Salt Lake-based Fonix Corp., a telecommunications and speech technologies company, on Wednesday reported falling revenues and increasing net losses in the third quarter of 2005.
Revenues for the quarter ended Sept. 30 were $3.96 million, down $469,000 from the same quarter one year ago. Operating expenses, excluding non-cash amortization, decreased $313,000 to $4.09 million. The company's net loss was $6.5 million, or 2 cents per common share for the quarter, nearly double the $3.3 million loss for the same period in 2004.
Pointing to challenges presented by "telecom regulatory pressures," Fonix said it nevertheless expects improved revenues in coming quarters as royalties due the company increase.