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Time Spot Press Releases

Time Spot ANNOUNCES SECOND QUARTER FISCAL 2005 RESULTS
Revenue increases 28% over prior year quarter

SCOTTSDALE, Ariz, February 3, 2005 - 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 Deceomber 31, 2005.

Revenue for the quarter ended December 31, 2004 was $1,440,312, a 28% increase over revenue of $1,127,324 in the year-ago quarter.  The net loss from operations for the quarter ended December 31, 2004 was $237,474, compared to a net loss from operations of $265,563 for the year-ago quarter.  The net loss for the quarter ended December 31, 2004 was $298,668, or $.02 per basic and diluted share, compared to a net loss of $282,694 or $.02 per basic and diluted share for the year-ago quarter.

Revenue for the six-month period ended December 31, 2004 was $2,894,137, a 28% increase over revenue of $2,253,721 in the year-ago period.  The net loss from operations for the six-month period ended December 31, 2004 was $337,056, compared to a net loss from operations of $407,316 for the year-ago period.  The net loss for the six-month period ended December 31, 2004 was $490,999 or $.04 per basic and diluted share, compared to a net loss of $444,265 or $.04 per basic and diluted share for the year-ago period.

"I am pleased to announce that, for the eleventh consecutive time, we have achieved quarter over prior year quarter revenue growth.  I am also pleased that we achieved revenue growth of 28% for the second consecutive quarter this fiscal year," stated Thomas Bednarik, President and CEO.  Services revenue increased 66% for the six-month period ended December 31, 2004 versus the same period in 2003.

?Our web-based solution, NETtimeŽ has continued to gain momentum as evidenced by the revenue growth of 97% over the same period last year.  A large part of this growth results from our NETtime private branding and co-branding strategy.    Even with recent investments in both hardware and software to support this growth at the AT&T data center which hosts NETtime, our hosting costs increased minimally over the prior year quarter, supporting the fact that the hosted model is both profitable and scalable.? added Bednarik.

?We continue to make significant investments in our sales and marketing programs and new product development.  In the current quarter we doubled our spending in advertising and trade shows versus the prior year?s quarter.  We also incurred significant development costs on our new proprietary hardware device that we plan to deliver in fiscal Q4.  We anticipate that we will experience an increase in our gross margin of 5% to7% after we deliver this new device in quantity to the market.?

?Our enterprise sales team secured the following key customers in fiscal Q2; Case Foods, Boston University, U.S. Navy ? Crane, Davenport Realty Trust and Olshan Hotels,? continued Bednarik.

The Company will hold a conference call today at 4:30 p.m. EST to discuss its second fiscal quarter results.  To participate, call 866-385-2370 and enter ID code 3829836 five minutes prior to the start of the call.  The call will also be archived on the Time Spot website at timespothq.com.

About Time Spot, Inc.

Time Spot, Inc. (TMAM.OB) has been providing innovative time and labor management solutions for over 17 years. By leveraging innovative technology, our family of software and hardware solutions helps organizations track and transform basic labor data into strategic information that improves workforce productivity and the utilization of labor resources. Time Spot solutions are used by more than 20,000 companies worldwide including ARAMARK Corporation, the University of Southern California, Thrifty Rental Car, the Texas Legislative Council and the Mesa Air Group. The Deloitte Technology Fast 500 honored Time Spot as one of the 500 fastest growing technology companies in North America for 2004 and 2003.

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, 2004 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.

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

TIMEAMERICA, INC.
CONSOLIDATED BALANCE SHEETS

 

 

 

December 31,

 

June 30,

 

 

 

2004

 

2004

 

 

 

(Unaudited)

 

 

ASSETS

Current Assets:

 

 

 

 

Cash and cash equivalents

$  
1,268,660
 

 

 $       2,058,929

 

Accounts receivable ? trade, net

   1,097,710 

 

1,028,850

 

Inventory

577,094   370,784

 

Prepaid expenses and other current assets

198,721   290,546

 

 

 

     

 

 

Total Current Assets

3,142,185   3,749,109

 

 

 

     

Property and equipment, net

300,738   203,309

Other Assets

180,793   234,641

 

 

 

     

 

 

Total Assets

$ 3,623,716   $ 4,187,059

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)

 

 

 

 

 

 

Current Liabilities:

 

 

Current portion of long-term debt

 1,049,603  

 

  756,353  

 

Accounts payable

393,975   368,230

 

Accrued liabilities

326,572   187,385

 

Deferred revenue

882,259   416,514

 

 

 

     

 

 

Total Current Liabilities

2,652,409   1,728,482

 

 

 

     

Long-term debt, less current portion

1,325,213   2,337,345

 

 

 

     

 

 

Total Liabilities

3,977,622   4,065,827

 

 

 

     

Commitments:

-   -

 

 

 

     

Stockholders? Equity (Deficit):

     

 

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

     

 

  13,601,052 and 13,599,552 shares issued and outstanding

68,006   67,998

 

Contributed capital

8,042,974   8,027,121

 

Accumulated deficit

(8,464,886)   (7,973,887)

 

 

 

     

 

 

Total Stockholders? Equity (Deficit)

(353,906)   121,232

 

 

 

     

 

 

Total Liabilities and Stockholders? Equity (Deficit)

$      3,623,716   $    4,187,059

 

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

 

 

 

Three Months Ended December 31,

 

 

 

2004

 

2003

 

 

 

 

 

 

Revenues:

 

 

 

 

Product sales

 $   1,082,207

 

 $     867,311

 

Services revenue

      358,105

 

        260,013

 

 

 

 

 

 

 

 

Total Revenues

     1,440,312

 

      1,127,324

 

 

 

 

 

 

Cost of Revenues:

  

 

  

 

Product

       433,572

 

        343,723 

 

Services

        185,277 

 

        153,036

 

 

 

 

 

 

 

 

Total Cost of Revenues

        618,849  

 

        496,759  

 

 

 

 

 

 

Gross Profit

        821,463

 

        630,565  

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

Sales and marketing

        461,442  

 

        469,383  

 

Research and development

        337,946

 

        201,073  

 

General and administrative

        259,549  

 

        225,672

 

 

 

 

 

 

 

 

Total Costs and Expenses

     1,058,937

 

        896,128  

 

 

 

 

 

 

Net Loss from Operations

       (237,474)

 

        (265,563)

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

Interest expense

       (91,386)

 

         (18,835)

 

Other

                     25,774 

 

          -

 

Interest income

            4,418

 

             1,704    

 

 

 

 

 

 

 

 

 

         (61,194)

 

         (17,131)

 

 

 

 

 

 

Net Loss

 $    (298,668)

 

$    (282,694)

 

 

 

 

 

 

Basic Loss per Share

 $          (0.02)

 

  $          (0.02)

 

 

 

 

 

 

Weighted Average Number of

 

 

 

 

Shares Outstanding

    13,601,052  

 

     12,810,393  

 
     
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