VITRIX ANNOUNCES RECORD FISCAL YEAR 2001 REVENUES
Tempe, ARIZ. (Jul. 30, 2001)— VITRIX, Inc. (OTC: VRXI) today announced financial results for its fiscal year ended, and quarter ended, June 30, 2001.
Revenue for the fiscal year ended June 30, 2001 increased 4% to $4,077,736, compared to revenue of $3,913,579 for the fiscal year ended June 30, 2000. The net loss for the fiscal year ended June 30, 2001 increased to $1,529,141, or $.24 per basic share, compared to a net loss of $1,329,069, or $.23 per basic share, for the fiscal year ended June 30, 2000.
For the quarter ended June 30, 2001, revenue decreased 8% to $854,584, compared to revenue of $926,001 for the quarter ended June 30, 2000. The net loss for the quarter ended June 30, 2001, decreased to $252,068, or $.04 per basic share, compared to a net loss of $519,584, or $.08 per basic share, for the quarter ended June 30, 2000.
The fiscal year and quarterly financial results include the operations of Time Spot, Inc., which merged with Vitrix on March 30, 2001. The transaction was accounted for under the pooling of interests method of accounting.
“We achieved a number of positive accomplishments over the past fiscal year that position the Company to address future growth opportunities,” stated Thomas Bednarik, president and CEO of Vitrix, Inc.
Earlier this year, the Company completed its merger with Time Spot, Inc., which has provided the Company with an expanded reseller base and additional outlets for its existing products.
In addition to the merger, the Company increased its services revenue for the year by 60% from the previous fiscal year, which is a result of customers taking advantage of the wider portfolio of service offerings designed to help them maximize the capabilities of each Vitrix solution.
The Company also successfully launched its Application Service Provider (ASP) solution, which is now called NETtime. “While the NETtime revenues currently represent a small percentage of the Company’s overall revenues, the business is increasing and it provides the client with another option for delivery of the application,” stated Bednarik.
“Unfortunately, we are not exempt from the overall business slowdown that has affected the economy as a number of prospective customers have delayed software purchases. While this has affected the Company’s fiscal Q4 performance, it is our belief that the Company is now in a stronger position to capitalize on revenue growth opportunities once the general economy begins to recover,” Bednarik concluded.
About VITRIX, Inc.: VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of workforce management solutions for businesses of all sizes. VITRIX products improve productivity by automating collection of time and attendance data, staff scheduling and management of labor resources. For more information please visit the VITRIX Web site at http://www.vitrix.com.
About Time Spot, Inc.: Time Spot, Inc., based in Tempe, Arizona is a subsidiary of Vitrix, Inc. For more than thirteen years, Time Spot has developed Time and Labor Management software and hardware to automate the payroll process by collecting, processing and packaging payroll data for all types of companies in a broad range of markets. For more information please visit the Time Spot Web site at https://timespothq.com.
JUNE 30, 2001
STATEMENTS OF OPERATIONS
Copyright 2003, Time Spot, Inc., A Vitrix Company. All rights reserved.
51 West Third Street Tempe, AZ 85281 Phone: (800) 561-6366 Fax: (480) 967-5444
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