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Time Spot Press Releases
VITRIX Announces Fiscal Second Quarter Financial Results
January 31, 2003 7:19:00 PM ET TEMPE, Ariz., Jan. 31 /PRNewswire-FirstCall/ -- VITRIX, Inc. (OTC Bulletin Board: 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 second quarter ended December 31, 2002.
Revenue for the quarter ended December 31, 2002 increased 31% to $1,036,764, compared to revenue of $789,666 for the quarter ended December 31, 2001. The net loss from operations for the quarter ended December 31, 2002 decreased 64% to $45,584, compared to a net loss from operations of $127,477 for the quarter ended December 31, 2001.The net loss for the quarter ended December 31, 2002 decreased 55% to $65,562, or $.01 per basic share, compared to a net loss of $145,248, or $.02 per basic share, for the quarter ended December 31, 2001.
Revenue for the six month period ended December 31, 2002 increased 33% to $2,145,000, compared to revenue of $1,608,762 for the six month period ended December 31, 2001. The net loss from operations for the six month period ended December 31, 2002 decreased 95% to $16,735, compared to a net loss from operations of $321,697 for the six month period ended December 31, 2001. The net loss for the six month period ended December 31, 2002 decreased 85% to $54,947, or $.01 per basic share, compared to a net loss of $365,223, or $.06 per basic share, for the six month period ended December 31, 2001.
"For the second consecutive quarter, revenues exceeded $1 million and for the past two quarters our revenue growth has exceeded 30% over the comparable quarters in the prior fiscal year. We increased our gross profit percentage by five points in the present quarter compared to the same quarter in fiscal 2001, and increased our profit margin on services revenue from 31% to 43%. Both of these items contributed to a significant reduction in our operating loss in the quarter and in the six-month period," stated Thomas S. Bednarik, President and CEO.
As a result of our proactive efforts in recruiting new dealers in targeted geographic markets and continued focus on leveraging existing partnerships, the Company's reseller and partner business experienced continued growth, including:
-- Increased channel sales, through more than 100 resellers in over 40 states -- An overall increase of reseller sales of 39% vs. the same period last year
-- Increased referral business through the Company's targeted Partner Referral Program
-- 10% sequential quarterly growth in sales of the Company's hosted NETtime offering, contributed mainly by business partners
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
DECEMBER 31, 2002
(Unaudited)
ASSETS Current Assets: Cash and cash equivalents $134,621 Accounts receivable -- trade, net 566,064
Inventory 178,841
Prepaid expenses and other current assets 44,502
Total Current Assets 924,028
Property and equipment, net 111,807
Total Assets $1,035,835
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of long-term debt $421,586
Accounts payable 323,534
Accrued liabilities 185,433
Deferred revenue 273,928
Total Current Liabilities 1,204,481
Long-term debt, less current portion 423,033
Total Liabilities $1,627,514
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 (6,725,662)
Total Stockholders' Equity (Deficit) (591,679)
Total Liabilities and
Stockholders' Equity (Deficit) $1,035,835
VITRIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenues:
Product sales $810,534 $625,897 $1,720,217 $1,303,955
Services revenue 226,230 163,769 424,783 304,807
Total Revenues 1,036,764 789,666 2,145,000 1,608,762
Cost of Revenues:
Product 319,060 272,268 677,754 559,325
Services 129,912 112,740 255,657 241,212
Total Cost of
Revenues 448,972 385,008 933,411 800,537
Gross Profit 587,792 404,658 1,211,589 808,225
Costs and Expenses:
Sales and marketing 291,006 202,834 552,008 425,295
Research and
development 163,829 170,389 332,869 354,910
General and
administrative 178,541 158,912 343,447 349,717
Total Costs and
Expenses 633,376 532,135 1,228,324 1,129,922
Net Loss from
Operations (45,584) (127,477) (16,735) (321,697)
Other Income (Expense):
Interest expense (20,382) (19,061) (39,361) (46,530)
Other 40 725 40 1,058
Interest income 364 565 1,109 1,946
(19,978) (17,771) (38,212) (43,526)
Net Loss $(65,562) $(145,248) $(54,947) $(365,223)
Basic Loss per Shar $(0.01) $(0.02) $(0.01) $(0.06)
Weighted Average
Number of Shares
Outstanding 9,219,371 6,295,828 9,181,729 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 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.
For further information please contact: Craig Smith, CFO of VITRIX, Inc., 480-296-0442,
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