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Time Spot Press Releases
Vitrix Announces Third Fiscal Quarter Results
April 30, 2002 8:03:00 PM ET
TEMPE, Ariz., April 30 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC Bulletin Board: VRXI) today announced financial results for its third fiscal quarter ended March 31, 2002.
Revenue for the quarter ended March 31, 2002 decreased 27% to $757,425, compared to revenue of $1,037,643 for the quarter ended March 31, 2001. The net loss for the quarter ended March 31, 2002 decreased 70% to $145,194, or $.02 per basic share, compared to a net loss of $476,252, or $.08 per basic share, for the quarter ended March 31, 2001. Sequentially, the net loss remained flat vs. the prior quarter.
Revenue for the nine month period ended March 31, 2002 (the Company's third fiscal quarter) decreased 27% to $2,366,187, compared to revenue of $3,223,152 for the nine month period ended March 31, 2001. The net loss for the nine month period ended March 31, 2002, decreased 60% to $510,417, or $.08 per basic share, compared to a net loss of $1,277,073, or $.20 per basic share, for the nine month period ended March 31, 2001.
The financial results include the operations of Time Spot, Inc. for all periods presented. Time Spot Inc. merged with a subsidiary of Vitrix on March 30, 2001 in a transaction accounted for as a pooling of interests.
"We believe that our business is fundamentally sound and that our revenue will rebound when overall economic conditions improve. Specifically, in the quarter we signed-up thirteen new resellers and entered into distribution partnerships, as previously announced, with Datasym, Inc., a provider of Point of Sale (POS) software and hardware solutions and Galaxy Control Systems, a provider of access control systems. Over the coming months, we will continue to pursue partnerships in complimentary areas to extend our reach into specific vertical market segments," stated Thomas Bednarik, president and CEO of Vitrix, Inc. Also, the Company announced additions to its sales and marketing teams, hiring an ADP veteran to head up the direct sales team and increased sales and marketing headcount to build market visibility and awareness.
"The Company will be releasing a SQL version of its popular GenesisPro product in the coming quarter which should allow our resellers to obtain business where this database is specified as a requirement," added Bednarik. The company released an enhanced version of its TA100 product in the quarter and continues to improve the functionality of its products either through software enhancement or by providing additional hardware connectivity.
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
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VITRIX, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
March 31, 2002
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $441,871
Accounts receivable - trade, net 426,936
Inventory 189,799
Prepaid expenses and other current assets 38,685
Total Current Assets 1,097,291
Property and equipment, net 161,527
Total Assets $ 1,258,818
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of long-term debt $171,062
Accounts payable 376,308
Accrued liabilities 182,984
Deferred revenue 205,192
Total Current Liabilities 935,546
Long-term debt, less current portion 750,902
Total Liabilities 1,686,448
Commitments:
Stockholders' Equity (Deficit):
Common stock, $.005 par value,
50,000,000 shares authorized,
9,105,828 shares issued and outstanding 45,529
Contributed capital 6,052,121
Accumulated deficit (6,525,280)
Total Stockholders' Equity (Deficit) (427,630)
Total Liabilities and
Stockholders' Equity (Deficit) $1,258,818
VITRIX, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Revenues:
Product sales $600,803 $869,802 $1,904,758 $2,635,827
Services revenue 156,622 167,841 461,429 587,325
Total Revenues 757,425 1,037,643 2,366,187 3,223,152
Cost of Revenues:
Product 251,032 387,842 810,357 1,214,267
Services 114,470 127,559 355,682 371,655
Total Cost of
Revenues 365,502 515,401 1,166,039 1,585,922
Gross Profit 391,923 522,242 1,200,148 1,637,230
Costs and Expenses:
Sales and marketing 188,714 222,506 614,009 883,083
Research and
development 189,645 276,930 516,827 973,889
General and
administrative 139,725 349,275 517,170 877,746
Impairment of asset -- 83,080 -- 83,080
Total Costs and
Expenses 518,084 931,791 1,648,006 2,817,798
Net Loss from
Operations (126,161) (409,549) (447,858) (1,180,568)
Other Income (Expense):
Interest expense (21,068) (20,712) (67,598) (52,717)
Other 933 (47,660) 1,991 (55,691)
Interest income 1,102 1,669 3,048 11,903
(19,033) (66,703) (62,559) (96,505)
Net Loss $(145,194) $(476,252) $(510,417) $(1,277,073)
Basic Loss per Share $(0.02) $(0.08) $(0.08) $(0.20)
Weighted Average
Number of Shares
Outstanding 7,706,661 6,295,828 6,759,240 6,253,322
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, 2001, and its subsequently filed quarterly reports on Form 10-QSB -- 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, .
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