Speedus (CE) (USOTC:SPDE)
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NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $3.5 million, or $0.22 per share on a fully diluted basis, for the six months ended June 30, 2006 compared to a net loss of $2.4 million, or $0.15 per share on a fully diluted basis, for the six months ended June 30, 2005. The loss before depreciation and amortization was $3.1 million for the six months ended June 30, 2006 compared to a loss before depreciation and amortization of $1.9 million for the six months ended June 30, 2005.
For the quarter ended June 30, 2006, the Company reported a net loss of $2.2 million, or $0.14 per share on a fully diluted basis, compared to a net loss of $1.4 million, or $0.09 per share on a fully diluted basis, for the quarter ended June 30, 2005. The loss before depreciation and amortization was $2.0 million for the quarter ended June 30, 2006 compared to a loss before depreciation and amortization of $1.1 million for the quarter ended June 30, 2005.
For the six months ended June 30, 2006, total operating expenses, before depreciation and amortization, amounted to $3.5 million compared to $2.8 million for the six months ended June 30, 2005. This increase is primarily a result of increases in non-cash stock based compensation and the Company's increased activities in wireless initiatives, including Wibiki, and patent litigation.
During the second quarter of 2006, on May 11, 2006, the Company filed two separate complaints against Cellco Partnership (d/b/a Verizon Wireless) in United States District Court for the Southern District of Florida, in which it asserts Verizon Wireless is infringing two of its patents. Verizon Wireless is a joint venture of Verizon Communications Inc. and Vodafone Group PLC. On July 27, 2006, one of these cases was transferred to the United States District Court for the District of New Jersey. On June 2, 2006, the Company also filed two separate complaints against Alltel Corp. in United States District Court for the Southern District of Florida, in which it asserts Alltel is infringing two of its patents.
Copies of publicly-available filings in connection with these law suits are available on Speedus' web site at http://www.speedus.com/patent-infringement-litigation.php.
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 2005 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, 2006 are not necessarily indicative of the results that may be expected for the year ending December 31, 2006.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Six months ended
June 30, June 30,
2006 2005 2006 2005
Revenues $209,069 $282,947 $428,139 $509,726
Expenses:
Selling,
general and
administrative 1,599,428 964,939 2,462,872 1,939,921
Research and
development 444,785 369,637 902,147 696,269
Depreciation and
amortization 204,503 233,299 443,393 463,376
Cost of sales 93,272 93,674 159,246 170,861
Total operating
expenses 2,341,988 1,661,549 3,967,658 3,270,427
Operating loss (2,132,919) (1,378,602) (3,539,519) (2,760,701)
Investment income (78,257) (612) 35,649 281,253
Minority interest --- (1,466) --- 123,613
Net loss $(2,211,176) $(1,380,680) $(3,503,870) $(2,355,835)
Per share:
Basic loss per common
share $(0.14) $(0.09) $(0.22) $(0.15)
Weighted average
common shares
outstanding - basic 16,067,162 16,226,482 16,083,315 16,222,625
Diluted loss per
common share $(0.14) $(0.09) $(0.22) $(0.15)
Weighted average
common shares
outstanding - diluted 16,067,162 16,226,482 16,083,315 16,222,625
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2006 2005
ASSETS
Current assets:
Cash and cash equivalents $11,191,603 $18,563,088
United States Treasury bills 4,989,800 ---
Marketable securities 528,334 1,174,825
Prepaid expenses and other 224,285 181,508
Accounts and other receivables 2,900 500
Total current assets 16,936,922 19,919,921
Property and equipment, net of
accumulated depreciation of $419,880
and $321,256 665,271 426,201
Other intangible assets, net of
accumulated amortization of
$2,951,900 and $2,607,133 278,144 622,911
Other investments 800,000 800,000
Other assets 663,626 691,444
Total assets $19,343,963 $22,460,477
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $86,112 $68,692
Accrued liabilities 1,095,542 1,215,859
Total current liabilities 1,181,654 1,284,551
Minority interest --- ---
Commitments and Contingencies
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,750,174 shares issued) 217,502 217,502
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 91,338,639 90,724,450
Treasury stock (at cost;
5,724,324 and 5,632,275
shares) (6,008,799) (5,884,863)
Accumulated deficit (67,385,033) (63,881,163)
Stockholders' equity 18,162,309 21,175,926
Total liabilities and
stockholders' equity $19,343,963 $22,460,477
DATASOURCE: Speedus Corp.
CONTACT: Peter Hodge of Speedus Corp., 1-888-773-3669 ext. 23,
Web site: http://www.speedus.com/