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Time Spot Press Releases

Time Spot ANNOUNCES THIRD QUARTER FISCAL 2005 RESULTS
Revenue increases 25% over prior year quarter

SCOTTSDALE, Ariz, May 5, 2005 ? Time Spot, Inc. (OTCBB: TMAM), a leading developer and marketer of time and labor management solutions announced unaudited financial results for its fiscal third quarter ended March 31, 2005.

Revenue for the quarter ended March 31, 2005 was $1,628,957, a 25 percent increase over revenue of $1,306,107 in the year-ago quarter.  The net loss from operations for the quarter ended March 31, 2005 was $223,098, compared to a net loss from operations of $290,255 for the year-ago quarter.  The net loss for the quarter ended March 31, 2005 was $303,260, or $.02 per basic and diluted share, compared to a net loss of $309,715, or $.02 per basic and diluted share for the year-ago quarter.

Revenue for the nine-month period ended March 31, 2005 was $4,523,095, a 27 percent increase over revenue of $3,559,828 in the year-ago period.  The net loss from operations for the nine-month period ended March 31, 2005 was $560,154, compared to a net loss from operations of $697,571 for the year-ago period.  The net loss for the nine-month period ended March 31, 2005 was $794,259, or $.06 per basic and diluted share, compared to a net loss of $753,980, or $.06 per basic and diluted share for the year-ago period.

?I am pleased to report another quarter of record growth for the Company.  The 25 percent revenue growth experienced in the quarter, combined with the 28 percent revenue growth achieved in the first two fiscal quarters of this year, yields a year-to-date growth of 27 percent.  We anticipate similar growth performance in our current quarter which will make for a strong fiscal year revenue performance,? stated Thomas Bednarik, President and CEO of Time Spot.

?Each of our distribution channels (reseller, business partner and direct) contributed to the quarter?s increased revenue performance.   Our hosted, recurring revenue web-based NETtimeŽ solution experienced a client employee growth of 101 percent in the quarter and revenue growth of 79 percent compared to the same quarter last year. We now have in excess of 400 companies that use our NETtime hosted service on a daily basis.?

?We are in the final development stages of our new hardware data collection device and will be receiving the first 100 devices to be used for beta purposes within the next 30 days.  We anticipate delivering production units to the market in our fiscal Q1 2006.  We believe that this device is like no other on the market today and we have already experienced significant interest from our current resellers, end-users and prospective business partners,? continued Bednarik.

The Company added 18 new resellers in the quarter and closed direct sales agreements with a number of accounts, including Valley Services, Inc., Finish Master and Jordano?s Inc.  Also, the prospect base for the Company?s private-branded Cisco VoIP solution, ExtendTime?, increased significantly as a result of hiring an experienced industry veteran, Jack Karabees, to head our efforts in this area. Mr. Karabees has an extensive background in the time and labor management sector.

From a public relations perspective, multiple article placements in various publications occurred in the quarter including TCM.net, WorkforceIndex.com, Customer Interaction Solutions and several vertical sites that cover healthcare.  Joint marketing efforts in the area of program development took place with a number of business partners in the quarter and the Company launched a Partner newsletter program.

The Company will hold a conference call today at 4:30 p.m. EST to discuss its third fiscal quarter results.  To participate, call 866-385-2370 and enter ID code 5908294 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. (OTCBB: TMAM) has been providing automated time and labor management solutions since 1988. 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 Texas Legislative Council and the Mesa Air Group. The Deloitte Technology Fast 500 has named Time Spot one of the 500 fastest growing technology companies in North America in 2003 and 2004.

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

 

 

 

March 31,

 

June 30,

 

 

 

2005

 

2004

 

 

 

(Unaudited)

 

 

ASSETS

Current Assets:

 

 

 

 

Cash and cash equivalents

$  
625,639
 

 

 $       2,058,929

 

Accounts receivable ? trade, net

1,300,294 

 

1,028,850

 

Inventory

454,285   370,784

 

Prepaid expenses and other current assets

218,094   290,546

 

 

 

     

 

 

Total Current Assets

2,598,312   3,749,109

 

 

 

     

Property and equipment, net

379,612   203,309

Other Assets

150,562   234,641

 

 

 

     

 

 

Total Assets

$ 3,128,486   $ 4,187,059

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)

 

 

 

 

 

 

Current Liabilities:

 

 

Current portion of long-term debt

 1,028,289  

 

  756,353  

 

Accounts payable

315,371   368,230

 

Accrued liabilities

337,830   187,385

 

Deferred revenue

880,129   416,514

 

 

 

     

 

 

Total Current Liabilities

2,561,619   1,728,482

 

 

 

     

Long-term debt, less current portion

1,224,033   2,337,345

 

 

 

     

 

 

Total Liabilities

3,785,652   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

(8,768,146)   (7,973,887)

 

 

 

     

 

 

Total Stockholders? Equity (Deficit)

(657,166)   121,232

 

 

 

     

 

 

Total Liabilities and Stockholders? Equity (Deficit)

$      3,128,486   $    4,187,059

 

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

 

 

 

Three Months Ended
March 31,

  Nine Months Ended
March 31,

 

 

 

 2005

2004 

  2005

2004 

Revenues:

(unaudited) 

(unaudited)

  (unaudited)

(unaudited) 

 

Product sales

 $   1,222,964

 $1,009,733 

  $ 3,304,102

$ 2,775,372

 

Services revenue

     405,993

 296,374

  1,218,993

784,456

 

 

 

 

 

   

 

 

 

Total Revenues

     1,628,957

1,306,107 

  4,523,095

 3,559,828

 

 

 

 

 

   

 

Cost of Revenues:

  

 

   

  

 

Product

502,018

435,860 

  1,334,322

     1,165,606

 

Services

 200,169 

158,553 

  552,668

       447,143

 

 

 

 

 

   

 

 

 

Total Cost of Revenues

702,187

594,413 

  1,886,990

      1,612,749  

 

 

 

 

 

   

 

Gross Profit

   926,770

711,694 

  2,636,105

       1,947,079  

 

 

 

 

 

   

 

Costs and Expenses:

 

 

   

 

 

Sales and marketing

505,682

522,195 

  1,431,227

       1,381,869  

 

Research and development

369,660

250,879 

  995,378

        623,583  

 

General and administrative

274,526

228,875 

  769,654

      639,198

 

 

 

 

 

   

 

 

 

Total Costs and Expenses

1,149,868

1,001,949 

  3,196,259

        2,644,650  

 

 

 

 

 

   

 

Net Loss from Operations

   (223,098)

(290,255) 

  (560,154)

        (697,571)

 

 

 

 

 

   

 

Other Income (Expense):

 

 

   

 

 

Interest expense

    (83,029)

(21,021) 

  (272,926)

(59,666)

 

Other

    - 

  25,774

(7)

 

Interest income

   2,867

1,561 

  13,047

3,264    

 

 

 

 

 

   

 

 

 

 

   (80,162)

(19,460) 

  (234,105)

  (56,409)

 

 

 

 

 

   

 

Net Loss

 $  (303,260)

$ (309,715)

  $ (794,259)

$  (753,980)

 

 

 

 

 

   

 

Basic Loss per Share

 $  (0.02)

$  (0.02) 

  $  (0.06)

  $  (0.06)

 

 

 

 

 

   

 

Weighted Average Number of

 

 

   

 

 

Shares Outstanding

    13,601,052

13,548,799 

  13,600,762

    12,608,561  

 
     
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