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Time Spot Press Releases

Time Spot ANNOUNCES RECORD FISCAL THIRD QUARTER REVENUE GROWTH
Company continues sales growth and development of new technologies

TEMPE, Ariz, April 29, 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 third quarter ended March 31, 2004.

Revenue for the quarter ended March 31, 2004 was $1,306,107, a 30% increase over revenue of $1,005,306 in the year-ago quarter. The net loss for the quarter ended March 31, 2004 was $309,715, or $.02 per basic and diluted share, compared to a net loss of $34,473, or $.00 per basic and diluted share, for the year-ago quarter. 

Revenue for the nine-month period ended March 31, 2004 was $3,559,828, a 13% increase over revenue of $3,150,307 in the year-ago period. The net loss for the nine-month period ended March 31, 2004 was $753,979, or $.06 per basic and diluted share, compared to a net loss of $89,420, or $.01 per basic and diluted share, for the year-ago period. 

?Our reseller and business partner relationships drove significant revenue growth this quarter compared with the same period last year and continue to provide the bulk of the Company?s revenue.  In addition, we are pleased to report that the current quarterly revenue performance is a record for the Company,? stated Thomas Bednarik, president and CEO.  ?We continue to experience growth within our traditional partner markets of Payroll, Human Resources and Professional Employer Organizations, but are also experiencing a shift in our partner base to include Human Resource Outsourcers, Staffing and Temporary Employment organizations.?

Mr. Bednarik added, ?I am also pleased to announce that we are planning to release a major enhancement to our popular NETtime product during our fiscal fourth quarter.  Key enhancements will include expanded labor allocation levels beyond any current known products on the market today.  The enhancement also features a more efficient and streamlined user interface.?

During the quarter, the Company entered into reseller or partner agreements with in excess of fifteen organizations, including Tiger Direct, PrimePay and Intuit Payroll Services.  From a direct sales perspective, the Company continues to increase sales of its 100% web-based NETtime product in both licensed and hosted versions.  Key direct sales wins in the quarter include Glen Raven Knit Fabrics, Somerford Corp. and Driftwood Hospitality Management, LLC.  Recurring revenue for the hosted version of NETtime increased 64% in the quarter and the number of employees who access this solution increased significantly, which demonstrates continued acceptance of the product.

The Company recently closed a $2,000,000 financing transaction with Laurus Master Fund, Ltd., which is targeted to support the Company?s growth and acquisition strategy.  In the past week, the Company also closed an additional debt financing of $500,000 with a current debt and equity holder to assist the same purpose.  The Company believes that the time and labor management marketplace remains ripe for consolidation and integration of certain synergistic offerings, such as an employee forecasting and scheduling solution, which provides for the opportunity to expand the total reach of the time and labor management solution.

The Company will hold a conference call today at 4:30 p.m. EST to discuss its 2004 fiscal third 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 May 6, 2004 by dialing 877-519-4471 and entering the access code 4713303.

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

 

 

 

March 31,

 

June 30,

 

 

 

2004

 

2003

 

 

 

(Unaudited)

 

 

ASSETS

Current Assets:

 

 

 

 

Cash and cash equivalents

 $      2,320,742

 

 $       245,795

 

Accounts receivable ? trade, net

           870,113

 

          551,576

 

Inventory

           345,086

 

          232,815

 

Prepaid expenses and other current assets

           151,697

 

           34,451

 

 

 

 

 

 

 

 

Total Current Assets

        3,687,638

 

       1,064,637

 

 

 

 

 

 

Property and equipment, net

           160,017

 

          115,633

Other Assets

           199,800

 

                    -

 

 

 

 

 

 

 

 

Total Assets

 $      4,047,455

 

 $    1,180,270

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

Current portion of long-term debt

 $        710,223

 

 $       283,148

 

Accounts payable

           312,559

 

          272,129

 

Accrued liabilities

           264,804

 

          209,288

 

Deferred revenue

           337,829

 

          250,012

 

 

 

 

 

 

 

 

Total Current Liabilities

        1,625,415

 

       1,014,577

 

 

 

 

 

 

Long-term debt, less current portion

        1,961,687

 

          597,505

 

 

 

 

 

 

 

 

Total Liabilities

        3,587,102

 

       1,612,082

 

 

 

 

 

 

Commitments:

 -

 

 -

 

 

 

 

 

 

Stockholders? Equity (Deficit):

 

 

 

 

Common stock, $.005 par value, 50,000,000 shares authorized,

 

 

 

 

  13,571,052 and 10,656,057 shares issued and outstanding

             67,855

 

           53,280

 

Contributed capital

        7,969,921

 

       6,338,351

 

Accumulated deficit

       (7,577,423)

 

      (6,823,443)

 

 

 

 

 

 

 

 

Total Stockholders? Equity (Deficit)

           460,353

 

         (431,812)

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders? Equity (Deficit)

 $      4,047,455

 

 $    1,180,270

 

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

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

Product sales

 $   1,009,733

 

 $     785,132

 

 $   2,775,372

 

 $   2,505,350

 

Services revenue

        296,374

 

        220,174

 

        784,456

 

        644,957

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

     1,306,107

 

     1,005,306

 

     3,559,828

 

     3,150,307

 

 

 

 

 

 

 

 

 

 

Cost of Revenues:

  

 

  

 

  

 

  

 

Product

        435,860

 

        353,078

 

     1,165,606

 

     1,030,831

 

Services

        158,553

 

        129,895

 

        447,143

 

        385,550

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost of Revenues

        594,413

 

        482,973

 

     1,612,749

 

     1,416,381

 

 

 

 

 

 

 

 

 

 

Gross Profit

        711,694

 

        522,333

 

     1,947,079

 

     1,733,926

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Sales and marketing

        522,195

 

        216,746

 

     1,381,869

 

        768,752

 

Research and development

        250,879

 

        147,506

 

        623,583

 

        480,373

 

General and administrative

        228,875

 

        173,011

 

        639,198

 

        516,466

 

 

 

 

 

 

 

 

 

 

 

 

Total Costs and Expenses

     1,001,949

 

        537,263

 

     2,644,650

 

     1,765,591

 

 

 

 

 

 

 

 

 

 

Net Loss from Operations

       (290,255)

 

         (14,930)

 

       (697,571)

 

         (31,665)

 

 

 

 

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest expense

         (21,021)

 

         (19,630)

 

         (59,666)

 

         (58,992)

 

Other

                   -

 

                81

 

                 (7)

 

              122

 

Interest income

            1,561

 

                  6

 

            3,265

 

            1,115

 

 

 

 

 

 

 

 

 

 

 

 

 

         (19,460)

 

         (19,543)

 

         (56,408)

 

         (57,755)

 

 

 

 

 

 

 

 

 

 

Net Loss

 $    (309,715)

 

 $      (34,473)

 

 $    (753,979)

 

 $      (89,420)

 

 

 

 

 

 

 

 

 

 

Basic Loss per Share

 $          (0.02)

 

 $          (0.00)

 

 $          (0.06)

 

 $          (0.01)

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of

 

 

 

 

 

 

 

 

Shares Outstanding

    13,548,799

 

     9,219,902

 

    12,608,561

 

     9,197,268

 
     
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