Speedus (CE) (USOTC:SPDE)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Speedus (CE) Charts. Click Here for more Speedus (CE) Charts.](/p.php?pid=staticchart&s=NO%5ESPDE&p=8&t=15)
NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $1.8 million, or $0.11 per share on a fully diluted basis, for the six months ended June 30, 2007 compared to 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. The loss before depreciation and amortization was $1.7 million for the six months ended June 30, 2007 compared to a loss before depreciation and amortization of $3.1 million for the six months ended June 30, 2006.
For the quarter ended June 30, 2007, the Company reported a net loss of $0.6 million, or $0.04 per share on a fully diluted basis, compared to a net loss of $2.2 million, or $0.14 per share on a fully diluted basis, for the quarter ended June 30, 2006. The loss before depreciation and amortization was $0.5 million for the quarter ended June 30, 2007 compared to a loss before depreciation and amortization of $2.0 million for the quarter ended June 30, 2006.
For the six months ended June 30, 2007, total operating expenses, before depreciation and amortization, amounted to $2.8 million compared to $3.5 million for the six months ended June 30, 2006. This decrease is primarily a result of a decrease in non-cash stock based compensation.
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 2006 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, 2007 are not necessarily indicative of the results that may be expected for the year ending December 31, 2007.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended June 30, Six months ended June 30,
2007 2006 2007 2006
Revenues $213,136 $209,069 $386,455 $428,139
Expenses:
Selling,
general and
administrative 810,437 1,599,428 1,920,698 2,462,872
Research and
development 380,641 444,785 734,261 902,147
Depreciation
and
amortization 53,100 204,503 105,093 443,393
Cost of sales 76,873 93,272 141,702 159,246
Total operating
expenses 1,321,051 2,341,988 2,901,754 3,967,658
Operating loss (1,107,915) (2,132,919) (2,515,299) (3,539,519)
Investment
income/(loss) 513,050 (78,257) 710,165 35,649
Net loss $(594,865) $(2,211,176) $(1,805,134) $(3,503,870)
Per share:
Loss per common
share - basic
and diluted $(0.04) $(0.14) $(0.11) $(0.22)
Weighted average
common shares
outstanding -
basic and
diluted 15,968,166 16,067,162 15,968,725 16,083,315
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $ 5,321,738 $ 10,204,167
United States Treasury bills 7,935,010 4,990,250
Marketable securities 535,135 354,011
Prepaid expenses and other 127,558 143,654
Total current assets 13,919,441 15,692,082
Property and equipment, net of
accumulated depreciation of
$527,313 and $444,972 477,985 527,828
Other intangible assets, net of
accumulated amortization of
$1,148,680 and $1,125,928 11,364 34,116
Other investments 800,000 800,000
Other assets 83,127 81,737
Total assets $ 15,291,917 $ 17,135,763
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 53,911 $ 62,805
Accrued liabilities 887,327 971,055
Total current liabilities 941,238 1,033,860
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 91,519,747 91,464,119
Treasury stock (at cost; 5,782,534
and 5,780,884 shares) (6,085,078) (6,083,360)
Accumulated deficit (71,301,492) (69,496,358)
Stockholders' equity 14,350,679 16,101,903
Total liabilities and
stockholders' equity $ 15,291,917 $ 17,135,763
DATASOURCE: Speedus Corp.
CONTACT: Peter Hodge of Speedus Corp., +1-888-773-3669, Ext. 23,
Web site: http://www.speedus.com/