VITRIX Announces Fiscal Third Quarter Results

Apr 30, 2001, 01:00 ET from VITRIX, Inc.

    TEMPE, Ariz., April 30 /PRNewswire/ -- VITRIX, Inc. (OTC: VRXI) today
 announced its financial results for the third quarter and nine month period
 ended March 31, 2001.
     Revenue for the nine-month period ended March 31, 2001, increased 23% to
 $1,154,266, compared to revenue of $940,387 for the nine-month period ended
 March 31, 2000.  The net loss for the nine month period ended March 31, 2001,
 increased to $1,028,550, or $.33 per basic share, compared to a net loss of
 $740,349, or $.28 per basic share, for the nine month period ended March 31,
 2000.
     Revenue for the quarter ended March 31, 2001, decreased 24% to $287,726,
 compared to revenue of $376,512 in the same quarter a year ago.  The net loss
 for the quarter ended March 31, 2001, increased to $347,315, or $.11 per basic
 share, compared to a net loss of $325,549, or $.12 per basic share, for the
 same quarter a year ago.
     The net loss per share figures are adjusted to give effect to a
 one-for-ten reverse stock split which was effective on April 5, 2001.
     "We experienced some order softness and delays in fiscal Q3 which, we
 believe, was due to overall economic conditions," stated Thomas S. Bednarik,
 president and CEO.  Effective March 30, 2001, the Company completed its
 previously announced acquisition of Time America, Inc.  The results of
 operations for the quarter and nine month period ended March 30, 2001 do not
 include the operations of Time America, Inc.  In addition, the Company closed
 on a round of debt financing in the amount of $375,000 on April 4, 2001.
 
     About VITRIX, Inc.:
     VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of
 workforce management solutions for businesses of all sizes.  VITRIX products
 improve productivity by automating collection of time and attendance data,
 staff scheduling and management of labor resources.  For more information
 please visit the VITRIX Web site at http://www.vitrix.com.
 
 
                                    VITRIX, INC.
                                   BALANCE SHEETS
 
                                                     March 31,      June 30,
                                                        2001          2000
                                                    (Unaudited)
                          ASSETS
      Current Assets:
       Cash and cash equivalents                      $23,016       $620,765
       Accounts receivable - trade, net               178,714        229,717
       Inventory                                       61,890         91,204
       Prepaid expenses and other current assets       28,019         38,182
 
         Total Current Assets                         291,639        979,868
 
      Property and equipment, net                     123,551        168,779
 
         Total Assets                                $415,190     $1,148,647
 
            LIABILITIES AND STOCKHOLDERS' EQUITY
 
      Current Liabilities:
       Current portion of long-term debt              $79,572        $46,303
       Accounts payable                               269,649         88,953
       Accrued liabilities                            102,523        145,143
       Deferred revenue                               138,930        152,307
 
         Total Current Liabilities                    590,674        432,706
 
      Long-term debt, less current portion             17,413         34,231
 
         Total Liabilities                            608,087        466,937
 
      Commitments:                                         --             --
 
      Stockholders' Equity:
       Common stock, $.005 par value, 50,000,000
        shares authorized, 3,147,914 and 3,050,822
        shares issued and outstanding                 157,395        152,541
       Contributed capital                          2,647,094      2,498,005
       Accumulated deficit                         (2,997,386)    (1,968,836)
 
         Total Stockholders' Equity                  (192,897)       681,710
 
         Total Liabilities and Stockholders' Equity  $415,190     $1,148,647
 
 
                                    VITRIX, INC.
                              STATEMENTS OF OPERATIONS
                                    (Unaudited)
 
                              Three Months Ended         Nine Months Ended
                                  March 31,                  March 31,
                             2001          2000          2001          2000
 
      Revenues:
       Product sales       $165,460      $308,407     $751,149      $834,237
       Services revenue     122,266        68,105      403,117       106,150
 
        Total Revenues      287,726       376,512    1,154,266       940,387
 
      Cost of Revenues:
       Product               81,082       111,549      379,813       319,233
       Services              58,138        30,052      155,186        30,052
 
        Total Cost of
         Revenues           139,220       141,601      534,999       349,285
 
      Gross Profit          148,506       234,911      619,267       591,102
 
      Costs and Expenses:
       Sales and marketing  160,797       236,936      650,860       522,458
       Research and
        development         136,160       152,260      499,541       359,765
       General and
        administrative      188,601       174,557      491,222       457,360
 
        Total Costs and
         Expenses           485,558       563,753    1,641,623     1,339,583
 
      Net Loss from
       Operations          (337,052)     (328,842)  (1,022,356)     (748,481)
 
      Other Income
       (Expense):
        Interest expense    (11,952)       (4,438)     (18,097)       (8,564)
        Interest income       1,689         7,731       11,903        16,696
 
                            (10,263)        3,293       (6,194)        8,132
 
      Net Loss            $(347,315)    $(325,549) $(1,028,550)    $(740,349)
 
      Basic Loss per Share   $(0.11)       $(0.12)       $(0.33)      $(0.28)
 
      Weighted Average
       Number of Shares
       Outstanding        3,147,914     2,827,922    3,105,408     2,627,295
 
 
     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, 2000, and Quarterly Report on Form 10-QSB for
 the fiscal quarter ended December 31, 2000, 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 J. Smith, CFO of VITRIX,
 Inc., 480-967-5800 ext. 502, craigs@vitrix.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X17553564
 
 

SOURCE VITRIX, Inc.
    TEMPE, Ariz., April 30 /PRNewswire/ -- VITRIX, Inc. (OTC: VRXI) today
 announced its financial results for the third quarter and nine month period
 ended March 31, 2001.
     Revenue for the nine-month period ended March 31, 2001, increased 23% to
 $1,154,266, compared to revenue of $940,387 for the nine-month period ended
 March 31, 2000.  The net loss for the nine month period ended March 31, 2001,
 increased to $1,028,550, or $.33 per basic share, compared to a net loss of
 $740,349, or $.28 per basic share, for the nine month period ended March 31,
 2000.
     Revenue for the quarter ended March 31, 2001, decreased 24% to $287,726,
 compared to revenue of $376,512 in the same quarter a year ago.  The net loss
 for the quarter ended March 31, 2001, increased to $347,315, or $.11 per basic
 share, compared to a net loss of $325,549, or $.12 per basic share, for the
 same quarter a year ago.
     The net loss per share figures are adjusted to give effect to a
 one-for-ten reverse stock split which was effective on April 5, 2001.
     "We experienced some order softness and delays in fiscal Q3 which, we
 believe, was due to overall economic conditions," stated Thomas S. Bednarik,
 president and CEO.  Effective March 30, 2001, the Company completed its
 previously announced acquisition of Time America, Inc.  The results of
 operations for the quarter and nine month period ended March 30, 2001 do not
 include the operations of Time America, Inc.  In addition, the Company closed
 on a round of debt financing in the amount of $375,000 on April 4, 2001.
 
     About VITRIX, Inc.:
     VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of
 workforce management solutions for businesses of all sizes.  VITRIX products
 improve productivity by automating collection of time and attendance data,
 staff scheduling and management of labor resources.  For more information
 please visit the VITRIX Web site at http://www.vitrix.com.
 
 
                                    VITRIX, INC.
                                   BALANCE SHEETS
 
                                                     March 31,      June 30,
                                                        2001          2000
                                                    (Unaudited)
                          ASSETS
      Current Assets:
       Cash and cash equivalents                      $23,016       $620,765
       Accounts receivable - trade, net               178,714        229,717
       Inventory                                       61,890         91,204
       Prepaid expenses and other current assets       28,019         38,182
 
         Total Current Assets                         291,639        979,868
 
      Property and equipment, net                     123,551        168,779
 
         Total Assets                                $415,190     $1,148,647
 
            LIABILITIES AND STOCKHOLDERS' EQUITY
 
      Current Liabilities:
       Current portion of long-term debt              $79,572        $46,303
       Accounts payable                               269,649         88,953
       Accrued liabilities                            102,523        145,143
       Deferred revenue                               138,930        152,307
 
         Total Current Liabilities                    590,674        432,706
 
      Long-term debt, less current portion             17,413         34,231
 
         Total Liabilities                            608,087        466,937
 
      Commitments:                                         --             --
 
      Stockholders' Equity:
       Common stock, $.005 par value, 50,000,000
        shares authorized, 3,147,914 and 3,050,822
        shares issued and outstanding                 157,395        152,541
       Contributed capital                          2,647,094      2,498,005
       Accumulated deficit                         (2,997,386)    (1,968,836)
 
         Total Stockholders' Equity                  (192,897)       681,710
 
         Total Liabilities and Stockholders' Equity  $415,190     $1,148,647
 
 
                                    VITRIX, INC.
                              STATEMENTS OF OPERATIONS
                                    (Unaudited)
 
                              Three Months Ended         Nine Months Ended
                                  March 31,                  March 31,
                             2001          2000          2001          2000
 
      Revenues:
       Product sales       $165,460      $308,407     $751,149      $834,237
       Services revenue     122,266        68,105      403,117       106,150
 
        Total Revenues      287,726       376,512    1,154,266       940,387
 
      Cost of Revenues:
       Product               81,082       111,549      379,813       319,233
       Services              58,138        30,052      155,186        30,052
 
        Total Cost of
         Revenues           139,220       141,601      534,999       349,285
 
      Gross Profit          148,506       234,911      619,267       591,102
 
      Costs and Expenses:
       Sales and marketing  160,797       236,936      650,860       522,458
       Research and
        development         136,160       152,260      499,541       359,765
       General and
        administrative      188,601       174,557      491,222       457,360
 
        Total Costs and
         Expenses           485,558       563,753    1,641,623     1,339,583
 
      Net Loss from
       Operations          (337,052)     (328,842)  (1,022,356)     (748,481)
 
      Other Income
       (Expense):
        Interest expense    (11,952)       (4,438)     (18,097)       (8,564)
        Interest income       1,689         7,731       11,903        16,696
 
                            (10,263)        3,293       (6,194)        8,132
 
      Net Loss            $(347,315)    $(325,549) $(1,028,550)    $(740,349)
 
      Basic Loss per Share   $(0.11)       $(0.12)       $(0.33)      $(0.28)
 
      Weighted Average
       Number of Shares
       Outstanding        3,147,914     2,827,922    3,105,408     2,627,295
 
 
     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, 2000, and Quarterly Report on Form 10-QSB for
 the fiscal quarter ended December 31, 2000, 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 J. Smith, CFO of VITRIX,
 Inc., 480-967-5800 ext. 502, craigs@vitrix.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X17553564
 
 SOURCE  VITRIX, Inc.