Speedus (CE) (USOTC:SPDE)
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Speedus Announces First Quarter 2004 Results
NEW YORK, May 14 /PRNewswire-FirstCall/ -- Speedus Corp. today announced net
earnings of $10.4 million, or $0.62 per share on a fully diluted basis, for the
quarter ended March 31, 2004 compared to a net loss of $1.4 million, or $0.08
per share on a fully diluted basis, for the quarter ended March 31, 2003.
Earnings before depreciation and amortization were $10.7 million for the
quarter ended March 31, 2004 compared to a loss before depreciation and
amortization of $1.2 million for the quarter ended March 31, 2003.
The results for the quarter ended March 31, 2004 were primarily driven by a
gain from technology settlement in the amount of $15 million. In connection
with this settlement, the Company incurred $2.9 million in technology
settlement expenses.
For the quarter ended March 31, 2004, total operating expenses, before
depreciation and amortization and technology settlement expenses, amounted to
$1.4 million compared to $1.3 million for the quarter ended March 31, 2003. Net
of increases in operating expenses aggregating $0.2 million as a result of the
inclusion of Zargis Medical operations since the date of acquisition in
February 2003, total operating expenses, before depreciation and amortization
and technology settlement expenses, decreased $0.1 million primarily as a
result of personnel reductions.
About Speedus Corp.
Speedus Corp. is a holding company with controlling interests in Zargis Medical
Corp. and F&B Gudtfood Holdings, Inc. Speedus Corp also owns broadband
intellectual property and controls licensed wireless frequencies. Additional
information on Speedus Corp. and its services is available at
http://www.speedus.com/ or by calling 718.567.4358.
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
2003 audited consolidated financial statements and notes thereto on Form 10-K
and quarterly reports on Form 10-Q. Operating results for the three months
ended March 31, 2004 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2004.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended March 31,
2004 2003
Revenues $151,015 $169,807
Expenses:
Selling, general and administrative 992,714 926,583
Technology settlement expenses 2,928,583 0
Research and development 370,745 334,944
Depreciation and amortization 285,476 215,368
Cost of sales 44,944 48,300
Total operating expenses 4,622,462 1,525,195
Operating loss (4,471,447) (1,355,388)
Gain from technology settlement 15,000,000 0
Investment income/(loss) (258,122) (47,530)
Minority interest 141,371 81,251
Equity in loss of associated company 0 (92,996)
Net earnings/(loss) $10,411,802 $(1,414,663)
Per share:
Basic earnings/(loss) per common share $0.64 $(0.08)
Weighted average common shares
outstanding - basic 16,287,986 16,883,034
Diluted earnings/(loss) per common
share $0.62 $(0.08)
Weighted average common shares
outstanding - diluted 16,866,170 16,883,034
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2004 2003
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $29,825,608 $19,419,197
Marketable securities 887,077 2,086,638
Due from broker 782,200 3,713,146
Prepaid expenses and other 202,650 83,222
Accounts and other receivables 52,783 42,500
Total current assets 31,750,318 25,344,703
Property and equipment, net of
accumulated depreciation of
$2,101,991 and $2,003,862 500,137 419,868
Other intangible assets, net of
accumulated amortization of
$1,238,838 and $1,051,493 1,854,706 2,042,051
Goodwill 620,875 620,875
Other assets 83,854 82,563
Total assets $34,809,890 $28,510,060
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $131,184 $151,258
Accrued liabilities 1,041,778 1,432,426
Securities sold and not
purchased 1,810,968 5,406,135
Total current liabilities 2,983,930 6,989,819
Minority interest 389,684 531,055
Commitments and Contingencies
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,583,656 and 21,516,088
shares issued) 215,837 215,161
Preferred stock ($.01 par
value; 20,000,000 shares
authorized):
Series A Junior Participating
($.01 par value; 4,000
shares authorized; no shares
issued and outstanding) --- ---
Additional paid-in-capital 90,520,332 90,442,120
Treasury stock (at cost;
5,273,649 and 5,257,649
shares) (5,294,152) (5,250,552)
Accumulated deficit (54,005,741) (64,417,543)
Stockholders' equity 31,436,276 20,989,186
Total liabilities and
stockholders' equity $34,809,890 $28,510,060
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., +1-718-567-4358,
Web site: http://www.speedus.com/