Exhibit 99.1
SPHERIX REPORTS SECOND QUARTER EARNINGS
BELTSVILLE, Md., Aug. 11 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX) today reported revenue of $7.6 million for the three-months ended
June 30, 2006, up 7% over the same period in 2005. The driving force behind the
Company's revenue growth is its popular government reservation business, in
which it holds a dominant position as one of only two major players. Net income
for the three-month period remains relatively consistent with that of 2005
despite an increase in legal costs and costs incurred related to the Company's
Phase 3 clinical trial of Naturlose as a Type 2 diabetes drug. Revenue for the
six-month period ended June 30, 2006 increased 8% and the net loss for the
period decreased by 65% compared to the same period of the prior year.
Three months ended June 30, Six months ended June 30,
------------------------------- --------------------------------
2006 2005 2006 2005
-------------- -------------- -------------- --------------
Revenue $ 7,582,000 $ 7,064,000 $ 13,504,000 $ 12,499,000
Operating expense 7,346,000 6,839,000 13,801,000 13,356,000
Income (loss) from
operations $ 236,000 $ 225,000 $ (297,000) $ (857,000)
Net income (loss) $ 239,000 $ 228,000 $ (294,000) $ (845,000)
Net income (loss) per
share $ 0.02 $ 0.02 $ (0.02) $ (0.07)
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- 08/11/2006
/CONTACT: Spherix Incorporated, Investor Relations, +1-301-419-7877,
info@spherix.com/
/Web site: http://www.spherix.com /
(SPEX)