VTTX out with record breaking earnings!!
VITRIX Announces Record Second Quarter and Six Month Revenues
TEMPE, Ariz., Jan. 27 /PRNewswire/ -- VITRIX, Inc. (OTC Bulletin Board: VTTX) today announced financial results for its quarter ended, and six month period ended, December 31, 1999.
Revenue for the quarter ended December 31, 1999, increased 46% to $361,206, compared to revenue of $246,709 for the quarter ended December 31, 1998. The net loss for the quarter ended December 31, 1999, increased to $227,621, or $.01 per basic share, compared to a net loss of $448, or $.00 per basic share, for the quarter ended December 31, 1998.
For the six month period ended December 31, 1999, revenue increased 52% to $563,857, compared to revenue of $371,572 for the six month period ended December 31, 1998. The net loss for the six month period ended December 31, 1999, increased to $414,800, or $.02 per basic share, compared to a net loss of $34,998, or $.00 per basic share, for the six month period ended December 31, 1998.
"We are pleased with the Company's continued strong revenue growth," commented President and CEO, Michael Wolf. "The last quarter has brought tremendous change at VITRIX. We've taken significant steps to strengthen our management team, with additions to both the Executive staff and the Board. We've introduced the latest of our innovative frontline labor management solutions, HourTrack 2000(TM). We've recently announced our strategy to deliver an Internet ASP (Application Service Provider) version of HourTrack 2000, and will be investing aggressively in this area over the next three calendar quarters. And finally, we continue to refine our sales model, and are busy implementing our new reseller program," Mr. Wolf stated.
VITRIX provides software and hardware for time and labor management solutions for small and medium-sized businesses. VITRIX solutions are designed to improve productivity by automating collection of time and attendance data, staff scheduling and management of labor resources. Sales are made through sales representatives, channel partners, and on its Web site at vitrix.com .
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, 1999, and Quarterly Report on Form 10-QSB for the period ended September 30, 1999, 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.
SOURCE VITRIX, Inc.
CO: VITRIX, Inc.
ST: Arizona
IN: CPR
SU: ERN
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