Tempe, ARIZ. (November 6, 2001) - VITRIX, Inc. (OTC: VRXI) today announced financial results for its fiscal first quarter ended September 30, 2001.
Revenue for the quarter ended September 30, 2001 decreased 2% to $819,096, compared to revenue of $838,358 for the quarter ended September 30, 2000. The net loss for the quarter ended September 30, 2001, decreased 61% to $219,975, or $.03 per basic share, compared to a net loss of $565,858, or $.09 per basic share, for the quarter ended September 30, 2000. Sequentially, the net loss decreased 24% vs. the prior quarter. The quarterly financial results include the operations of Time Spot, Inc., which merged with a subsidiary of Vitrix on March 30, 2001.
“We have taken steps to reduce the cost structure of the Company and we continue to focus our energies on increasing the revenue side of the business”, stated Thomas Bednarik, president and CEO of Vitrix, Inc. The Company generated an increase in reseller and partner business of approximately 27% vs. the same period last year and approximately 7% vs. the prior quarter, including the addition of four new payroll partners and seven new resellers.
In addition, the subscription to the Company’s recurring revenue ASP solution, NETtime, increased by 74% in the first fiscal quarter vs. the prior quarter, based on the number of employees that are using the service. “Not only are we seeing a steady increase in the number of clients but the average number of employees per client is increasing, as a result of closing some recent large orders at accounts including John Deere. We believe this rapid increase in business represents a marketplace endorsement of the Company’s application which is built utilizing leading-edge Internet technologies”, added Bednarik.
Also during the quarter, the Company was able to secure additional debt financing in the amount of $500,000. The Company used $375,000 of the proceeds to extinguish higher interest rate debt.
The Company also announced that James Martin, the Company’s Vice President of Sales, was appointed to the board of directors of the National Time Equipment Association, Inc. (NTEA) as an associate director. This 150 member independent association represents companies of all sizes that offer products in the time equipment marketplace.
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.