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Time Spot Press Releases

Time Spot ANNOUNCES RECORD FISCAL YEAR REVENUE
Revenue increases 14% over prior year

TEMPE, Ariz, August 4, 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 fourth quarter and year ended June 30, 2004.

Revenue for the quarter ended June 30, 2004 was $1,277,293, a 15% increase over revenue of $1,106,547 in the year-ago quarter. The net loss for the quarter ended June 30, 2004 was $396,463, or $.03 per basic and diluted share, compared to a net loss of $63,308, or $.01 per basic and diluted share, for the year-ago quarter.

Revenue for the fiscal year ended June 30, 2004 was $4,837,121, a 14% increase over revenue of $4,256,854 in the prior fiscal year. The net loss for the fiscal year ended June 30, 2004 was $1,150,443, or $.09 per basic and diluted share, compared to a net loss of $152,728, or $.02 per basic and diluted share, for the prior fiscal year.

?While I am pleased with the revenue growth, actual orders received in fiscal Q4 were approximately $250,000 higher than recorded, and that revenue will be recognized in FY2005 as we fulfill the obligations of those agreements. Service revenue increased 29% year-over-year. Key sales wins in the quarter included the City of Phoenix, ARAMARK, Air Force Village, Maricopa RediMix and Wheeler Machinery,? stated Thomas Bednarik, President and CEO.

?One of the factors that impacted G&A expenses in the fourth quarter was costs associated with an acquisition attempt that was not consummated. We continued to increase our market presence by attending major trade shows in the quarter (APA and SHRM), development of new marketing collateral and placement of ads and case studies in various market periodicals. We also improved our website and contracted with a lead generation service which is producing a significant number of leads for both our direct and reseller channels. We believe that these efforts will yield additional revenue-producing results for the Company in the future,? continued Bednarik.

The Company?s 100% HTML hosted web-based product, NETtime?, experienced an increase of 75% in the number of employees using the product on a fiscal year-over-year basis. Revenue in the reseller channel increased by 13% compared to the same quarter last year. A total of 9 new resellers were added in the quarter. In addition, a number of new Business Partners were signed in the quarter including Talent Tree EmployHR Services, Great Lakes Solutions and Liberty Payroll.

The Company will hold a conference call today at 4:30 p.m. EST to discuss its 2004 fiscal fourth quarter and year end 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 August 11, 2004 by dialing 877-519-4471 and entering the access code 5024136.

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 16 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.

NETtime is a registered trademark of Time Spot, Inc. All other names are the property of their respective owners.

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, 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-

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

KCSA Public Relations Worldwide:
Scott Berwitz (PR) / Michael Gallo (IR)
(212) 896-1272 / (212) 896-1258
/



TIMEAMERICA, INC.
CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

June 30,

 

 

 

2004

 

2003

 

 

 

(Unaudited)

 

 

ASSETS

Current Assets:

 

 

 

 

Cash and cash equivalents

 $      2,058,929

 

 $       245,795

 

Accounts receivable ? trade, net

           1,028,850

 

          551,576

 

Inventory

           370,784

 

          232,815

 

Prepaid expenses and other current assets

              290,546

 

             34,451

 

 

 

 

 

 

 

 

Total Current Assets

           3,749,109

 

         1,064,637

 

 

 

 

 

 

Property and equipment, net

          203,309

 

          115,633

Other Assets

           234,641

 

                    -

 

 

 

 

 

 

 

 

Total Assets

    $     4,187,059

 

   $    1,180,270

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

Current portion of long-term debt

$       756,353

 

 $       283,148

 

Accounts payable

368,230

 

272,129

 

Accrued liabilities

187,385

 

209,288

 

Deferred revenue

416,514

 

250,012

 

 

 

 

 

 

 

 

Total Current Liabilities

1,728,482

 

1,014,577

 

 

 

 

 

 

Long-term debt, less current portion

2,337,345 

 

597,505

 

 

 

 

 

 

 

 

Total Liabilities

4,065,827 

 

1,612,082

 

 

 

 

 

 

Commitments:

-

 

-

 

 

 

 

 

 

Stockholders? Equity (Deficit):

 

 

 

 

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

 

 

 

 

  13,599,552 and 10,656,057 shares issued and outstanding

67,998

 

53,280

 

Contributed capital

8,027,121

 

6,338,351

 

Accumulated deficit

(7,973,887)

 

(6,823,443)

 

 

 

 

 

 

 

 

Total Stockholders? Equity (Deficit)

121,232 

 

(431,812)

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders? Equity (Deficit)

 $        4,187,059 

 

 $      1,180,270

 

Time Spot, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
 

 

 

 

Three Months Ended

 

Years Ended

 

 

 

June 30,

 

June 30,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

(unaudited) 

 

(unaudited)

 

(unaudited)

 

 

Revenues:

 

 

 

 

 

 

 

 

Product sales

 $       911,056 

 

 $       856,804 

 

 $    3,686,428 

 

 $   3,362,154 

 

Services revenue

          366,237 

 

          249,743 

 

       1,150,693

 

        894,700 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

     1,277,293

 

     1,106,547

 

     4,837,121

 

     4,256,854 

 

 

 

 

 

 

 

 

 

 

Cost of Revenues:

  

 

  

 

  

 

  

 

Product

          368,455 

 

          336,142

 

       1,534,061 

 

       1,366,973 

 

Services

          142,500 

 

          144,796

 

          589,643

 

          530,346 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost of Revenues

510,955

 

480,938

 

2,123,704

 

1,897,319

 

 

 

 

 

 

 

 

 

 

Gross Profit

766,338

 

625,609 

 

2,713,417

 

2,359,535

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Sales and marketing

          521,175 

 

          344,010 

 

       1,903,044 

 

       1,112,762

 

Research and development

266,510

 

160,752 

 

890,093 

 

641,125

 

General and administrative

283,297 

 

169,209 

 

922,495 

 

          685,675 

 

 

 

 

 

 

 

 

 

 

 

 

Total Costs and Expenses

     1,070,982

 

        673,971 

 

     3,715,632 

 

     2,439,562

 

 

 

 

 

 

 

 

 

 

Net Loss from Operations

(304,644)

 

(48,362)

 

(1,002,215)

 

         (80,027)

 

 

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

Interest expense

(98,227)

 

(20,212)

 

(157,893)

 

(79,204)

 

Other

-

 

5,263

 

(7)

 

5,385

 

Interest income

            6,408

 

                  3

 

            9,672

 

            1,118

 

 

 

 

 

 

 

 

 

 

 

 

 

         (91,819)

 

         (14,946)

 

         (148,228)

 

         (72,701)

 

 

 

 

 

 

 

 

 

 

Net Loss

 $   (396,463)

 

 $      (63,308)

 

(1,150,443)

 

 $     (152,728)

 

 

 

 

 

 

 

 

 

 

Basic Loss per Share

(0.03)

 

 $          (0.01)

 

 $         (0.09)

 

 $          (0.02)

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of

 

 

 

 

 

 

 

 

Shares Outstanding

13,593,508

 

     9,877,669

 

12,853,452

 

9,364,650

 
     
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