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BELTSVILLE, Md., Aug. 10 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX) today reported revenue increases of $2.0 million (41%) and $2.6
million (28%) for the three and six months ended June 30, 2004, respectively,
compared to the same periods of 2003. The Company's bottom-line for the three
months and six months ended June 30, 2004, improved $645,000 and $784,000,
respectively, over the same periods of the prior year. The revenue increases
were driven by several new government contracts that the Company won late in
2003 and early 2004, as well as the purchase of six additional government
reservation contracts. While ahead of plan, profits were reduced by the
initial cost of the acquisitions.
Following on the Company's successful growth of its government reservation
business, it has increased its marketing efforts of government contact center,
enterprise solutions and telecommunications services. The President and CEO
of Spherix, Thomas W. Gantt, stated, "Compared to one year ago, our second
quarter shows that Spherix has taken a strong step towards achieving positive
results. The increased marketing efforts for both InfoSpherix and Naturlose
are showing signs of developing new business in both Divisions."
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenue $6,761,361 $4,802,124 $11,813,995 $ 9,222,906
Operating expense 6,587,076 5,262,120 12,178,752 10,381,208
Income (loss)
from operations $ 174,285 $ (459,996) $ (364,757) $(1,158,302)
Net income (loss) $ 192,257 $ (453,075) $ (355,144) $(1,139,463)
Net income (loss)
per share $ 0.02 $ (0.04) $ (0.03) $ (0.10)
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- 08/10/2004
/CONTACT: Richard Levin of Spherix Incorporated, +1-301-419-3900,
rlevin@spherix.com/
/Web site: http://www.spherix.com/
(SPEX)
CO: Spherix Incorporated
ST: Maryland
IN: BIO MTC
SU: ERN
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