|
|
     
|
VITRIX ANNOUNCES FISCAL THIRD QUARTER FINANCIAL RESULTS Tempe, ARIZ. (April 30, 2003)? VITRIX, Inc. (OTC: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal third quarter ended March 31, 2003. Revenue for the quarter ended March 31, 2003 increased 33% to $1,005,306, compared to revenue of $757,425 for the quarter ended March 31, 2002. The net loss from operations for the quarter ended March 31, 2003 decreased 88% to $14,930, compared to a net loss from operations of $126,161 for the quarter ended March 31, 2002. The net loss for the quarter ended March 31, 2003 decreased 76% to $34,473, or $.00 per basic share, compared to a net loss of $145,194, or $.02 per basic share, for the quarter ended March 31, 2002. Revenue for the nine-month period ended March 31, 2003 increased 33% to $3,150,307, compared to revenue of $2,366,187 for the nine-month period ended March 31, 2002. The net loss from operations for the nine-month period ended March 31, 2003 decreased 93% to $31,665, compared to a net loss from operations of $447,858 for the nine-month period ended March 31, 2002. The net loss for the nine-month period ended March 31, 2003 decreased 82% to $89,420, or $.01 per basic share, compared to a net loss of $510,417, or $.08 per basic share, for the nine month period ended March 31, 2002. I am pleased to state that we achieved revenues in excess of $1 million for the third consecutive quarter and revenue growth exceeded 30% for the third consecutive quarter, which are records for the Company. The 33% quarterly revenue growth was achieved with only a 4% increase in operating expenses?, stated Thomas S. Bednarik, President and CEO. We have been placing increased focus on engaging additional dealers in underserved geographic areas and on expansion of key client accounts and intend to continue these efforts for the foreseeable future. Additionally, in April we expanded our sales team with two highly experienced industry sales executives, both of whom bring high caliber sales and time and attendance domain expertise. Also, we continued to expand our business with a leading managed services company by receiving an order for the eighteenth system, with a number of additional sites under consideration,? added Bednarik. The Company also reported that its recent Dealer Conference, held in Tempe and attended by a number of the Company?s top dealers, was a rousing success. The Company has adopted a format to formally meet with its dealers and value-added partners on a semi-annual basis to exchange ideas, foster communication amongst the dealers and to share Company plans and programs. About VITRIX, Inc.: FORWARD LOOKING STATEMENTS -more-KCSA IR Todd Fromer / Michael Gallo KCSA MEDIA Yin Chang / Scott Berwitz COMPANY CONTACT:
March 31, June 30,
2003 2002
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 140,048 $ 195,249
Accounts receivable trade, net 494,269 615,084
Inventory 267,171 174,697
Prepaid expenses and other current assets 41,645 47,708
Total Current Assets 943,133 1,032,738
Property and equipment, net 119,505 142,984
Total Assets $ 1,062,638 $ 1,175,722
LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)
Current Liabilities:
Current portion of long-term debt $ 280,701 $ 134,068
Accounts payable 361,902 355,381
Accrued liabilities 133,769 214,641
Deferred revenue 273,820 311,143
Total Current Liabilities 1,050,192 1,015,233
Long-term debt, less current portion 630,950 733,555
Total Liabilities 1,681,142 1,748,788
Commitments: - -
Stockholders? Equity (Deficit):
Common stock, $.005 par value, 50,000,000 shares authorized,
9,267,168 and 9,105,828 shares issued and outstanding 46,336 45,529
Contributed capital 6,095,295 6,052,120
Accumulated deficit (6,760,135) (6,670,715)
Total Stockholders? Equity (Deficit) (618,504) (573,066)
Total Liabilities and Stockholders? Equity (Deficit) $ 1,062,638 $ 1,175,722
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
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, 2002 and subsequently filed Form 10-QSBs, 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.
Three Months Ended Nine Months Ended
March 31, March 31,
2003 2002 2003 2002
Revenues:
Product sales $785,132 $600,803 $2,505,350 $1,904,758
Services revenue 220,174 156,622 644,957 461,429
Total Revenues 1,005,306 757,425 3,150,307 2,366,187
Cost of Revenues:
Product 353,078 251,032 1,030,831 810,357
Services 129,895 104,574 385,550 355,682
Total Cost of Revenues 482,973 355,606 1,416,381 1,166,039
Gross Profit 522,333 401,819 1,733,926 1,200,148
Costs and Expenses:
Sales and marketing 216,746 188,714 768,752 614,009
Research and development 147,506 171,814 480,373 516,827
General and administrative 173,011 167,452 516,466 517,170
Total Costs and Expenses 537,263 527,980 1,765,591 1,648,006
Net Loss from Operations (14,930) (126,161) (31,665) (447,858)
Other Income (Expense):
Interest expense (19,630) (21,068) (58,992) (67,598)
Other 81 933 122 1,991
Interest income 6 1,102 1,115 3,048
(19,543) (19,033) (57,755) (62,559)
Net Loss $(34,473) $(145,194) $(89,420) $(510,417)
Basic Loss per Share $(0.00) $(0.02) $(0.01) $(0.08)
Weighted Average Number of
Shares Outstanding 9,219,902 7,706,661 9,194,268 6,759,240
|
| |
|
