Speedus (CE) (USOTC:SPDE)
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Speedus Announces Second Quarter 2004 Results; Zargis FDA
Clearance and Opening of F&B Flagship Store Highlight the Quarter
NEW YORK, Aug. 16 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today
announced earnings of $9.0 million, or $0.54 per share on a fully diluted
basis, for the six months ended June 30, 2004 compared to a net loss of $7.3
million, or $0.44 per hare on a fully diluted basis, for the six months ended
June 30, 2003. Earnings before depreciation and amortization for the six months
ended June 30, 2004 were $9.6 million compared to a loss of $6.9 million for
the six months ended June 30, 2003.
"The Zargis Medical lab, located in Princeton, N.J., has increased development
activity on the Zargis Acoustic Cardioscan this quarter. Our recent FDA
clearance, combined with our three fundamental patents in the acoustical
diagnostics arena, gives Zargis a first mover advantage in this emerging new
segment of computer aided medical devices," said John Kallassy, Managing
Director of Zargis Medical Corp.
"We opened our F&B Flagship store in late June and are excited about the early
response from our customers and potential franchisees. The 52nd Street location
in midtown Manhattan is an ideal location for representing the fast casual F&B
dining experience," said F&B Gudtfood co-founder Nicholas Type.
For the quarter ended June 30, 2004, the Company reported a net loss of $1.4
million, or $0.09 per share on a fully diluted basis, compared to a net loss of
$5.9 million, or $0.36 per share on a fully diluted basis, for the quarter
ended June 30, 2003. The loss before depreciation and amortization for the
quarter ended June 30, 2004 was $1.1 million compared to a loss of $5.7 million
for the quarter ended June 30, 2003.
For the six months ended June 30, 2004, the operating loss before depreciation
and amortization of Zargis Medical and F&B Gudtfood was $0.9 million and $0.4
million, respectively, compared to an operating loss before depreciation and
amortization of $0.5 million and $0.2 million, respectively, for the six months
ended June 30, 2003.
The results for the six months ended June 30, 2004 were primarily driven by a
gain from technology settlement. During the six months ended June 30, 2004, the
Company recognized 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 six months ended June 30, 2004 and 2003, total operating expenses,
before depreciation and amortization and technology settlement expenses,
amounted to approximately $3.0 million in each period. However, net of
increases aggregating $0.3 million as a result of the inclusion of Zargis
Medical operations since the date of acquisition in February 2003 and $0.1
million as a result of the opening of a second F&B Gudtfood store in the second
quarter of 2004, total operating expenses, before depreciation and amortization
and technology settlement expenses, decreased $0.4 million primarily as a
result of the continuation 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 and six
months ended June 30, 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 Six months ended
June 30, June 30,
2004 2003 2004 2003
Revenues $200,228 $204,267 $351,243 $374,074
Expenses:
Selling, general and
administrative 1,169,568 1,148,804 2,162,282 2,075,387
Technology settlement
expenses 0 0 2,928,583 0
Research and
development 368,249 422,723 738,994 757,667
Depreciation and
amortization 306,770 260,245 592,246 475,613
Cost of sales 83,567 79,481 128,511 127,781
Total operating
expenses 1,928,154 1,911,253 6,550,616 3,436,448
Operating loss (1,727,926) (1,706,986) (6,199,373) (3,062,374)
Gain from technology
settlement 0 0 15,000,000 0
Investment income/(loss) 154,941 (4,450,651) (103,181) (4,498,181)
Minority interest 190,841 224,680 332,212 305,931
Equity in loss of
associated company 0 0 0 (92,996)
Net earnings/(loss) $(1,382,144) $(5,932,957) $9,029,658 $(7,347,620)
Per share:
Basic earnings/(loss)
per common share $(0.09) $(0.36) $0.55 $(0.44)
Weighted average common
shares outstanding
- basic 16,255,244 16,623,149 16,271,615 16,752,374
Diluted earnings/(loss)
per common share $(0.09) $(0.36) $0.54 $(0.44)
Weighted average common
shares outstanding
- diluted 16,255,244 16,623,149 16,832,814 16,752,374
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2004 2003
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $27,203,635 $19,419,197
Marketable securities 71,740 2,086,638
Due from broker 793,236 3,713,146
Prepaid expenses and other 156,300 83,222
Accounts and other receivables 63,678 42,500
Total current assets 28,288,589 25,344,703
Property and equipment,
net of accumulated depreciation
of $2,221,418 and $2,003,862 669,820 419,868
Other intangible assets,
net of accumulated amortization
of $1,426,183 and $1,051,493 1,667,361 2,042,051
Goodwill 620,875 620,875
Other investment 600,000 ---
Other assets 83,854 82,563
Total assets $31,930,499 $28,510,060
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $203,046 $151,258
Accrued liabilities 1,057,188 1,432,426
Securities sold and not purchased 605,500 5,406,135
Total current liabilities 1,865,734 6,989,819
Minority interest 198,843 531,055
Commitments and Contingencies
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,587,674 and 21,516,088 shares issued) 215,877 215,161
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 90,534,759 90,442,120
Treasury stock (at cost;
5,367,349 and 5,257,649 shares) (5,496,829) (5,250,552)
Accumulated deficit (55,387,885) (64,417,543)
Stockholders' equity 29,865,922 20,989,186
Total liabilities and
stockholders' equity $31,930,499 $28,510,060
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., +1-718-567-4358,
Web site: http://www.speedus.com/