Oryx Technology Announces Second Quarter Fiscal 2006 Results
14 Outubro 2005 - 4:43PM
Business Wire
Oryx Technology Corp. (OTCBB:ORYX), a technology licensing,
investment and management services company, today announced a net
loss of $132,000, or $0.05 per share, on revenues of $57,000 for
its second quarter ended August 31, 2005. This compares to a net
loss of $333,000, or $0.12 per share, on revenues of $58,000 for
its second quarter ended August 31, 2004. The net loss for the
second quarter of last fiscal year included a $198,000 loss related
to Oryx's investment in S2 Technologies. Oryx did not report a loss
for its investment in S2 Technologies during this quarter since the
carrying value of Oryx's investment was completely depleted by the
end of fiscal 2005. For the six months ended August 31, 2005, Oryx
reported a net loss of $267,000, or $0.09 per share, on revenues of
$162,000. This compares to a net loss of $619,000, or $0.22 per
share, on revenues of $152,000 for the six months ended August 31,
2004. The net loss for the six months ended August 31, 2004
includes a loss of $379,000 related to Oryx's investment in S2
Technologies. Oryx did not report a loss on its investment in S2
for the six months ended August 31, 2005. Phil Micciche, President
and Chief Executive Officer of Oryx, said, "Despite the increase in
demand from prior years of products incorporating our SurgX
technology, royalty income from our licensees is not at a level to
support our ongoing operations. Consistent with our beliefs in the
value of our investment in S2 Technologies we continue to take
actions to reduce costs and raise funds to keep Oryx viable. We
still maintain a 29.8% ownership position in S2 Technologies and we
will look at different alternatives to maintain this ownership
position as we remain very bullish about S2 Technologies prospects.
S2 Technologies continues to gain broader adoption of its
technology, Stride, in two large multinational companies and has
consistently seen its sales increase over the last three quarters."
Company Profile Headquartered in San Jose, California, Oryx
Technology Corp. is a technology licensing, investment and
management service company with a proprietary portfolio of high
technology products in surge protection. Oryx also provides
management services to its portfolio company S2 Technologies
through its affiliate, Oryx Ventures, LLC. As previously announced,
Oryx Technology Corp. filed Form 15 with the Securities and
Exchange Commission (the "SEC") on October 14, 2005, which will
result in a voluntary deregistration of its common stock and
suspend its reporting obligations under Section 13 and 15(d) of the
Securities Exchange Act of 1934, as amended. As a result of this
deregistration, the Company's common stock will no longer be
eligible for trading on the Over-The-Counter Bulletin Board. The
Company's shares are expected to continue being quoted on the Pink
Sheets, but the Company can make no assurance that any broker will
continue to make a market in the Company's common stock. The Pink
Sheets is a centralized quotation service that collects and
publishes market maker quotes in real time, primarily through its
web site, http://www.pinksheets.com. Forward-Looking Statements
Certain of the matters discussed in this release are
forward-looking and involve a number of risks and uncertainties.
Oryx's actual results could differ materially from those described
for a variety of factors. Such factors include, but are not limited
to, those discussed in "Risk Factors" and "Management's Discussion
and Analysis" in Oryx's Annual Report on Form 10-KSB, as well as
those discussed elsewhere in other public filings made by Oryx with
the Securities and Exchange Commission. Among the factors that
could cause actual results to differ materially are the following:
adverse changes in the specific markets for Oryx products, adverse
business conditions, dependence on licensees of Oryx technology for
the commercial success of new products, lack of success in
technological advancement, management of cost controls and cash
resources, need for additional financing and other factors. -0- *T
ORYX TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) Three Months Ended Six Months Ended August
31, August 31, 2005 2004 2005 2004 Revenue: Royalty $ 42,000 $
49,000 $ 132,000 $ 134,000 Services to affiliates 15,000 9,000
30,000 18,000 ---------- ---------- ---------- ---------- 57,000
58,000 162,000 152,000 ---------- ---------- ---------- ----------
Cost of revenue: Services to affiliates 15,000 14,000 34,000 29,000
---------- ---------- ---------- ---------- 15,000 14,000 34,000
29,000 ---------- ---------- ---------- ---------- Gross profit
42,000 44,000 128,000 123,000 ---------- ---------- ----------
---------- Operating expenses: General and administrative 170,000
161,000 376,000 335,000 Research and development 5,000 14,000
25,000 28,000 ---------- ---------- ---------- ---------- Total
operating expenses 175,000 175,000 401,000 363,000 ----------
---------- ---------- ---------- Loss from operations (133,000)
(131,000) (273,000) (240,000) Interest income 1,000 - 2,000 1,000
Equity in net loss of affiliates - (198,000) - (379,000) Other
income - - 4,000 7,000 ---------- ---------- ---------- ----------
Loss before income tax (132,000) (329,000) (267,000) (611,000)
Income tax expense - (4,000) - (8,000) ---------- ----------
---------- ---------- Net loss $ (132,000)$ (333,000)$ (267,000)$
(619,000) ========== ========== ========== ========== Basic and
diluted net loss per share $ (0.05)$ (0.12)$ (0.09)$ (0.22)
========== ========== ========== ========== Weighted average common
shares used to compute basic and diluted net loss per share
2,873,933 2,821,335 2,848,070 2,821,335 ========== ==========
========== ========== ORYX TECHNOLOGY CORP. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) Assets August 31, February 28, 2005 2005
------------ ------------ Current assets: Cash and cash equivalents
$ 170,000 $ 223,000 Receivable from affiliate 5,000 5,000 Other
current assets 13,000 31,000 ------------ ------------ Total
current assets 188,000 259,000 ------------ ------------ Total
assets $ 188,000 $ 259,000 ============ ============ Liabilities,
Mandatorily Redeemable Convertible Preferred Stock and
Stockholders' Deficit Current liabilities: Accounts payable $
84,000 $ 21,000 Accrued liabilities 285,000 333,000 Deferred
revenue 50,000 - ------------ ------------ Total current
liabilities 419,000 354,000 Long-term deferred revenue - 50,000
------------ ------------ Total liabilities 419,000 404,000
------------ ------------ Series A 2% mandatorily redeemable
convertible preferred stock $0.001 par value; 3,000,000 shares
authorized; 750 shares issued and outstanding 18,000 18,000
------------ ------------ Stockholders' deficit: Common stock,
$0.001 par value; 25,000,000 shares authorized; 2,942,310 and
2,821,335 issued and oustanding at August 31, 2005 and February 28,
2005, respectively 3,000 3,000 Additional paid-in capital
27,987,000 27,806,000 Accumulated deficit (28,239,000) (27,972,000)
------------ ------------ Total stockholders' deficit (249,000)
(163,000) ------------ ------------ $ 188,000 $ 259,000
============ ============ *T