Time Spot ANNOUNCES FISCAL SECOND QUARTER FINANCIAL RESULTS
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.
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.
KCSA IR Todd Fromer / Michael Gallo
KCSA MEDIA Yin Chang / Scott Berwitz
Time Spot, INC.