VITRIX Announces Fiscal Year 2002 Financial Results; Reports Year-Over-Year Revenue Increase in Fiscal Q4
TEMPE, Ariz., Aug. 6 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC Bulletin Board: VRXI) today announced unaudited financial results for its fiscal fourth quarter and year ended, June 30, 2002.
For the quarter ended June 30, 2002, revenue increased 8% to $919,128, compared to revenue of $854,584 for the quarter ended June 30, 2001. The net loss for the quarter ended June 30, 2002, decreased to $145,435, or $.02 per basic share, compared to a net loss of $288,437, or $.05 per basic share, for the quarter ended June 30, 2001.
Revenue for the fiscal year ended June 30, 2002 decreased 19% to $3,285,315, compared to revenue of $4,077,736 for the fiscal year ended June 30, 2001. The net loss for the fiscal year ended June 30, 2002 decreased to $655,852, or $.09 per basic share, compared to a net loss of $1,565,510, or $.25 per basic share, for the fiscal year ended June 30, 2001.
"We are pleased with the revenue growth in the quarter of 8% year-over- year and 21% on a sequential basis, in light of the difficult economic conditions that continue to exist," stated Thomas S. Bednarik, President and CEO. "We continued our trend of reducing operating expenses versus the same period in the prior year, as well," he continued.
The Company released its new TA50XL product in the fourth quarter, which is designed to address the needs of the small business market (companies under 100 employees). The TA50XL is a pre-packaged solution including labor management software, time clock, badges and cabling. In addition, the following significant events took place in fiscal Q4:
-- Our TA50, TA100 and Genesis software products were upgraded to the PRO
version featuring 32-bit technology.
-- We released our first wireless connectivity products to allow for
connection of devices without the need for special wiring.
-- We continued to forge new payroll partner relationships and increase
penetration into those already established, such as with Payroll
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. Its wholly-owned subsidiary, Time Spot, Inc., has been developing Time and Labor Management software and hardware solutions for over fourteen years, which 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 Company's Web site at https://timespothq.com .
JUNE 30, 2002
Cash and cash equivalents $195,249
Accounts receivable _ trade, net 615,084
Prepaid expenses and other current assets 47,708
Total Current Assets 1,032,738
Property and equipment, net 142,984
Total Assets $1,175,722 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current portion of long-term debt $134,095
Accounts payable 355,381
Accrued liabilities 214,641
Deferred revenue 311,143
Total Current Liabilities 1,015,260
Long-term debt, less current portion 733,528
Total Liabilities 1,748,788
Stockholders' Equity (Deficit):
Common stock, $.005 par value, 50,000,000 shares
authorized, 9,105,828 shares issued and outstanding 45,529
Contributed capital 6,052,120
Accumulated deficit (6,670,715)
Total Stockholders' Equity (Deficit) (573,066)
Total Liabilities and Stockholders'
Equity (Deficit) $1,175,722
STATEMENTS OF OPERATIONS
Three Months Ended Years Ended
June 30, June 30,
2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited)
Product sales $745,552 $712,358 $2,650,310 $3,348,185
Services revenue 173,576 142,226 635,005 729,551
Total Revenues 919,128 854,584 3,285,315 4,077,736
Cost of Revenues:
Product 289,215 315,499 1,099,572 1,529,766
Services 102,482 168,319 458,164 539,974
Total Cost of
Revenues 391,697 483,818 1,557,736 2,069,740
Gross Profit 527,431 370,766 1,727,579 2,007,996
Costs and Expenses:
Sales and marketing 289,103 177,233 903,112 1,060,316
development 174,599 185,777 691,426 1,159,666
administrative 224,650 290,530 741,820 1,168,276
Impairment of asset -- -- -- 83,080
Total Costs and
Expenses 688,352 653,540 2,336,358 3,471,338
Net Loss from
Operations (160,921) (282,774) (608,779) (1,463,342)
Other Income (Expense):
Interest expense (19,726) (26,881) (87,324) (79,598)
Loss on disposal of
fixed assets -- -- -- (62,107)
Other 2 20,161 1,993 26,577
Interest income 1,142 1,057 4,190 12,960
(18,582) (5,663) (81,141) (102,168)
Extraordinary Item (179,503) (288,437) (689,920) (1,565,510)
Extraordinary Item -
Gain on extinguishment
of debt 34,068 -- 34,068 --
Net Loss $(145,435) $(288,437) $(655,852) $(1,565,510)
Basic Loss per Share $(0.02) $(0.05) $(0.09) $(0.25)
Number of Shares
Outstanding 9,105,828 6,295,828 7,344,280 6,263,920
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, 2001, and Quarterly Report on Form 10-QSB for the fiscal quarter ended March 31, 2002, 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.
For further information please contact: Craig Smith, CFO of VITRIX, Inc., 1-480-296-0442, [email protected]
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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