VRXI List stock news:
VITRIX Announces Fiscal Third Quarter Results
TEMPE, Ariz., April 30 /PRNewswire/ -- VITRIX, Inc. (OTC: VRXI - news) 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 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.
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SOURCE: VITRIX, Inc. |
