[May 27, 2005] Oryx Technology Corp. Announces Year-End Fiscal 2005 Results Tweet SAN JOSE, Calif. --(Business Wire)-- May 27, 2005 -- Oryx Technology Corp. (OTCBB:ORYX), a technology licensing, investment and management services company, today announced a net loss of $187,000, or $0.07 per share, on revenues of $127,000 for its fourth quarter ended February 28, 2005. This compares to a net loss of $140,000, or $0.05 per share, on revenues of $136,000 for the fourth quarter ended February 29, 2004. The net loss for the fourth quarter ended February 28, 2005 includes a $96,000 loss on investments, consisting of Oryx's pro-rata share of losses incurred by its portfolio company, S2 Technologies. The net loss for the fourth quarter ended February 29, 2004 includes a $48,000 net loss on investments, consisting of $177,000 for Oryx's pro-rata share of losses incurred by its portfolio company, S2 Technologies, partially offset by $129,000 received from another portfolio company, NetConversions, as repayment for a loan. For the twelve months ended February 28, 2005, Oryx reported a net loss of $1,192,000, or $0.42 per share, on revenues of $323,000. This compares to a net loss of $1,009,000, or $0.45 per share, on revenues of $510,000 for the twelve months ended February 29, 2004. The net loss for the twelve months ended February 28, 2005 includes a $693,000 loss on investments, consisting of Oryx's pro-rata share of S2 Technologies losses. This compares to a net loss on investments of $554,000 for the twelve months ended February 29, 2004, consisting of $683,000 for Oryx's pro-rata share of S2 Technologies losses, partially offset by $129,000 received from NetConversions as repayment for a loan. Commenting on the fiscal year ended February 28, 2005, Phil Micciche, President and Chief Executive Officer of Oryx, said, "Financially it has been a challenging twelve months, however, we continue to see increases in shipments from our SurgX licensees as well as expanded market acceptance of Stride 2.1, the flagship product of our portfolio company, S2 Technologies," Micciche concluded. 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 early-stage technology companies through its affiliate, Oryx Ventures, LLC. Oryx's common stock trades on the OTC Bulletin Board under the symbol ORYX. 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 could 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 CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended February 28, February 29, February 28, February 29, 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Revenue: Royalty $ 117,000 $ 127,000 $ 286,000 $ 475,000 Services to affiliates 10,000 9,000 37,000 35,000 ------------ ------------ ------------ ------------ 127,000 136,000 323,000 510,000 ------------ ------------ ------------ ------------ Cost of revenue: Services to affiliates 18,000 15,000 62,000 59,000 ------------ ------------ ------------ ------------ 18,000 15,000 62,000 59,000 ------------ ------------ ------------ ------------ Gross profit 109,000 121,000 261,000 451,000 ------------ ------------ ------------ ------------ Operating expenses: General and administrative 194,000 188,000 725,000 789,000 Research and development 6,000 16,000 36,000 45,000 ------------ ------------ ------------ ------------ Total operating expenses 200,000 204,000 761,000 834,000 ------------ ------------ ------------ ------------ Loss from operations (91,000) (83,000) (500,000) (383,000) Interest income - 1,000 2,000 3,000 Equity in net loss to affiliates (96,000) (48,000) (693,000) (554,000) Other income - - 7,000 20,000 ------------ ------------ ------------ ------------ Loss before income tax (187,000) (130,000) (1,184,000) (914,000) Income tax expense - (10,000) (8,000) (95,000) ------------ ------------ ------------ ------------ Net loss $ (187,000) $ (140,000) $(1,192,000) $(1,009,000) ============ ============ ============ ============ Basic and diluted net loss per share $ (0.07) $ (0.05) $ (0.42) $ (0.45) ============ ============ ============ ============ Weighted average common shares used to compute basic and diluted net loss per share 2,821,335 2,578,726 2,821,335 2,232,988 ============ ============ ============ ============ ORYX TECHNOLOGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS Assets February 28, February 29, 2005 2004 ------------- ------------- Current assets: Cash and cash equivalents $ 223,000 $ 564,000 Accounts receivable, net of allowance for doubtful accounts of $0 and $34,000 - - Receivable from affiliate 5,000 5,000 Other current assets 31,000 37,000 ------------- ------------- Total current assets 259,000 606,000 Property and equipment, net - 3,000 Investments - 717,000 ------------- ------------- $ 259,000 $ 1,326,000 ============= ============= Liabilities, Mandatorily Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 21,000 $ 15,000 Accrued liabilities 333,000 264,000 ------------- ------------- Total current liabilities 354,000 279,000 Long-term deferred revenue 50,000 - ------------- ------------- Total liabilities 404,000 279,000 ------------- ------------- 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' equity (deficit): Common stock, $0.001 par value; 25,000,000 shares authorized; 2,821,335 issued and oustanding 3,000 3,000 Additional paid-in capital 27,806,000 27,806,000 Accumulated deficit (27,972,000) (26,780,000) ------------- ------------- Total stockholders' equity (deficit) (163,000) 1,029,000 ------------- ------------- $ 259,000 $ 1,326,000 ============= ============= *T [ Back To TMCnet.com's Homepage ]