Time Spot ANNOUNCES RECORD FISCAL THIRD QUARTER REVENUE GROWTH
TEMPE, Ariz, April 29, 2004 ? Time Spot, Inc., (OTCBB: TMAM), a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal third quarter ended March 31, 2004.
Revenue for the quarter ended March 31, 2004 was $1,306,107, a 30% increase over revenue of $1,005,306 in the year-ago quarter. The net loss for the quarter ended March 31, 2004 was $309,715, or $.02 per basic and diluted share, compared to a net loss of $34,473, or $.00 per basic and diluted share, for the year-ago quarter.
Revenue for the nine-month period ended March 31, 2004 was $3,559,828, a 13% increase over revenue of $3,150,307 in the year-ago period. The net loss for the nine-month period ended March 31, 2004 was $753,979, or $.06 per basic and diluted share, compared to a net loss of $89,420, or $.01 per basic and diluted share, for the year-ago period.
?Our reseller and business partner relationships drove significant revenue growth this quarter compared with the same period last year and continue to provide the bulk of the Company?s revenue. In addition, we are pleased to report that the current quarterly revenue performance is a record for the Company,? stated Thomas Bednarik, president and CEO. ?We continue to experience growth within our traditional partner markets of Payroll, Human Resources and Professional Employer Organizations, but are also experiencing a shift in our partner base to include Human Resource Outsourcers, Staffing and Temporary Employment organizations.?
Mr. Bednarik added, ?I am also pleased to announce that we are planning to release a major enhancement to our popular NETtime product during our fiscal fourth quarter. Key enhancements will include expanded labor allocation levels beyond any current known products on the market today. The enhancement also features a more efficient and streamlined user interface.?
During the quarter, the Company entered into reseller or partner agreements with in excess of fifteen organizations, including Tiger Direct, PrimePay and Intuit Payroll Services. From a direct sales perspective, the Company continues to increase sales of its 100% web-based NETtime product in both licensed and hosted versions. Key direct sales wins in the quarter include Glen Raven Knit Fabrics, Somerford Corp. and Driftwood Hospitality Management, LLC. Recurring revenue for the hosted version of NETtime increased 64% in the quarter and the number of employees who access this solution increased significantly, which demonstrates continued acceptance of the product.
The Company recently closed a $2,000,000 financing transaction with Laurus Master Fund, Ltd., which is targeted to support the Company?s growth and acquisition strategy. In the past week, the Company also closed an additional debt financing of $500,000 with a current debt and equity holder to assist the same purpose. The Company believes that the time and labor management marketplace remains ripe for consolidation and integration of certain synergistic offerings, such as an employee forecasting and scheduling solution, which provides for the opportunity to expand the total reach of the time and labor management solution.
The Company will hold a conference call today at 4:30 p.m. EST to discuss its 2004 fiscal third quarter results. To participate, call 888-394-8033 five minutes prior to the start of the call, or log on to www.kcsa.com for a live webcast of the call. There will also be a replay of the call available until May 6, 2004 by dialing 877-519-4471 and entering the access code 4713303.
About Time Spot, Inc.
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, 2003 and subsequently filed Form 10-QSB?s, 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.
KCSA IR Todd Fromer / Michael Gallo
KCSA MEDIA Yin Chang / Scott Berwitz
Time Spot, INC.