397
1,108,236
Cost of Revenues:
Product
386,024
358,694
Services
135,554
125,745
Total Cost of Revenues
521,578
484,439
Gross Profit
604,819
623,797
Costs and Expenses:
Sales and marketing
390,293
261,002
Research and development
171,632
169,040
General and administrative
184,649
164,906
Total Costs and Expenses
746,574
594,948
Net Income (Loss) from Operations
(141,755)
28,849
Other Income (Expense):    
Interest expense
(19,811)
(18,979)
Other
(7)
-
Interest income
-
745
 
(19,818)
(18,234)
Net Income (Loss)
$ (161,573)
$ 10,615
Net Income (Loss) per Common Share
Basic
$ (0.01)
$ 0.00
Diluted
$ (0.01)
$ 0.00
Weighted Average Common Shares Outstanding
Basic
11,476,709
9,144,087
Diluted
11,476,709
9,167,787
     
     
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