-----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, EtA9QI3VJINJ+6LksJmQYidjWYsrMT6oK/WK04k+PoHi3+xBwHmd65oTtOj9kiVK 2u/bgzVwB2DdoCfrd/i83g== 0000950147-03-000867.txt : 20030806 0000950147-03-000867.hdr.sgml : 20030806 20030806162936 ACCESSION NUMBER: 0000950147-03-000867 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030804 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030806 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: 03826503 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: FBR CAPITAL CORP /NV/ DATE OF NAME CHANGE: 19960930 FORMER COMPANY: FORMER CONFORMED NAME: BARRIE RICHARD FRAGRANCES INC DATE OF NAME CHANGE: 19920703 8-K 1 e-10221.txt CURRENT REPORT DATED 08/04/2003 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): August 4, 2003 VITRIX, INC. (Exact Name of Registrant as Specified in Charter) Nevada 33-58694 13-3465289 (State or Other Jurisdiction of (Commission File Number) (IRS Employer 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 August 4, 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 August 4, 2003, Vitrix Inc. issued a press release announcing its financial results for the fiscal year and quarter ended June 30, 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: August 6, 2003 By /s/ Craig J. Smith ------------------------------------- Craig J. Smith Chief Financial Officer EX-99.1 3 ex99-1.txt PRESS RELEASE DATED 08/04/2003 Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Craig Smith CFO 480-296-0442 craigs@vitrix.com VITRIX ANNOUNCES FISCAL YEAR 2003 FINANCIAL RESULTS REVENUE INCREASES 30% OVER PRIOR YEAR Tempe, ARIZ. (Aug. 4, 2003)--VITRIX, Inc. (OTC: VRXI), parent company of Time America, Inc., today announced unaudited financial results for its fiscal fourth quarter and year ended, June 30, 2003. For the quarter ended June 30, 2003, revenue increased 20% to $1,106,547, compared to revenue of $919,128 for the quarter ended June 30, 2002. The net loss from operations for the quarter ended June 30, 2003 decreased 70% to $48,362, compared to a net loss from operations of $160,921 for the quarter ended June 30, 2002. The net loss for the quarter ended June 30, 2003, decreased to $63,308, or $.01 per basic share, compared to a net loss of $145,435, or $.02 per basic share, for the quarter ended June 30, 2002. The gross profit margin for both the current quarter and previous year's quarter was 57%. Revenue for the fiscal year ended June 30, 2003 increased 30% to $4,256,854, a record for the Company, compared to revenue of $3,285,315 for the fiscal year ended June 30, 2002. The net loss from operations for the year ended June 30, 2003 decreased 87% to $80,027, compared to a net loss from operations of $608,779 for the year ended June 30, 2002. The net loss for the fiscal year ended June 30, 2003 decreased to $152,728, or $.02 per basic share, compared to a net loss of $655,852, or $.09 per basic share, for the fiscal year ended June 30, 2002. The gross profit margin for the current year was 55% versus 53% for the previous year. "We were able to achieve a 30% increase in annual revenues while only increasing total operating expenses by 4%," stated Thomas Bednarik, President and CEO. "In addition, we were able to reduce general and administrative and research and development expenses from 44% of sales in the prior year to 31% of sales in the current year." "For the fourth consecutive quarter, we experienced a revenue increase of at least 20% as compared to the prior period," continued Bednarik. "NETtime, our 100% HTML, web-based solution, continues to gain traction with both corporate users and channel partners. The growing market demand for the product is evidenced by its selection in the five largest sales of fiscal Q4. One such sale comprised a private-branded version of NETtime called "ExtendTime" which is sold by Vytek, a preferred partner of Time America," added Bednarik. The ExtendTime version of NETtime runs on the Cisco voice-over-IP platform. "The Company continues to build its partner relationships with primary focus on both payroll and human resource management software companies. These companies are finding it essential to include a time and attendance component in their suites to effectively compete with full service providers. NETtime is often the product of choice in these situations, given its browser-based interface and its availability as a licensed or hosted application," added Bednarik. The Company continues to deliver on its commitment to quality and technology enrichment. During the last quarter, the Company launched the licensed (installable) version of NETtime, as well as an SQL version of its popular GENESIS product. 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(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. BALANCE SHEETS
JUNE 30, JUNE 30, 2003 2002 ------------ ------------ (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 245,795 $ 195,249 Accounts receivable - trade, net 551,576 615,084 Inventory 232,815 174,697 Prepaid expenses and other current assets 34,451 47,708 ------------ ------------ TOTAL CURRENT ASSETS 1,064,637 1,032,738 PROPERTY AND EQUIPMENT, NET 115,633 142,984 ------------ ------------ TOTAL ASSETS $ 1,180,270 $ 1,175,722 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Current portion of long-term debt $ 283,148 $ 134,068 Accounts payable 272,129 355,381 Accrued liabilities 209,288 214,641 Deferred revenue 250,012 311,143 ------------ ------------ TOTAL CURRENT LIABILITIES 1,014,577 1,015,233 LONG-TERM DEBT, LESS CURRENT PORTION 597,505 733,555 ------------ ------------ TOTAL LIABILITIES 1,612,082 1,748,788 ------------ ------------ COMMITMENTS: -- -- STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $.005 par value, 50,000,000 shares authorized, 10,656,057 and 9,105,828 shares issued and outstanding 53,280 45,529 Contributed capital 6,338,351 6,052,120 Accumulated deficit (6,823,443) (6,670,715) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (431,812) (573,066) ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,180,270 $ 1,175,722 ============ ============
VITRIX, INC. STATEMENTS OF OPERATIONS
THREE MONTHS ENDED YEARS ENDED JUNE 30, JUNE 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ (UNAUDITED) (UNAUDITED) (UNAUDITED) Revenues: Product sales $ 856,804 $ 745,552 $ 3,362,154 $ 2,650,310 Services revenue 249,743 173,576 894,700 635,005 ------------ ------------ ------------ ------------ TOTAL REVENUES 1,106,547 919,128 4,256,854 3,285,315 ------------ ------------ ------------ ------------ COST OF REVENUES: Product 336,142 289,215 1,366,973 1,099,572 Services 144,796 112,379 530,346 458,164 ------------ ------------ ------------ ------------ TOTAL COST OF REVENUES 480,938 401,594 1,897,319 1,557,736 ------------ ------------ ------------ ------------ GROSS PROFIT 625,609 517,534 2,359,535 1,727,579 ------------ ------------ ------------ ------------ COSTS AND EXPENSES: Sales and marketing 344,010 289,103 1,112,762 903,112 Research and development 160,752 164,703 641,125 691,426 General and administrative 169,209 224,649 685,675 741,820 ------------ ------------ ------------ ------------ TOTAL COSTS AND EXPENSES 673,971 678,455 2,439,562 2,336,358 ------------ ------------ ------------ ------------ NET LOSS FROM OPERATIONS (48,362) (160,921) (80,027) (608,779) ------------ ------------ ------------ ------------ OTHER INCOME (EXPENSE): Interest expense (20,212) (19,726) (79,204) (87,324) Other 5,263 2 5,385 1,993 Interest income 3 1,142 1,118 4,190 ------------ ------------ ------------ ------------ (14,946) (18,582) (72,701) (81,141) ------------ ------------ ------------ ------------ INCOME BEFORE EXTRAORDINARY ITEM (63,308) (179,503) (152,728) (689,920) EXTRAORDINARY ITEM - GAIN ON EXTINGUISHMENT OF DEBT -- 34,068 -- 34,068 ------------ ------------ ------------ ------------ NET LOSS $ (63,308) $ (145,435) $ (152,728) $ (655,852) ============ ============ ============ ============ BASIC LOSS PER SHARE $ (0.01) $ (0.02) $ (0.02) $ (0.09) ============ ============ ============ ============ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 9,877,669 9,105,828 9,364,650 7,344,280 ============ ============ ============ ============
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-----