Speedus (CE) (USOTC:SPDE)
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Speedus Announces Fourth Quarter and Fiscal 2003 Results
NEW YORK, March 30 /PRNewswire-FirstCall/ -- Speedus Corp. today announced a
net loss for the twelve months ended December 31, 2003 of $10.7 million, or
$0.65 per share on a fully diluted basis, compared to a net loss of $11.1
million, or $0.62 per share on a fully diluted basis, for the twelve months
ended December 31, 2002. The loss before depreciation and amortization was $9.5
million for the twelve months ended December 31, 2003 compared to a loss before
depreciation and amortization of $5.8 million for the twelve months ended
December 31, 2002.
The results for these periods were primarily driven by decreases in investment
income and depreciation and amortization in 2003 compared to 2002. For 2003,
investment income amounted to a loss of $4.5 million compared to a loss of $0.2
million in 2002. Depreciation and amortization was $1.2 million in 2003 compared
to $5.3 million in 2002 with the 2002 period including a non-cash charge of $3.6
million for property and equipment taken out of service.
For 2003, total operating expenses before depreciation and amortization amounted
to $6.4 million compared to $6.1 million in 2002. However, net of increases
aggregating $2.0 million as a result of the inclusion of F&B Gudtfood and Zargis
Medical operations since the acquisition of controlling interests in May 2002
and February 2003, respectively, total operating expenses, before depreciation
and amortization, decreased $1.7 million primarily as a result of the
continuation of cost cutting measures and a decrease in legal expenses.
About Speedus Corp.
Speedus Corp. is a holding company that owns significant equity interests in
diverse businesses. 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.
Operating results for the twelve months ended December 31, 2003 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2004.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarters ended December 31, Years ended December 31,
2003 2002 2003 2002
(unaudited) (unaudited)
Revenues $162,679 $197,459 $710,786 $906,809
Expenses:
Selling, general
and administrative 1,289,007 1,412,527 4,494,589 4,639,394
Research and
development 468,359 237,554 1,705,233 946,482
Depreciation and
amortization 409,944 173,064 1,158,753 5,277,956
Cost of sales 58,843 48,515 222,662 515,956
Total operating
expenses 2,226,153 1,871,660 7,581,237 11,379,788
Operating loss (2,063,474) (1,674,201) (6,870,451) (10,472,979)
Investment
income/(loss) 411,033 (3,071,279) (4,519,600) (194,280)
Equity in loss of
associated company 0 (151,003) (92,996) (520,822)
Minority interest 286,696 18,513 778,950 80,105
Net earnings/(loss) $(1,365,745) $(4,877,970) $(10,704,097) $(11,107,976)
Per share:
Basic loss per
common share $(0.08) $(0.29) $(0.65) $(0.62)
Weighted average
common shares
outstanding16,216,099 16,991,886 16,498,267 17,927,000
Diluted loss per
common share $(0.29) $(0.29) $(0.65) $(0.62)
Weighted average
common shares
outstanding 16,216,099 16,991,886 16,498,267 17,927,000
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $19,419,197 $33,052,815
Marketable securities 2,086,638 879,194
Due from broker 3,713,146 11,728,880
Prepaid expenses and other 83,222 17,488
Accounts and other receivables 42,500 40,099
Total current assets 25,344,703 45,718,476
Property and equipment, net of
accumulated depreciation of
$2,003,862 and $2,015,662 419,868 819,714
Other intangible assets, net of
accumulated amortization of
$1,051,493 and $418,929 2,042,051 1,651,071
Goodwill 620,875 1,760,106
Other assets 82,563 235,208
Total assets $28,510,060 $50,184,575
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $151,258 $228,144
Accrued liabilities 1,432,426 1,734,252
Securities sold and not purchased 5,406,135 14,212,566
Total current liabilities 6,989,819 16,174,962
Minority interest 531,055 1,591,557
Commitments and Contingencies -- --
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,516,088 and 21,384,838
shares issued) 215,161 213,848
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 90,442,120 90,289,432
Treasury stock (at cost;
5,257,649 and 4,418,577 shares) (5,250,552) (4,371,778)
Accumulated deficit (64,417,543) (53,713,446)
Stockholders' equity 20,989,186 32,418,056
Total liabilities and
stockholders' equity $28,510,060 $50,184,575
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., +1-718-567-4358,
Web site: http://www.speedus.com/