Speedus (CE) (USOTC:SPDE)
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NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $3.3 million, or $0.82 per share on a fully diluted basis, for the six months ended June 30, 2008 compared to a net loss of $1.8 million, or $0.45 per share on a fully diluted basis, for the six months ended June 30, 2007. The loss before depreciation and amortization was $3.0 million for the six months ended June 30, 2008 compared to a loss before depreciation and amortization of $1.7 million for the six months ended June 30, 2007.
For the quarter ended June 30, 2008, the Company reported a net loss of $1.9 million, or $0. 48 per share on a fully diluted basis, compared to a net loss of $0.6 million, or $0.15 per share on a fully diluted basis, for the quarter ended June 30, 2007. The loss before depreciation and amortization was $1.9 million for the quarter ended June 30, 2008 compared to a loss before depreciation and amortization of $0.5 million for the quarter ended June 30, 2007.
For the six months ended June 30, 2008, total operating expenses, before depreciation and amortization, amounted to $3.5 million compared to $2.8 million for the six months ended June 30, 2007. For the quarter ended June 30, 2008, total operating expenses, before depreciation and amortization, amounted to $2.2 million compared to $1.3 million for the six months ended June 30, 2007.
The results for the quarter and six months ended June 30, 2008 were primarily impacted by increases in operating expenses, before depreciation and amortization, in the amount of $0.5 million in both periods as a result of the acquisition of Density Dynamics in March 2008 and decreases in investment income of $0.4 million and $0.6 million, respectively.
In March 2008, the Company acquired a majority interest in the newly formed Density Dynamics. The DDC product line responds to the energy use problems generated by data center growth (the Data Center Energy Crises identified by IBM in Project Big Green (http://www-03.ibm.com/press/us/en/pressrelease/24395.wss)). The new technology platform delivers cutting edge computer memory and processing capabilities based on solid-state technology, combined with a proprietary power management system that significantly lowers power use when compared with traditional spinning drives. DDC products are currently under evaluation by several large U.S. corporations for their server networks. The technology significantly improves the performance of legacy server networks and sharply reduces power consumption in data centers and server "farms." DDC will be marketing the initial line of products as well as continuing development of the technology. DDC can be found on the web at http://www.densitydynamics.com/.
In June 2008, the Company launched iMarklet as a social bookmarking site enabling members, including iPhone and iTouch users, to share web content with their friends. iMarklet can be found on the web at http://www.imarklet.com/.
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 2007 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, 2008 are not necessarily indicative of the results that may be expected for the year ending December 31, 2008.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
Revenues $257,213 $213,136 $377,447 $386,455
Expenses:
Selling, general
and administrative 1,575,304 810,437 2,293,430 1,920,698
Research and
development 606,218 380,641 1,100,430 734,261
Depreciation and
amortization 29,982 53,100 323,679 105,093
Cost of sales 45,551 76,873 81,656 141,702
Total operating
expenses 2,257,055 1,321,051 3,799,195 2,901,754
Operating loss (1,999,842) (1,107,915) (3,421,748) (2,515,299)
Investment income 95,136 513,050 150,675 710,165
Interest expense (18,500) --- (18,500) ---
Net loss $(1,923,206) $(594,865) $(3,289,573) $(1,805,134)
Per share:
Loss per common share
- basic and diluted $(0.48) $(0.15) $(0.82) $(0.45)
Weighted average
common shares
outstanding -
basic and diluted 3,988,805 3,992,042 3,990,375 3,992,181
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $8,927,708 $8,845,358
United States Treasury bills --- 2,996,700
Marketable securities 141,718 92,190
Accounts receivable and other 87,650 79,623
Assets held for sale --- 342,000
Total current assets 9,157,076 12,355,871
Property and equipment, net of
accumulated depreciation of
$119,849 and $112,353 74,447 50,569
Other investments 800,000 800,000
Other intangible assets, net of
accumulated amortization of
$20,535 in 2008 563,865 ---
Other assets 73,524 83,127
Total assets $10,668,912 $13,289,567
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $56,748 $46,413
Accrued liabilities 1,188,922 1,390,803
Current portion of redeemable
preferred stock 363,950 ---
Total current liabilities 1,609,620 1,437,216
Redeemable preferred stock ($.0001 par
value; 100,000 shares authorized; 70,940
shares issued and outstanding), net
of current portion 363,950 ---
Total liabilities 1,973,570 1,437,216
Commitments and Contingencies
Stockholders' equity:
Preferred stock ($.01 par value;
20,000,000 shares authorized):
Series A Junior Participating
($.01 par value; 4,000 shares
authorized; no shares issued) --- ---
Common stock ($.01 par value;
50,000,000 shares authorized;
5,438,006 shares issued) 54,380 54,380
Additional paid-in-capital 91,934,849 91,797,457
Treasury stock (at cost; 1,449,201
and 1,445,634 shares) (6,089,906) (6,085,078)
Accumulated deficit (77,203,981) (73,914,408)
Stockholders' equity 8,695,342 11,852,351
Total liabilities and stockholders'
equity $10,668,912 $13,289,567
DATASOURCE: Speedus Corp.
CONTACT: Peter Hodge, 1-888-773-3669, ext. 23, of
Speedus Corp.
Web site: http://www.speedus.com/