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Vitrix, Inc. Announces Fiscal Year Year 2003 Results
Revenue Increases 30% Over Prior Year

Tempe, ARIZ. (Aug. 4, 2003)? VITRIX, Inc. (OTC: VRXI) today announced unaudited financial results for its fiscal fourth quarter and year ended, June 30, 2003.

For the quarter ended June 30, 2003, revenue increased 20% to $1,106,547, compared to revenue of $919,128 for the quarter ended June 30, 2002. The net loss from operations for the quarter ended June 30, 2003 decreased 70% to $48,362, compared to a net loss from operations of $160,921 for the quarter ended June 30, 2002. The net loss for the quarter ended June 30, 2003, decreased to $63,308, or $.01 per basic share, compared to a net loss of $145,435, or $.02 per basic share, for the quarter ended June 30, 2002. The gross profit margin for both the current quarter and previous year?s quarter was 57%.

Revenue for the fiscal year ended June 30, 2003 increased 30% to $4,256,854, a record for the Company, compared to revenue of $3,285,315 for the fiscal year ended June 30, 2002. The net loss from operations for the year ended June 30, 2003 decreased 87% to $80,027, compared to a net loss from operations of $608,779 for the year ended June 30, 2002. The net loss for the fiscal year ended June 30, 2003 decreased to $152,728, or $.02 per basic share, compared to a net loss of $655,852, or $.09 per basic share, for the fiscal year ended June 30, 2002. The gross profit margin for the current year was 55% versus 53% for the previous year.

?We were able to achieve a 30% increase in annual revenues while only increasing total operating expenses by 4%,? stated Thomas Bednarik, President and CEO. ?In addition, we were able to reduce general and administrative and research and development expenses from 44% of sales in the prior year to 31% of sales in the current year.?

?For the fourth consecutive quarter, we experienced a revenue increase of at least 20% as compared to the prior period,? continued Bednarik. ?NETtime, our 100% HTML, web-based solution, continues to gain traction with both corporate users and channel partners. The growing market demand for the product is evidenced by its selection in the five largest sales of fiscal Q4. One such sale comprised a private-branded version of NETtime called ?ExtendTime? which is sold by Vytek, a preferred partner of Time Spot,? added Bednarik. The ExtendTime version of NETtime runs on the Cisco voice-over-IP platform.

"The Company continues to build its partner relationships with primary focus on both payroll and human resource management software companies. These companies are finding it essential to include a time and attendance component in their suites to effectively compete with full service providers. NETtime is often the product of choice in these situations, given its browser-based interface and its availability as a licensed or hosted application,? added Bednarik.

The Company continues to deliver on its commitment to quality and technology enrichment. During the last quarter, the Company launched the licensed (installable) version of NETtime, as well as an SQL version of its popular GENESIS product.

ABOUT Time Spot, INC.
Time Spot, Inc. is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time Spot's family of NETtime™, HourTrack™, and Genesis ™ solutions deliver cost-effective management of labor resources, automation of time and attendance, data collection, workforce scheduling and payroll processing. For more information please visit the Time Spot web site at timespothq.com.

FORWARD LOOKING STATEMENTS
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 Quarterly Report on Form 10-QSB for the fiscal quarter ended March 31, 2003, 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.

-more-

KCSA IR Todd Fromer / Michael Gallo
CONTACTS: (212) 896-1215 / (212) 896-1258
/

KCSA MEDIA Yin Chang / Scott Berwitz
CONTACTS: (212) 896-1228 / (212) 896-1272
/

COMPANY CONTACT:
Craig Smith, Chief Financial Officer
(480) 296-0442

 

VITRIX, INC.
BALANCE SHEETS

 

 

 

June 30,
June 30,

 

 

 

2003
2003

 

 

 

   

 

ASSETS

Current Assets:

 

 

 

 

 

Cash and cash equivalents

$
245,795
$
195,249

 

Accounts receivable – trade, net

 
551,576
 
615,084

 

Inventory

 
232,815
 
174,697

 

Prepaid expenses and other current assets

 
34,451
 
47,708

 

 

 

 
 

 

 

Total Current Assets

 
1,064,637
 
1,032,738

 

 

 

 
 

Property and equipment, net

 
115,633
 
142,984

 

 

 

 
 

 

 

Total Assets

 
1,180,270
 
1,175,722

 

 

 

 
   
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Current portion of long-term debt

 $

283,148

 $

134,068

 

Accounts payable

          

272,129

 

355,381

 

Accrued liabilities

          

209,288

 

214,641

 

Deferred revenue

          

250,012

 

311,143

 

 

 

 

 

 

 

 

 

Total Current Liabilities

       

1,014,577

 

1,015,233

 

 

 

 

 

 

 

Long-term debt, less current portion

          

597,505

 

 733,555

 

 

 

 

 

 

 

 

 

Total Liabilities

       

1,612,082

 

1,748,788

 

 

 

 

 

 

 

Commitments:

 -  

 

 -

 

 

 

 

 

 

Stockholders’ Equity (Deficit):

 

 

 

 

Common stock, $.005 par value, 50,000,000 shares authorized,

 

 

 

 

  10,656,057 and 9,105,828 shares issued and outstanding

            

53,280

          

45,529

 

Contributed capital

       

6,338,351

      

6,052,120

 

Accumulated deficit

      

(6,823,443)

     

(6,670,715)

 

 

 

 

 

 

 

 

Total Stockholders’ Equity (Deficit)

         

(431,812)

        

(573,066)

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity (Deficit)

 $

  1,180,270

 $

1,175,722

 

VITRIX, INC.
STATEMENTS OF OPERATIONS

 


 

 

 

Three Months Ended

 

Years Ended

 

 

 

June 30,

 

June 30,

 

 

 

 

2003

2002

 

2003

 

2002

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Product sales

$

856,804

 

$

 45,552

 

$

3,362,154

 

$

2,650,310

 

Services revenue

 

       249,743

 

      173,576

 

       894,700

 

        635,005

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

     1,106,547

 

      919,128

 

     4,256,854

 

     3,285,315

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenues:

 

  

 

  

 

  

 

  

 

Product

 

       336,142

 

      289,215

 

     1,366,973

 

     1,099,572

 

Services

 

       144,796

 

      112,379

 

       530,346

 

        458,164

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost of Revenues

 

       480,938

 

      401,594

 

     1,897,319

 

     1,557,736

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

       625,609

 

      517,534

 

     2,359,535

 

     1,727,579

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Sales and marketing

 

       344,010

 

      289,103

 

     1,112,762

 

        903,112

 

Research and development

 

       160,752

 

      164,703

 

       641,125

 

        691,426

 

General and administrative

 

       169,209

 

      224,649

 

       685,675

 

        741,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Costs and Expenses

 

       673,971

 

      678,455

 

     2,439,562

 

     2,336,358

 

 

 

 

 

 

 

 

 

 

 

Net Loss from Operations

 

        (48,362)

 

     (160,921)

 

        (80,027)

 

       (608,779)

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

        (20,212)

 

       (19,726)

 

        (79,204)

 

         (87,324)

 

Other

 

           5,263

 

                2

 

           5,385

 

           1,993

 

Interest income

 

                 3

 

          1,142

 

           1,118

 

           4,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        (14,946)

 

       (18,582)

 

        (72,701)

 

         (81,141)

 

 

 

 

 

 

 

 

 

 

 

Income Before Extraordinary Item

 

        (63,308)

 

     (179,503)

 

      (152,728)

 

       (689,920)

 

 

 

 

 

 

 

 

 

 

 

Extraordinary Item - Gain on 

 

 

 

 

 

 

 

 

 

extinguishment of debt

 

                  -

 

        34,068

 

                  -

 

          34,068

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 $

(63,308)

 $

 (145,435)

  $

(152,728)

 $

 (655,852)

 

 

 

 

 

 

 

 

 

 

 

Basic Loss per Share

$

 (0.01)

 

 $(0.02)

 $

 (0.02)

 $

 (0.09)

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

     9,877,669

 

    9,105,828

 

     9,364,650

 

     7,344,280

     
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