Time Spot Inc. A Vitrix Company
Home About Time Spot Products Professional Services Return on Investment News Support
News and InfoPressroomPressroomPressroomEventsReviews
  View the newsletter
  archive
.

  Need investor
  information? Click

  here.

 


Time Spot Press Releases

ANNOUNCES FISCAL FIRST QUARTER RESULTS

SCOTTSDALE, Ariz, November 9, 2006 – Time Spot, Inc. (OTCBB: TMAM), a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal first quarter ended September 30, 2006.

Revenue for the quarter ended September 30, 2006 was $1,450,592, a 1% decrease from revenue of $1,470,813 in the year-ago quarter. The net loss from operations for the quarter ended September 30, 2006 was $(439,965), compared to a net loss from operations of $(573,229) for the year-ago quarter. The net loss for the quarter ended September 30, 2006 was $(525,144), or $(.04) per basic and diluted share, compared to a net loss of $(712,275) or $(.05) per basic and diluted share for the year-ago quarter.

"We experienced a flat quarter from a revenue perspective mainly due to the sale of the majority of our direct sales operations in March 2006. We have delivered approximately 40% of the major contract with a Fortune 100 company and plan to deliver on the majority of the remainder of that contract within the next 90 to 120 days", stated Thomas Bednarik, President and CEO of Time Spot.


During the quarter, the Company reduced sales and marketing expenses by approximately $245,000 compared to the prior year’s quarter. The sale of the direct sales operation included certain direct customers that use the Company’s hosted NETtime application. Notwithstanding the loss of such customers, the Company still achieved a 32% increase in NETtime revenue in the current quarter compared to the prior year’s quarter. Business in the quarter was comprised of 65% from channel operations and 35% direct/partner operations compared to 59% and 41% respectively, for the same periods last year.
The Company will hold a conference call today at 4:30 p.m. EST to discuss its financial results. To participate, call 877-692-2595 and enter ID code 8092914 five minutes prior to the start of the call. The call will also be available through November 23, 2006 by calling 877-519-4471 and entering the PIN code: 8092914.


About Time Spot, Inc.
Time Spot, Inc. (TMAM.OB) has been providing innovative time and labor management solutions since 1988. By leveraging innovative technology, the Company’s family of software and hardware solutions helps organizations track and transform basic labor data into strategic information that improves workforce productivity and the utilization of labor resources. Time Spot solutions are used by more than 25,000 companies worldwide including ARAMARK Corporation, Thrifty Rental Car, the Texas Legislative Council and the Mesa Air Group. The Deloitte Technology Fast 500 honored Time Spot as one of the 500 fastest growing technology companies in North America for 2004 and 2003.

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, 2006, and subsequently filed Form 10-QSBs and Form 8-Ks, 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.

Contact:
Craig Smith
Time Spot, Inc.
(480) 296-0442

 

Time Spot, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 


Time Spot, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

     
     
HOME | SITE MAP | SUPPORT | REQUEST INFO | FEEDBACK | REQUEST A QUOTE | Contact us at (800) 227-9766