VITRIX ANNOUNCES FISCAL THIRD QUARTER RESULTS
Tempe, ARIZ. (Apr. 30, 2001)- VITRIX, Inc. (OTC: VRXI) today announced its financial results for the third quarter and nine month period ended March 31, 2001.
Revenue for the nine-month period ended March 31, 2001, increased 23% to $1,154,266, compared to revenue of $940,387 for the nine-month period ended March 31, 2000. The net loss for the nine month period ended March 31, 2001, increased to $1,028,550, or $.33 per basic share, compared to a net loss of $740,349, or $.28 per basic share, for the nine month period ended March 31, 2000. Revenue for the quarter ended March 31, 2001, decreased 24% to $287,726, compared to revenue of $376,512 in the same quarter a year ago. The net loss for the quarter ended March 31, 2001, increased to $347,315, or $.11 per basic share, compared to a net loss of $325,549, or $.12 per basic share, for the same quarter a year ago.
The net loss per share figures are adjusted to give effect to a one-for-ten reverse stock split which was effective on April 5, 2001.
"We experienced some order softness and delays in fiscal Q3 which, we believe, was due to overall economic conditions," stated Thomas S. Bednarik, president and CEO. Effective March 30, 2001, the Company completed its previously announced acquisition of Time Spot, Inc. The results of operations for the quarter and nine month period ended March 30, 2001 do not include the operations of Time Spot, Inc. In addition, the Company closed on a round of debt financing in the amount of $375,000 on April 4, 2001.
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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