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VITRIX Announces Second Fiscal Quarter Results and Closing of Funds TEMPE, Ariz., Feb. 11 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC: VRXI) today announced financial results for its second fiscal quarter ended December 31, 2001 and the closing of an additional equity funding for the Company. Revenue for the quarter ended December 31, 2001 decreased 41% to $789,666, compared to revenue of $1,347,151 for the quarter ended December 31, 2000. The net loss for the quarter ended December 31, 2001 decreased 38% to $145,248, or $.02 per basic share, compared to a net loss of $234,963, or $.04 per basic share, for the quarter ended December 31, 2000. Sequentially, the net loss decreased 34% vs. the prior quarter. Revenue for the six-month period ended December 31, 2001 decreased 26% to $1,608,762, compared to revenue of $2,185,509 for the six-month period ended December 31, 2000. The net loss for the six month period ended December 31, 2001, decreased 54% to $365,223, or $.06 per basic share, compared to a net loss of $800,821, or $.13 per basic share, for the six month period ended December 31, 2000. The financial results include the operations of Time Spot, Inc., which merged with a subsidiary of Vitrix on March 30, 2001. "We experienced a revenue decline in the quarter in both the direct and indirect segments of our business, as we believe a number of our prospective clients deferred planned purchases. We continued to improve in the area of expense reduction both on a year-over-year and sequential basis,'' stated Thomas Bednarik, president and CEO of Vitrix, Inc. In addition, the Company generated a 132% increase in its recurring revenue ASP solution, NETtime, during the most recent quarter. "I am pleased to announce that the Company recently secured additional capital of $555,000 through the sale of 2,775,000 shares of common stock, primarily from existing investors,'' added Bednarik. The funds consisted of a $60,000 conversion of debt, with the balance in the form of cash. Also during the quarter, the Company was able to secure a $200,000 line of credit. The Company intends to use these funds to increase its sales and marketing presence and to help fund operations. 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 . VITRIX, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET December 31, 2001 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $166,224 Accounts receivable - trade, net 378,664 Inventory 191,886 Prepaid expenses and other current assets 46,840 Total Current Assets 783,614 Property and equipment, net 176,804 Total Assets $960,418 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of long-term debt $188,336 Accounts payable 476,090 Accrued liabilities 165,463 Deferred revenue 180,594 Total Current Liabilities 1,010,483 Long-term debt, less current portion 794,572 Total Liabilities 1,805,055 Commitments: -- Stockholders' Equity (Deficit): Common stock, $.005 par value, 50,000,000 shares authorized, 6,295,828 shares issued and outstanding 31,479 Contributed capital 5,503,970 Accumulated deficit (6,380,086) Total Stockholders' Equity (Deficit) (844,637) Total Liabilities and Stockholders' Equity (Deficit) $960,418 VITRIX, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2001 2000 2001 2000 Revenues: Product sales $625,897 $1,082,381 $1,303,955 $1,766,025 Services revenue 163,769 264,770 304,807 419,484 Total Revenues 789,666 1,347,151 1,608,762 2,185,509 Cost of Revenues Product 272,268 516,111 559,325 826,425 Services 112,740 112,133 241,212 244,096 Total Cost of Revenues 385,008 628,244 800,537 1,070,521 Gross Profit 404,658 718,907 808,225 1,114,988 Costs and Expenses Sales and marketing 202,834 326,268 425,295 660,577 Research and development 142,661 312,978 327,182 696,959 General and administrative 186,640 289,702 377,445 528,471 Total Costs and Expenses 532,135 928,948 1,129,922 1,886,007 Net Loss From Operations (127,477) (210,041) (321,697) (771,019) Other Income (Expense): Interest expense (19,061) (13,088) (46,530) (32,005) Other 725 (14,448) 1,058 (8,031) Interest income 565 2,614 1,946 10,234 (17,771) (24,922) (43,526) (29,802) Net Loss $(145,248) $(234,963) $(365,223) $(800,821) Basic Loss per Share $(0.02) $(0.04) $(0.06) $(0.13) Weighted Average Number of Shares Outstanding 6,295,828 6,265,537 6,295,828 6,232,532 |
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