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VITRIX Announces Profitable Fiscal First Quarter Financial Results

October 28, 2002 08:01:00 AM ET TEMPE, Ariz., Oct. 28 /PRNewswire-FirstCall/ -- 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 first quarter ended September 30, 2002.

For the quarter ended September 30, 2002, revenue increased 35% to $1,108,236, compared to revenue of $819,096 for the quarter ended September 30, 2001. The net income for the quarter ended September 30, 2002, increased to $10,267, or $.00 per basic and diluted share, compared to a net loss of ($219,975), or ($.03) per basic and diluted share, for the quarter ended September 30, 2001.

"For the second consecutive quarter our revenue increased on both a year-over-year and sequential basis. In addition, the revenue generated in fiscal Q1, 2003, is the highest quarterly revenue generated in Company history. While this is a great accomplishment, I am most proud of the fact that the Company generated positive net income in the quarter. Our partner relationships have never been stronger and we continue to build that channel by adding new partners on a monthly basis. In the quarter, we added more than ten new partners, including resellers, OEM's and referral affiliates," stated Thomas S. Bednarik, President and CEO.

"In parallel with channel development, the Company has been focusing significant efforts on technology advancement. Last quarter, we launched the TA50XL product, which is specifically designed to accommodate companies with fewer than 100 employees. We are receiving excellent feedback on the product from both dealers and end users. Next month, we will be releasing the SQL version of our popular Genesis software, which addresses the enterprise database market. The Genesis SQL product will enable our resellers to compete in larger corporate environments where scalability and performance are a must," continued Bednarik.

The Company's NETtime business (hosted server environment) increased 38% on a sequential quarterly basis, which was fueled by adding a combination of new partners and direct accounts, as well as current accounts increasing their usage. One large NETtime user at the University of Southern California, Mr. Gamward Quan, Financial/Accounting Manager, states, "There have been many benefits to using NETtime (TM). The user-friendly technology has streamlined our payroll process and our managers are now free to devote their time to other projects. A greater awareness of time and attendance policies has improved our ability to consistently manage the scheduling and application of pay rules for 1200 employees."

About VITRIX, Inc.: Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, 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 Genesis PRO(TM), HourTrack(TM) and NETtime(TM) solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing. For more information please visit the Company's Web site at https://timespothq.com .


                             VITRIX, INC.
                      CONSOLIDATED BALANCE SHEET
                         SEPTEMBER 30, 2002


Current Assets: Cash and cash equivalents $150,527 Accounts receivable - trade, net 635,836 Inventory 195,368 Prepaid expenses and other current assets 61,306 Total Current Assets 1,043,037 Property and equipment, net 128,100 Total Assets $1,171,137

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of long-term debt $134,874 Accounts payable 420,041 Accrued liabilities 175,317 Deferred revenue 268,678 Total Current Liabilities 998,910 Long-term debt, less current portion 698,344 Total Liabilities 1,697,254
Commitments: -- Stockholders' Equity (Deficit): Common stock, $.005 par value, 50,000,000 shares authorized, 9,219,371 shares issued and outstanding 46,097 Contributed capital 6,087,886 Accumulated deficit (6,660,100) Total Stockholders' Equity (Deficit) (526,117) Total Liabilities and Stockholders' Equity (Deficit) $1,171,137 VITRIX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2002 2001 Revenues: Product sales $909,683 $678,058 Services revenue 198,553 141,038 Total Revenues 1,108,236 819,096 Cost of Revenues: Product 358,694 287,057 Services 125,745 128,472 Total Cost of Revenues 484,439 415,529 Gross Profit 623,797 403,567 Costs and Expenses: Sales and marketing 261,002 222,461 Research and development 169,040 184,521 General and administrative 164,906 190,805 Total Costs and Expenses 594,948 597,787 Net Loss from Operations 28,849 (194,220) Other Income (Expense): Interest expense (19,726) (27,469) Other 2 333 Interest income 1,142 1,381 (18,582) (25,755) Net Income (Loss) $10,267 $(219,975) Net Income (Loss) per Common Share Basic $0.00 $(0.03) Diluted $0.00 $(0.03) Weighted Average Common Shares Outstanding Basic 9,144,087 6,295,828 Diluted 9,167,787 6,295,828
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, 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, [email protected]