Exhibit 99.1
Spherix Reports Second Quarter Results@<
BELTSVILLE, Md., Aug. 8 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX), today reported a net loss of $453,000 ($0.04 per share) on
sales of $4.8 million and a net loss of $1.1 million ($0.10 per share) on
sales of $9.2 million for the three and six months ended June 30, 2003,
respectively. Company revenues increased 14% from $4.2 million and 26% from
$7.3 million for the three- and six-month periods in comparison to those of
the prior year.
The InfoSpherix Division's revenue increased $619,000 (15%) and $1,970,000
(27%) for the three and six months ended June 30, 2003, in comparison to the
same periods of the prior year, and the Division's operating profits increased
$176,000 and $877,000 for the same periods. The increases between years
result from several new contracts, which began in the fourth quarter of 2002
and included a reservation contract, an information services contract and a
short-term commercial contract, which concluded at the end of the first
quarter of 2003.
The BioSpherix Division's revenue decreased $42,000 (78%) and $40,000
(69%) for the three and six months ended June 30, 2003, in comparison to the
same periods of the prior year, and the Division's operating losses increased
$310,000 and $582,000 for the same periods. The increased loss results
principally from costs associated with the ongoing arbitration with Arla Foods
amba of Denmark, as well as reduced FlyCracker sales, and an increase in the
commercialization efforts on Naturlose.
The CFO of Spherix and Interim President of the InfoSpherix Division,
Richard C. Levin, stated, "We are pleased that our past sales efforts are
beginning to pay off and we will continue to emphasize these efforts
corporate-wide in the future."
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
Revenue $4,802,124 $4,226,509 $9,222,906 $7,292,677
Operating expense 5,262,120 4,550,719 10,381,208 8,745,401
Loss from operations $(459,996) $(324,210) $(1,158,302) $(1,452,724)
Net loss $(453,075) $(299,706) $(1,139,463) $(1,410,430)
Net loss per share $(0.04) $(0.03) $(0.10) $(0.13)
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.
SOURCE Spherix Incorporated
-0- 08/08/2003
/CONTACT: Richard Levin of Spherix Incorporated, +1-301-419-3900, or
rlevin@spherix.com/
/Web site: http://www.spherix.com/
(SPEX)
CO: Spherix Incorporated
ST: Maryland
IN: BIO CPR MTC
SU: ERN