EXHIBIT 99.1
SPHERIX ANNOUNCES SECOND QUARTER GROWTH
BELTSVILLE, Md., Aug. 12 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX) today reported a growth in revenue and net income for the
three-month period ended June 30, 2005, in comparison to the same period in
2004. Revenue increased by 4%, or $303,000, between the same three-month periods
in 2005 and 2004, while net income improved 18.6% to $228,036 compared to the
same period last year. Six-month revenue was up $684,774, while net loss
increased $490,252 over the same period for 2004. The improved second quarter
performance was the result of growth in our government contracts, which offset
heavier losses, mostly in our Maryland project, in the first quarter.
Richard C. Levin, CEO and President, said, "The Company has taken
significant steps since the first quarter to cut costs and improve the bottom
line and I am pleased these efforts are beginning to pay off and show real
results. We expect the benefits of these cost cuts to carry forward into other
quarters and we will continue our efforts to control costs and to increase our
already record backlog."
Three Months Six Months
Ended June 30, Ended June 30,
----------------------------- -----------------------------
2005 2004 2005 2004
------------- ------------- ------------- -------------
Revenue $ 7,064,008 $ 6,761,361 $ 12,498,769 $ 11,813,995
Operating expense 6,838,807 6,587,076 13,356,045 12,178,752
Income (loss) from
operations $ 225,201 $ 174,285 $ (857,276) $ (364,757)
Net income (loss) $ 228,036 $ 192,257 $ (845,396) $ (355,144)
Net income (loss) per
share $ 0.02 $ 0.02 $ (0.07) $ (0.03)
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- 08/12/2005
/CONTACT: Spherix Incorporated Investor Relations, +1-301-419-7877 or
info@spherix.com/
/Web site: http://www.spherix.com/
(SPEX)