VITRIX ANNOUNCES SECOND FISCAL QUARTER RESULTS
Tempe, ARIZ. (Jan. 31, 2001)— VITRIX, Inc. (OTC: VTTX) today announced its financial results for the second quarter and six month period ended December 31, 2000.
Revenue for the quarter ended December 31, 2000, increased 40% to $506,358, compared to revenue of $361,206 in the same quarter a year ago. The net loss for the quarter ended December 31, 2000, increased to $294,896, or $.01 per basic share, compared to a net loss of $227,621, or $.01 per basic share, for the same quarter a year ago. Revenue for the six month period ended December 31, 2000, increased 54% to $866,540, compared to revenue of $563,875 for the six month period ended December 31, 1999. The net loss for the six month period ended December 31, 2000, increased to $681,235, or $.02 per basic share, compared to a net loss of $414,800, or $.02 per basic share, for the six month period ended December 31, 1999.
In addition to achieving record revenues, during the quarter the Company began generating revenue from the sale of MyVITRIX, the Company’s 100% Web-based time and attendance solution.
Notwithstanding these improvements, the Company continues to seek additional sources of capital to fund its operations. In October 2000, the Company received approximately $122,000 from the exercise of outstanding warrants. In January 2001, the Company secured a $225,000 working capital loan. The Company is obligated to make principal payments on this indebtedness based on accounts receivable collections. “We have continued to reduce operating costs and are vigorously pursuing various sources of additional capital and strategic business opportunities,” said Thomas Bednarik, president and CEO of VITRIX, Inc.
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.
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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