Navigation Links
Spherix Reports 3rd Quarter Earnings
Date:11/16/2007

BELTSVILLE, Md., Nov. 16 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) has reported a loss from continuing operations of $3.1 million ($0.22 per share) and $7.1 million ($0.50 per share) for the three- and nine- months ended September 30, 2007, respectively. These losses exceeded the losses for the corresponding periods of 2006 due to increased expenditures related to the Company's Phase 3 clinical trial of Naturlose as a treatment for type 2 diabetes. The Company anticipates the trial to continue through mid-2009. Income from discontinued operations was $8.4 million ($0.59 per share) in the third quarter of 2007, and $8.3 million ($0.59 per share) for the nine months ended September 30, 2007, reflecting the sale of the InfoSpherix subsidiary (see Spherix press release dated August 16, 2007). The Company's total net income was $5.3 million (37 cents per share) and $1.3 million (9 cents per shared), respectively for the three- and nine-months ended September 30, 2007.

Claire L. Kruger, CEO, said, "The sale of InfoSpherix has provided the Company with significant funding that will help us to pursue the Company's strategic interests."

Three months ended Nine months ended

September 30, September 30,

2007 2006 2007 2006

Revenue from continuing

operations $ 59,000 $ - $ 63,000 $ 3,000

Loss from continuing

operations $(3,122,000) $(981,000) $(7,063,000)$(2,350,000)

Income from discontinued

operations $ 8,416,000 $ 971,000 $ 8,321,000 $ 2,046,000

Net income (loss) $ 5,294,000 $ (10,000 $ 1,258,000 $ (304,000)

Net income (loss) per

share

Continuing operations $ (0.22) $ (0.07 $ (0.50)$ (0.17)

Discontinued

operations $ 0.59 $ 0.07 $ 0.59 $ 0.15

Net income (loss) per

share $ 0.37 $ - $ 0.09 $ (0.02)

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 October 10, 2007.

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
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Spherix Shareholders Support Companys Focus on Naturlose, Biotechnology
2. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
3. QMed, Inc. Reports July Medicare SNP Enrollments
4. Phlo Affiliate Reports Expanded Coverage to Oregon Border
5. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
6. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 2007
7. Carrington Reports Second Quarter 2007 Results
8. Avitar Reports Third Quarter Financial Results for Fiscal 2007
9. Response Genetics Reports Second Quarter 2007 Financial Results
10. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
11. Transgenomic, Inc. Reports Second Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... 27, 2016   Ginkgo Bioworks , a leading ... was today awarded as one of the World ... world,s most innovative companies. Ginkgo Bioworks is engineering ... real world in the nutrition, health and consumer ... with customers including Fortune 500 companies to design ...
(Date:6/24/2016)... , ... June 24, 2016 , ... While the majority ... as the Cary 5000 and the 6000i models are higher end machines that use ... height of the spectrophotometer’s light beam from the bottom of the cuvette holder. ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... announce the launch of their brand, UP4™ Probiotics, into Target stores nationwide. The ... is proud to add Target to its list of well-respected retailers. This list ...
(Date:6/23/2016)... Md. , June 23, 2016 A person ... from the crime scene to track the criminal down. ... the U.S. Food and Drug Administration (FDA) uses DNA evidence ... Sound far-fetched? It,s not. The FDA ... sequencing to support investigations of foodborne illnesses. Put as simply ...
Breaking Biology Technology:
(Date:5/9/2016)... -- Elevay is currently known as the ... high net worth professionals seeking travel for work   ... there is still no substitute for a face-to-face meeting. ... deal with a firm handshake. This is why wealthy ... citizenship via investment programs like those offered by the ...
(Date:4/28/2016)... and BANGALORE, India , April 28, ... Systems, a product subsidiary of Infosys (NYSE: INFY ... announced a global partnership that will provide end ... use mobile banking and payment services.      (Logo: ... key innovation area for financial services, but it also plays ...
(Date:4/26/2016)... India and LONDON ... Infosys Finacle, part of EdgeVerve Systems, a product ... and Onegini today announced a partnership to integrate ... solutions.      (Logo: http://photos.prnewswire.com/prnh/20151104/283829LOGO ... to provide their customers enhanced security to access ...
Breaking Biology News(10 mins):