Ubs Usa Div Arist Esg El... (BIT:SPDE)
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FREEHOLD, N.J., Nov. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ: SPDE) today announced a net loss of $5.6 million, or $1.39 per share on a fully diluted basis, for the nine months ended September 30, 2008 compared to a net loss of $3.0 million, or $0.75 per share on a fully diluted basis, for the nine months ended September 30, 2007. The loss before depreciation and amortization was $5.2 million for the nine months ended September 30, 2008 compared to a loss before depreciation and amortization of $2.9 million for the nine months ended September 30, 2007.
For the quarter ended September 30, 2008, the Company reported a net loss of $2.3 million, or $0.57 per share on a fully diluted basis, compared to a net loss of $1.2 million, or $0.30 per share on a fully diluted basis, for the quarter ended September 30, 2007. The loss before depreciation and amortization was $2.2 million for the quarter ended September 30, 2008 compared to a loss before depreciation and amortization of $1.2 million for the quarter ended September 30, 2007.
For the nine months ended September 30, 2008, total operating expenses, before depreciation and amortization, amounted to $5.7 million compared to $4.3 million for the nine months ended September 30, 2007. For the quarter ended September 30, 2008, total operating expenses, before depreciation and amortization, amounted to $2.2 million compared to $1.5 million for the quarter ended September 30, 2007.
The results for the nine months and quarter ended September 30, 2008 were primarily impacted by increases in operating expenses, before depreciation and amortization, in the amount of $1.4 million and $0.8 million, respectively, as a result of the acquisition of Density Dynamics in March 2008 and decreases in investment income in the amounts of $0.9 million and $0.3 million, respectively.
In March 2008, the Company acquired a majority interest in the newly formed Density Dynamics, a pioneer of Green solid RAM storage devices. The SRD product line responds to the high performance requirements of transaction oriented data centers and the energy use problems identified by IBM Project Big Green
(http://www-03.ibm.com/press/us/en/pressrelease/24395.wss) The SRD product line also addresses the performance, cost and footprint issues facing IT globally. In October 2008, DDC released its new SRD product line from R&D to its first production run. The Green SRD products, built and designed in the USA, are currently being evaluated by several large corporations worldwide. DDC can be found on the web at http://www.densitydynamics.com/.
In October 2008, Zargis Medical was awarded six additional contracts from the U.S. Army totaling $270,000. Included in these awards is $170,000 of orders for nine upgraded versions of the telemedicine pilot-systems which Zargis delivered to the Army earlier this year. Based on the Army's successful evaluation of the initial prototypes in a large military hospital, they have decided to expand the scope of the project and purchase these additional units. The upgraded systems provide improved data collection quality and are designed to record, synchronize and analyze heart sounds, lung sounds, ECG signals and, in some cases, blood oxygen saturation levels from patients being cared for by remote military treatment facilities located throughout the Pacific Rim. The systems will be fully integrated with an existing Army telehealth platform. Zargis can be found on the web at http://www.zargis.com/.
About Speedus Corp.
Additional information on Speedus Corp. may be obtained at http://www.speedus.com/ or by contacting Peter Hodge at 888-773-3669 (ext. 23) or .
Statements contained herein that are not historical facts, including but not limited to statements about the Company's product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company's sales, marketing and support efforts.
These financial statements do not include all information and notes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the Company's 2007 audited consolidated financial statements and notes thereto on Form 10-K and quarterly reports on Form 10-Q. Operating results for the three and nine months ended September 30, 2008 are not necessarily indicative of the results that may be expected for the year ending December 31, 2008.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Nine months ended
September 30, September 30,
----------- ----------- ----------- -----------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Revenues $118,445 $191,473 $495,892 $577,928
----------- ----------- ----------- -----------
Expenses:
Selling,
general and
administrative 1,592,418 885,302 3,885,848 2,806,000
Research and
development 543,792 524,296 1,644,222 1,258,557
Depreciation and
amortization 30,540 51,340 354,219 156,433
Cost of sales 54,605 89,912 136,261 231,614
----------- ----------- ----------- -----------
Total
operating
expenses 2,221,355 1,550,850 6,020,550 4,452,604
Operating loss (2,102,910) (1,359,377) (5,524,658) (3,874,676)
Investment
income/(loss) (149,547) 152,674 1,128 862,839
Interest expense (14,132) --- (32,632) ---
----------- ----------- ----------- -----------
Net loss $(2,266,589) $(1,206,703) $(5,556,162) $(3,011,837)
=========== =========== =========== ===========
Per share:
Loss per
common share -
basic and diluted $(0.57) $(0.30) $(1.39) $(0.75)
=========== =========== =========== ===========
Weighted average
common shares
outstanding -
basic and diluted 3,982,353 3,991,910 3,987,682 3,992,090
=========== =========== =========== ===========
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30, December 31,
2008 2007
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $7,141,134 $8,845,358
United States Treasury bills --- 2,996,700
Due from broker 880,000 ---
Marketable securities 12,186 92,190
Accounts receivable and other 94,704 79,623
Assets held for sale --- 342,000
----------- -----------
Total current assets 8,128,024 12,355,871
Property and equipment, net of
accumulated depreciation of
$129,464 and $112,353 68,872 50,569
Other investments 800,000 800,000
Other intangible assets, net of accumulated
amortization of $41,460 in 2008 538,940 ---
Other assets 71,504 83,127
----------- -----------
Total assets $9,607,340 $13,289,567
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $154,701 $46,413
Accrued liabilities 1,151,504 1,390,803
Securities sold and not yet purchased 1,020,000 ---
Current portion of redeemable
preferred stock 371,016 ---
----------- -----------
Total current liabilities 2,697,221 1,437,216
----------- -----------
Redeemable preferred stock ($.0001
par value; 100,000 shares authorized;
70,940 shares issued and outstanding),
net of current portion 371,016 ---
----------- -----------
Total liabilities 3,068,237 1,437,216
----------- -----------
Commitments and Contingencies
Stockholders' equity:
Preferred stock ($.01 par value;
20,000,000 shares authorized):
Series A Junior Participating
($.01 par value; 4,000 shares
authorized; no shares issued) --- ---
Common stock ($.01 par value;
50,000,000 shares authorized;
5,438,006 shares issued) 54,380 54,380
Additional paid-in-capital 92,057,717 91,797,457
Treasury stock (at cost; 1,462,001
and 1,445,634 shares) (6,102,424) (6,085,078)
Accumulated deficit (79,470,570) (73,914,408)
----------- -----------
Stockholders' equity 6,539,103 11,852,351
----------- -----------
Total liabilities and
stockholders' equity $9,607,340 $13,289,567
=========== ===========
DATASOURCE: Speedus Corp.
CONTACT: Peter Hodge, Speedus Corp., +1-888-773-3669 (ext. 23) or
Web Site: http://www.speedus.com/