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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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