Time Spot ANNOUNCES FOURTH QUARTER & YEAR END FISCAL 2006 RESULTS
SCOTTSDALE, Ariz, May 9, 2006 ? Time Spot, Inc. (OTCBB: TMAM), a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fourth fiscal quarter and year ended June 30, 2006.
Revenue for the quarter ended June 30, 2006 was $1,982,822, a 27% increase over revenue of $1,559,143 in the year-ago quarter. The net loss from operations for the quarter ended June 30, 2006 was $(96,743), compared to a net loss from operations of $(1,137,419) for the year-ago quarter. The net loss for the quarter ended June 30, 2006 was $(172,801), or $(.01) per basic and diluted share, compared to a net loss of $(1,226,135) or $(.09) per basic and diluted share for the year-ago quarter.
Revenue for the year ended June 30, 2006 was $6,716,150, a 10% increase over revenue of $6,082,238 in the prior year. The net loss from operations for the year ended June 30, 2006 was $(1,531,268), compared to a net loss from operations of $(1,697,573) for the prior year. The net loss for the year ended June 30, 2006 was $(1,934,651), or $(.13) per basic and diluted share, compared to a net loss of $(2,020,394) or $(.15) per basic and diluted share for the prior year.
Significant events during the quarter and year that affected our results of operations included the following:
? Effective on March 31, 2006, the Company closed on the sale of certain assets associated with the Company's direct sales business. Included in other income in the accompanying income statement for the year ended June 30, 2006 is a gain on the sale in the approximate amount of $512,000.
?I am pleased to report the increase in revenue and reductions in operating expenses for fiscal Q4 2006 over the same period in fiscal 2005. As previously reported, we undertook a process in the last fiscal quarter to divest the majority of the Company?s direct sales operations. While that transaction took place effective March 31st, we continued to realize sales to certain direct clients in fiscal Q4 2006?, stated Thomas Bednarik, President and CEO of Time Spot.
Even with the divestiture of the majority of our direct sales operations we still achieved revenue growth of 27% in the quarter compared to the same quarter in fiscal 2005. This represents the 17th consecutive quarter of revenue growth over prior years? periods?, continued Bednarik.
Business in the quarter was comprised of 51% from channel operations and 49% direct/partner compared to 58% and 42% respectively, for the same periods last year. Recurring revenue from the Company?s hosted NETtime application increased 48% overall from the prior year?s quarter. In the reseller channel, the recurring revenue increased 74% vs. the same period in fiscal 2005.
The Company will hold a conference call today at 4:30 p.m. EDT to discuss its financial results. To participate, call 800-370-0740 and enter ID code 7710856 five minutes prior to the start of the call. The call will also be available through August 24, 2006 by calling 877-519-4471 and entering the PIN code: 7710856.
About Time Spot, Inc.
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, 2005, and subsequently filed Form 10-QSBs and Form 8-Ks, 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.
Time Spot, INC.