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VITRIX Announces Profitable Fiscal First Quarter Financial Results

October 28, 2002 08:01:00 AM ET

TEMPE, Ariz., Oct. 28 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC: VRXI) the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal first quarter ended September 30, 2002.

For the quarter ended September 30, 2002, revenue increased 35% to $1,108,236, compared to revenue of $819,096 for the quarter ended September 30, 2001. The net income for the quarter ended September 30, 2002, increased to $10,267, or $.00 per basic and diluted share, compared to a net loss of ($219,975), or ($.03) per basic and diluted share, for the quarter ended September 30, 2001.

"For the second consecutive quarter our revenue increased on both a year-over-year and sequential basis. In addition, the revenue generated in fiscal Q1, 2003, is the highest quarterly revenue generated in Company history. While this is a great accomplishment, I am most proud of the fact that the Company generated positive net income in the quarter. Our partner relationships have never been stronger and we continue to build that channel by adding new partners on a monthly basis. In the quarter, we added more than ten new partners, including resellers, OEM's and referral affiliates," stated Thomas S. Bednarik, President and CEO.

"In parallel with channel development, the Company has been focusing significant efforts on technology advancement. Last quarter, we launched the TA50XL product, which is specifically designed to accommodate companies with fewer than 100 employees. We are receiving excellent feedback on the product from both dealers and end users. Next month, we will be releasing the SQL version of our popular Genesis software, which addresses the enterprise database market. The Genesis SQL product will enable our resellers to compete in larger corporate environments where scalability and performance are a must," continued Bednarik.

The Company's NETtime business (hosted server environment) increased 38% on a sequential quarterly basis, which was fueled by adding a combination of new partners and direct accounts, as well as current accounts increasing their usage. One large NETtime user at the University of Southern California, Mr. Gamward Quan, Financial/Accounting Manager, states, "There have been many benefits to using NETtime (TM). The user-friendly technology has streamlined our payroll process and our managers are now free to devote their time to other projects. A greater awareness of time and attendance policies has improved our ability to consistently manage the scheduling and application of pay rules for 1200 employees."

About VITRIX, Inc.:

Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, Time Spot, Inc., is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time Spot's family of Genesis PRO(TM), HourTrack(TM) and NETtime(TM) solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing. For more information please visit the Company's Web site at https://timespothq.com .

                             VITRIX, INC.
                      CONSOLIDATED BALANCE SHEET
                         SEPTEMBER 30, 2002


Current Assets: Cash and cash equivalents $150,527 Accounts receivable - trade, net 635,836 Inventory 195,368 Prepaid expenses and other current assets 61,306 Total Current Assets 1,043,037 Property and equipment, net 128,100
Total Assets $1,171,137

     Current Liabilities:
      Current portion of long-term debt                          $134,874
      Accounts payable                                            420,041
      Accrued liabilities                                         175,317
      Deferred revenue                                            268,678

       Total Current Liabilities                                  998,910

     Long-term debt, less current portion                         698,344
Total Liabilities 1,697,254

Commitments: --

     Stockholders' Equity (Deficit):
      Common stock, $.005 par value, 50,000,000 shares authorized,
       9,219,371 shares issued and outstanding                     46,097
      Contributed capital                                       6,087,886
      Accumulated deficit                                      (6,660,100)

       Total Stockholders' Equity (Deficit)                      (526,117)

       Total Liabilities and Stockholders' Equity (Deficit)    $1,171,137
                                   VITRIX, INC.

                                                     Three Months Ended
                                                        September 30,
                                                        2002        2001
      Product sales                                  $909,683      $678,058
      Services revenue                                198,553       141,038

       Total Revenues                               1,108,236       819,096
     Cost of Revenues:
      Product                                         358,694       287,057
      Services                                        125,745       128,472

       Total Cost of Revenues                         484,439       415,529

     Gross Profit                                     623,797       403,567
     Costs and Expenses:
      Sales and marketing                             261,002       222,461
      Research and development                        169,040       184,521
      General and administrative                      164,906       190,805

       Total Costs and Expenses                       594,948       597,787

     Net Loss from Operations                          28,849      (194,220)
     Other Income (Expense):
      Interest expense                                (19,726)      (27,469)
      Other                                                 2           333
      Interest income                                   1,142         1,381

                                                      (18,582)      (25,755)

     Net Income (Loss)                                $10,267     $(219,975)
     Net Income (Loss) per Common Share
      Basic                                             $0.00       $(0.03)
      Diluted                                           $0.00       $(0.03)
     Weighted Average Common Shares Outstanding
      Basic                                         9,144,087     6,295,828
      Diluted                                       9,167,787     6,295,828

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, 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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