Spherix Announces Third Quarter Profits
BELTSVILLE, Md., Nov. 10 /PRNewswire-FirstCall/ -- Spherix Incorporated today reported third quarter profits of $285,000 ($0.02 per share) on revenue of $6.7 million. The Company achieved results consistent with those of the same period of the prior year on less revenue as a result of the Company's cost cutting efforts. An anticipated growth in revenue was affected by a drop in reservation sales caused by hurricanes and the spike in gas prices, and by a temporary reduction of funding on one of the Company's larger government information contracts. Funding on this contract was fully restored on October 1, 2005, with the start of the government's new fiscal year.
Three Months Ended Nine Months Ended September 30 September 30 2005 2004 2005 2004 Revenue $6,705,302 $7,091,235 $19,204,071 $18,905,230 Operating expense 6,416,528 6,790,803 19,772,573 18,969,555 Income (loss) from operations $288,774 $300,432 $(568,502) $(64,325) Net income (loss) $284,938 $293,622 $(560,458) $(61,522) Net income (loss) per share $0.02 $0.02 $(0.05) $(0.01)
Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on March 3, 1999.
Under its motto, "A World of Solutions," Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in information technology, knowledge management, and biotechnology.
Spherix's Internet address is http://www.spherix.com.Spherix Incorporated
CONTACT: Spherix Incorporated Investor Relations, +1-301-419-7877 firstname.lastname@example.org
Web site: http://www.spherix.com//