Wednesday January 31, 7:05 pm Eastern Time
Press Release
SOURCE: VITRIX, Inc.
VITRIX Announces Second Fiscal Quarter Results
TEMPE, Ariz., Jan. 31 /PRNewswire/ -- VITRIX, Inc. (OTC Bulletin Board: VTTX - news) today announced
its financial results for the second quarter and six month period ended December 31, 2000.
Revenue for the quarter ended December 31, 2000, increased 40% to $506,358, compared to revenue of
$361,206 in the same quarter a year ago. The net loss for the quarter ended December 31, 2000, increased
to $294,896, or $.01 per basic share, compared to a net loss of $227,621, or $.01 per basic share, for the
same quarter a year ago.
Revenue for the six month period ended December 31, 2000, increased 54% to $866,540, compared to
revenue of $563,875 for the six month period ended December 31, 1999. The net loss for the six month
period ended December 31, 2000, increased to $681,235, or $.02 per basic share, compared to a net loss of
$414,800, or $.02 per basic share, for the six month period ended December 31, 1999.
In addition to achieving record revenues, during the quarter the Company began generating revenue from
the sale of MyVITRIX, the Company's 100% Web-based time and attendance solution.
Notwithstanding these improvements, the Company continues to seek additional sources of capital to fund
its operations. In October 2000, the Company received approximately $122,000 from the exercise of
outstanding warrants. In January 2001, the Company secured a $225,000 working capital loan. The
Company is obligated to make principal payments on this indebtedness based on accounts receivable
collections.
``We have continued to reduce operating costs and are vigorously pursuing various sources of additional
capital and strategic business opportunities,'' said Thomas Bednarik, President and CEO of VITRIX, Inc.
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 vitrix.com.
For further information, please contact Craig Smith, CFO of VITRIX, Inc., 480-967-5800 ext 502,
craigs@vitrix.com.
VITRIX, INC.
BALANCE SHEET
December 31, June 30,
2000 2000
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $118,692 $620,765
Accounts receivable - trade, net 462,573 229,717
Inventory 68,340 91,204
Prepaid expenses and other current assets 29,769 38,182
Total Current Assets 679,374 979,868
Property and equipment, net 139,568 168,779
Total Assets $818,942 $1,148,647
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $45,343 $46,303
Accounts payable 299,496 88,953
Accrued liabilities 141,786 145,143
Deferred revenue 167,752 152,307
Total Current Liabilities 654,377 432,706
Long-term debt, less current portion 22,147 34,231
Total Liabilities 676,524 466,937
Commitments: -- --
Stockholders' Equity (Deficit):
Common stock, $.005 par value,
50,000,000 shares authorized,
31,479,140 and 30,508,218 shares
issued and outstanding 157,395 152,541
Contributed capital 2,635,094 2,498,005
Accumulated deficit (2,650,071) (1,968,836)
Total Stockholders' Equity 142,418 681,710
Total Liabilities and
Stockholders' Equity $818,942 $1,148,647
VITRIX, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
Product sales $338,697 $332,094 $585,689 $531,385
Services revenue 167,661 29,112 280,851 32,490
Total Revenues 506,358 361,206 866,540 563,875
Cost of Revenues
Product 193,856 142,122 298,731 207,684
Services 42,194 97,048 --
Total Cost of
Revenues 236,050 142,122 395,779 207,684
Gross Profit 270,308 219,084 470,761 356,191
Costs and Expenses:
Sales and marketing 243,926 188,480 490,063 285,522
Research and
development 145,301 105,621 363,381 207,505
General and
administrative 175,581 156,331 302,621 282,803
Total Costs and
Expenses 564,808 450,432 1,156,065 775,830
Net Loss from
Operations (294,500) (231,348) (685,304) (419,639)
Other Income (Expense):
Interest expense (3,000) (2,018) (6,145) (4,126)
Interest income 2,604 5,745 10,214 8,965
(396) 3,727 4,069 4,839
Net Loss $(294,896) $(227,621) $(681,235) $(414,800)
Basic Loss per Share $ (0.01) $ (0.01) $ (0.02) $ (0.02)
Weighted Average
Number of Shares
Outstanding 31,176,229 25,312,770 30,846,177 24,329,074
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 September
30, 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.
SOURCE: VITRIX, Inc.
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