Speedus (CE) (USOTC:SPDE)
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Speedus Announces First Quarter 2005 Results
NEW YORK, May 16 /PRNewswire/ -- Speedus Corp. (NASDAQ:SPDE) today announced a
net loss of $1.0 million, or $0.06 per share on a fully diluted basis, for the
quarter ended March 31, 2005 compared to net earnings of $10.4 million, or
$0.62 per share on a fully diluted basis, for the quarter ended March 31, 2004.
The loss before depreciation and amortization was $0.7 million for the quarter
ended March 31, 2005 compared to earnings before depreciation and amortization
of $10.7 million for the quarter ended March 31, 2004.
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 quarters ended March 31, 2005 and 2004, total operating expenses,
before depreciation and amortization and technology settlement expenses,
amounted to $1.4 million for each period. However, net of an increase in the
amount of $0.1 million as a result of the opening of a second F&B Güdtfood
store in the second quarter of 2004, total operating expenses, before
depreciation and amortization and technology settlement expenses, decreased
$0.1 million primarily as a result of the continuation of personnel reductions
and cost-saving measures.
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 may be obtained at
http://www.speedus.com/ or by contacting John Kallassy at 888-773-3669 (ext.
22) 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
2004 audited consolidated financial statements and notes thereto on Form 10-K.
Operating results for the quarter ended March 31, 2005 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2005.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended March 31,
2005 2004
Revenues $226,779 $151,015
Expenses:
Selling, general and administrative 974,982 992,714
Research and development 326,632 370,745
Depreciation and amortization 230,077 285,476
Cost of sales 77,187 44,944
Technology settlement expenses --- 2,928,583
Total operating expenses 1,608,878 4,622,462
Operating loss (1,382,099) (4,471,447)
Investment income/(loss) 281,865 (258,122)
Minority interest 125,079 141,371
Gain from technology settlement --- 15,000,000
Net earnings/(loss) $(975,155) $10,411,802
Per share:
Basic earnings/(loss) per common
share $(0.06) $0.64
Weighted average common shares
outstanding - basic 16,218,725 16,287,986
Diluted earnings/(loss) per common share $(0.06) $0.62
Weighted average common shares
outstanding - diluted 16,218,725 16,866,170
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2005 2004
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $17,584,684 $17,740,865
United States Treasury bills 4,971,100 5,977,200
Marketable securities 1,185,072 1,060,592
Prepaid expenses and other 180,254 173,979
Accounts and other receivables 4,650 49,134
Total current assets 23,925,760 25,001,770
Property and equipment, net of
accumulated depreciation of $206,812
and $175,457 584,861 609,840
Other intangible assets, net of
accumulated amortization of
$2,010,970 and $1,812,249 1,219,074 1,417,795
Other investments 900,000 900,000
Other assets 811,028 752,869
Total assets $27,440,723 $28,682,274
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $245,916 $315,742
Accrued liabilities 1,280,179 1,357,720
Total current liabilities 1,526,095 1,673,462
Minority interest 34,215 159,294
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,587,674 and 21,516,088 215,877 215,877
shares issued)
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 90,552,633 90,546,583
Treasury stock (at cost; 5,368,949
and 5,368,949 shares) (5,499,684) (5,499,684)
Accumulated deficit (59,388,413) (58,413,258)
Stockholders' equity 25,880,413 26,849,518
Total liabilities and
stockholders' equity $27,440,723 $28,682,274
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., 1-888-773-3669, ext. 22, or
Web site: http://www.speedus.com/