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.
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