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Time Spot Press Releases

Time Spot ANNOUNCES FISCAL SECOND QUARTER FINANCIAL RESULTS
Company doubles sales force and forms new partner relationships
to position itself for future growth

TEMPE, Ariz, February 5, 2004 ? Time Spot, Inc., (OTCBB: TMAM), a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal second quarter ended December 31, 2003.

Revenue for the quarter ended December 31, 2003 was $1,127,324, a 9% increase over revenue of $1,036,764 in the year-ago quarter. Net loss from operations for the quarter ended December 31, 2003 was $265,563, compared to $45,584 for the year-ago quarter. Net loss for the quarter ended December 31, 2003 was $282,694, or $.02 per basic and diluted share, compared to $65,562, or $.01 per basic and diluted share, for the year-ago quarter.

Revenue for the six-month period ended December 31, 2003 was $2,253,721, a 5% increase over revenue of $2,145,000 in the year-ago period. Net loss from operations for the six-month period ended December 31, 2003 was $407,316, compared to $16,735 for the year-ago period. Net loss for the six-month period ended December 31, 2003 was $444,265, or $.04 per basic and diluted share, compared to $54,947, or $.01 per basic and diluted share, for the year-ago period.

?We doubled our direct sales headcount in the quarter and initiated a number of marketing related programs to increase company and brand awareness. While these planned activities increased our spending in the quarter, we believe they are the proper investments to position the Company for future growth,? stated Thomas Bednarik, President and CEO.

?We continue to gain traction in the partner space, forming both referral and co-branding relationships with organizations that need a time and labor management offering to effectively compete in their marketplace,? added Bednarik. ?During the second quarter, the Company entered into an agreement with Epix, a large professional employer organization (PEO), and other partners in the payroll, employee staffing and PEO space.?

On a direct sales basis the Company closed a number of transactions in the quarter including a $200,000 three-year commitment with a major not-for-profit organization in the Midwest for the Company?s hosted NETtime web-based application. Additional clients were added in the following markets in the quarter: textile manufacturing, banking, telecom, hotel and casino, human resource staffing and medical manufacturing.

The Company also closed a significant round of financing in the quarter to fund its increased sales and marketing activities. The funds will also allow the Company to expedite the development of new technology products.

The Company continues to pursue its acquisition strategy by identifying potential candidates in the workforce management and employee forecasting / scheduling markets.

The Company will hold a conference call today at 4:30 p.m. EST to discuss its 2004 fiscal second quarter results. To participate, call 888-394-8033 five minutes prior to the start of the call, or log on to www.kcsa.com for a live webcast of the call. There will also be a replay of the call available until February 12, 2004 by dialing 877-519-4471 and entering the access code 4496926.


About Time Spot, Inc.
Based in Tempe, Arizona, Time Spot, Inc., is a leading developer of web-based and client-server workforce management solutions. With over 15 years of experience, Time Spot?s family of NETtime?, HourTrack? and GENESIS? solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing. More information can be located at the Company's homepage on the worldwide web at https://timespothq.com.

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, 2003 and subsequently filed Form 10-QSB?s, 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.

-more-

KCSA IR Todd Fromer / Michael Gallo
CONTACTS: (212) 896-1215 / (212) 896-1258
/

KCSA MEDIA Yin Chang / Scott Berwitz
CONTACTS: (212) 896-1228 / (212) 896-1272
/

COMPANY CONTACT:
Craig Smith, Chief Financial Officer
(480) 296-0442

TIMEAMERICA, INC.
CONSOLIDATED BALANCE SHEETS

 
December 31, 2003

June 30,
2003

 
(Unaudited)
 
ASSETS
Current Assets:
$
$
Cash and cash equivalents
978,898
245,795
Accounts receivable ? trade, net
672,159
551,576
Inventory
360,395
232,815
Prepaid expenses and other current assets
59,626
34,451
Total Current Assets
2,071,078
1,064,637
Property and equipment, net
161,643
115,633
Total Assets
$ 2,232,721
$ 1,180,270
 
LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)
Current Liabilities:
$
$
Current portion of long-term debt
430,726
283,148
Accounts payable
190,083
272,129
Accrued liabilities
249,367
209,288
Deferred revenue
334,779
250,012
Total Current Liabilities
1,204,955
1,014,577
Long-term debt, less current portion
384,398
597,505
Total Liabilities
1,589,353
1,612,082
Commitments:
Stockholders? Equity (Deficit):
Common stock, $.005 par value, 50,000,000 shares authorized,
13,546,052 and 10,656,057 shares issued and outstanding
67,730
53,280
Contributed capital
7,843,346
6,338,351
Accumulated deficit
(7,267,708)
(6,823,443)
Total Stockholders? Equity (Deficit)
643,368
(431,812)
Total Liabilities and Stockholders? Equity (Deficit)
$ 2,232,721
$ 1,180,270

Time Spot, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 
Three Months Ended
December 31,
Six Month Ended December 31,
 
2003
2002
2003
2002
Revenues:
$
$
   
Product Sales:
867,311
810,534
1,765,639 1,720,217
Services Revenue: 260,013
226,230 488,082 424,783
Total Revenues 1,127,324
1,036,764 2,253,721 2,145,000
Cost of Revenues:
   
Product 343,723
319,060 729,746 677,754
Services 153,036
129,912 288,590 255,657
Total Cost of Revenues 496,759
448,972 1,018,336 933,411
Gross Profit 630,565
587,792 1,235,385 1,211,589
Costs and Expenses:
Sales and marketing 469,383
291,006 859,675 552,008
Research and development 201,073
163,829 372,703 332,869
General and administrative 225,672
178,541 410,323 343,447
Total Costs and Expenses 896,128
633,376 1,642,701 1,228,324
Net Income (Loss) from Operations (265,563)
(45,584) (407,316) (16,735)
Other Income (Expense):        
Interest expense (18,835)
(20,382) (38,646) (39,361)
Other
-
40 (7) 40
Interest income 1,704
364 1,704 1,109
  (17,131)
(19,978) (36,949) (38,212)
Net Income (Loss) $(282,694)
$(65,562) $(444,265) $(54,947)
Basic Loss per Share
  $(0.02)
$(0.01) $(0.04) $(0.01)
         
Weighted Average Common Shares Outstanding
  12,810,393
9,219,371 12,143,551 9,181,729
     
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