-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, It0vEEid7HNhPEd6uEt/osvE6oUyXCNeuCCkATCqJQAu9M6c1Sixg/iGQbFtUFX+ va8v8gOHBgOu2HiMAHmQWQ== 0000950147-03-000565.txt : 20030502 0000950147-03-000565.hdr.sgml : 20030502 20030502130749 ACCESSION NUMBER: 0000950147-03-000565 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030430 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VITRIX INC /NV/ CENTRAL INDEX KEY: 0000836937 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133465289 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10320 FILM NUMBER: 03678936 BUSINESS ADDRESS: STREET 1: 51 WEST THIRD STREET STREET 2: SUITE 301 CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: 6029675800 MAIL ADDRESS: STREET 1: 51 WEST THIRD STREET STREET 2: SUITE 310 CITY: TEMPE STATE: AZ ZIP: 85281 FORMER COMPANY: FORMER CONFORMED NAME: BARRIE RICHARD FRAGRANCES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FBR CAPITAL CORP /NV/ DATE OF NAME CHANGE: 19960930 8-K 1 e-9935.txt CURRENT REPORT DATED 4-30-03 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 30, 2003 VITRIX, INC. (Exact Name of Registrant as Specified in Charter) Nevada 33-58694 13-3465289 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation Identification No.) 51 West Third Street, Suite 310, Tempe, Arizona 85281 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (480) 296-0400 Not Applicable (Former name or former address, if changed since last report.) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) EXHIBITS 99.1 Press Release dated April 30, 2003 ITEM 9. REGULATION FD DISCLOSURE (INCLUDING DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION PROVIDED UNDER ITEM 12). The information in this report is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Disclosure of Results of Operations and Financial Condition." On April 30, 2003, Vitrix Inc. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference. The information in this Form 8-K is being furnished under Item 9 and Item 12 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VITRIX, INC. Date: May 2, 2003 By /s/ Craig J. Smith -------------------------------------- Craig J. Smith Chief Financial Officer EX-99.1 3 ex99-1.txt PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Craig Smith CFO 480-296-0442 craigs@vitrix.com VITRIX ANNOUNCES FISCAL THIRD QUARTER FINANCIAL RESULTS Tempe, ARIZ. (April 30, 2003)--VITRIX, Inc. (OTC: VRXI), the parent company of Time America, Inc., a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal third quarter ended March 31, 2003. Revenue for the quarter ended March 31, 2003 increased 33% to $1,005,306, compared to revenue of $757,425 for the quarter ended March 31, 2002. The net loss from operations for the quarter ended March 31, 2003 decreased 88% to $14,930, compared to a net loss from operations of $126,161 for the quarter ended March 31, 2002. The net loss for the quarter ended March 31, 2003 decreased 76% to $34,473, or $.00 per basic share, compared to a net loss of $145,194, or $.02 per basic share, for the quarter ended March 31, 2002. Revenue for the nine-month period ended March 31, 2003 increased 33% to $3,150,307, compared to revenue of $2,366,187 for the nine-month period ended March 31, 2002. The net loss from operations for the nine-month period ended March 31, 2003 decreased 93% to $31,665, compared to a net loss from operations of $447,858 for the nine-month period ended March 31, 2002. The net loss for the nine-month period ended March 31, 2003 decreased 82% to $89,420, or $.01 per basic share, compared to a net loss of $510,417, or $.08 per basic share, for the nine month period ended March 31, 2002. "I am pleased to state that we achieved revenues in excess of $1 million for the third consecutive quarter and revenue growth exceeded 30% for the third consecutive quarter, which are records for the Company. The 33% quarterly revenue growth was achieved with only a 4% increase in operating expenses", stated Thomas S. Bednarik, President and CEO. "We have been placing increased focus on engaging additional dealers in underserved geographic areas and on expansion of key client accounts and intend to continue these efforts for the foreseeable future. Additionally, in April we expanded our sales team with two highly experienced industry sales executives, both of whom bring high caliber sales and time and attendance domain expertise. Also, we continued to expand our business with a leading managed services company by receiving an order for the eighteenth system, with a number of additional sites under consideration," added Bednarik. The Company also reported that its recent Dealer Conference, held in Tempe and attended by a number of the Company's top dealers, was a rousing success. The Company has adopted a format to formally meet with its dealers and value-added partners on a semi-annual basis to exchange ideas, foster communication amongst the dealers and to share Company plans and programs. ABOUT VITRIX, INC.: Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, Time America, Inc., is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time America's family of GENESIS PRO(TM), HourTrack(TM) and NETtime(TM) solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing. For more information please visit the Company's Web site at http://www.timeamerica.com. -more- VITRIX, INC. CONSOLIDATED BALANCE SHEETS
MARCH 31, JUNE 30, 2003 2002 ----------- ----------- (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 140,048 $ 195,249 Accounts receivable - trade, net 494,269 615,084 Inventory 267,171 174,697 Prepaid expenses and other current assets 41,645 47,708 ----------- ----------- TOTAL CURRENT ASSETS 943,133 1,032,738 PROPERTY AND EQUIPMENT, NET 119,505 142,984 ----------- ----------- TOTAL ASSETS $ 1,062,638 $ 1,175,722 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Current portion of long-term debt $ 280,701 $ 134,068 Accounts payable 361,902 355,381 Accrued liabilities 133,769 214,641 Deferred revenue 273,820 311,143 ----------- ----------- TOTAL CURRENT LIABILITIES 1,050,192 1,015,233 LONG-TERM DEBT, LESS CURRENT PORTION 630,950 733,555 ----------- ----------- TOTAL LIABILITIES 1,681,142 1,748,788 ----------- ----------- COMMITMENTS: -- -- STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $.005 par value, 50,000,000 shares authorized, 9,267,168 and 9,105,828 shares issued and outstanding 46,336 45,529 Contributed capital 6,095,295 6,052,120 Accumulated deficit (6,760,135) (6,670,715) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (618,504) (573,066) ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,062,638 $ 1,175,722 =========== ===========
VITRIX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED MARCH 31, MARCH 31, 2003 2002 2003 2002 ----------- ----------- ----------- ----------- Revenues: Product sales $ 785,132 $ 600,803 $ 2,505,350 $ 1,904,758 Services revenue 220,174 156,622 644,957 461,429 ----------- ----------- ----------- ----------- TOTAL REVENUES 1,005,306 757,425 3,150,307 2,366,187 ----------- ----------- ----------- ----------- COST OF REVENUES: Product 353,078 251,032 1,030,831 810,357 Services 129,895 104,574 385,550 355,682 ----------- ----------- ----------- ----------- TOTAL COST OF REVENUES 482,973 355,606 1,416,381 1,166,039 ----------- ----------- ----------- ----------- GROSS PROFIT 522,333 401,819 1,733,926 1,200,148 ----------- ----------- ----------- ----------- COSTS AND EXPENSES: Sales and marketing 216,746 188,714 768,752 614,009 Research and development 147,506 171,814 480,373 516,827 General and administrative 173,011 167,452 516,466 517,170 ----------- ----------- ----------- ----------- TOTAL COSTS AND EXPENSES 537,263 527,980 1,765,591 1,648,006 ----------- ----------- ----------- ----------- NET LOSS FROM OPERATIONS (14,930) (126,161) (31,665) (447,858) ----------- ----------- ----------- ----------- OTHER INCOME (EXPENSE): Interest expense (19,630) (21,068) (58,992) (67,598) Other 81 933 122 1,991 Interest income 6 1,102 1,115 3,048 ----------- ----------- ----------- ----------- (19,543) (19,033) (57,755) (62,559) ----------- ----------- ----------- ----------- NET LOSS $ (34,473) $ (145,194) $ (89,420) $ (510,417) =========== =========== =========== =========== BASIC LOSS PER SHARE $ (0.00) $ (0.02) $ (0.01) $ (0.08) =========== =========== =========== =========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 9,219,902 7,706,661 9,194,268 6,759,240 =========== =========== =========== ===========
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, 2002 and subsequently filed Form 10-QSBs, 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. -----END PRIVACY-ENHANCED MESSAGE-----