Oryx Technology Corp. Announces Year-End Fiscal 2005 Results.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Oryx oryx (ôr`ĭks), name for several small, horselike antelopes, genus Oryx, found in deserts and arid scrublands of Africa and Arabia. They feed on grasses and scrub and can go without water for long periods. Technology Corp. (OTCBB OTCBB See OTC Bulletin Board (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 February: see month. 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 Pro-rata Used to describe a proportionate allocation. Notes: For example, a pro-rata dividend means that every shareholder gets an equal proportion for each share they own. See also: Dividend 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 Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan 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 PHIL Philosophy Phil Philippine PHIL Philippians PHIL Philadelphia, PA, USA PHIL Public Health Image Library (US CDC) 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 A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. of our portfolio company, S2 Technologies," Micciche concluded. Company Profile Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , Oryx Technology Corp. is a technology licensing, investment and management service company with a proprietary portfolio of high technology products in surge protection See surge suppression and traffic surge protection. . Oryx also provides management services to early-stage technology companies through its affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , Oryx Ventures, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Oryx's common stock trades on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol ORYX. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain of the matters discussed in this release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial " 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 A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. , management of cost controls and cash resources, need for additional financing and other factors.
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
============= =============
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