Speedus (CE) (USOTC:SPDE)
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Speedus Announces Third Quarter 2004 Results and Recent Zargis
Achievements
NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today
announced earnings of $7.9 million, or $0.47 per share on a fully diluted
basis, for the nine months ended September 30, 2004 compared to a net loss of
$9.3 million, or $0.56 per share on a fully diluted basis, for the nine months
ended September 30, 2003. Earnings before depreciation and amortization for the
nine months ended September 30, 2004 were $8.8 million compared to a loss of
$8.6 million for the nine months ended September 30, 2003.
Recent Zargis achievements include: (1) receipt of FDA clearance for a
graphical display of the median energy level, timing, and duration of suspected
heart murmurs,(2) the Texas Heart Institute Journal will publish results of a
clinical study in Hypertrophic Cardiomyopathy (HCM),(3) signing of an exclusive
agreement with Johns Hopkins University to expedite our product development
pipeline and accelerate any potential clinical adoption through association
with one of the world's leading medical research centers,(4) increase of our
equity stake through further investment in Zargis, (5) hiring of a Vice
President of Regulatory and Reimbursement to lead efforts in obtaining health
insurance reimbursement coverage for the Cardioscan procedure and (6)
successful product demonstration at the American Heart Association Scientific
Sessions in New Orleans.
For the quarter ended September 30, 2004, the Company reported a net loss of
$1.1 million, or $0.07 per share on a fully diluted basis, compared to a net
loss of $2.0 million, or $0.12 per share on a fully diluted basis, for the
quarter ended September 30, 2003. The loss before depreciation and amortization
for the quarter ended September 30, 2004 was $0.9 million compared to a loss of
$1.7 million for the quarter ended September 30, 2003.
For the nine months ended September 30, 2004, the operating loss before
depreciation and amortization of Zargis Medical and F&B Gudtfood was $1.3
million and $0.5 million, respectively, compared to an operating loss before
depreciation and amortization of $1.1 million and $0.3 million, respectively,
for the nine months ended September 30, 2003.
The results for the nine months ended September 30, 2004 were primarily driven
by a gain from technology settlement. During the nine months ended September
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 nine months ended September 30, 2004 and 2003, total operating
expenses, before depreciation and amortization and technology settlement
expenses, amounted to approximately $4.5 million and $4.6 million,
respectively. 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 $0.2 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
$0.6 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 nine
months ended September 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 Nine months ended
September 30, September 30,
2004 2003 2004 2003
Revenues $308,600 $174,033 $659,843 $548,107
Expenses:
Selling, general and
administrative 998,249 1,130,195 3,160,531 3,205,582
Technology
settlement expenses 0 0 2,928,583 0
Research and
development 378,143 479,207 1,117,137 1,236,874
Depreciation and
amortization 278,833 273,196 871,079 748,809
Cost of sales 66,098 36,038 194,609 163,819
Total operating
expenses 1,721,323 1,918,636 8,271,939 5,355,084
Operating loss (1,412,723) (1,744,603) (7,612,096) (4,806,977)
Gain from technology
settlement 0 0 15,000,000 0
Investment
income/(loss) 135,518 (432,452) 32,337 (4,930,633)
Minority interest 144,688 186,323 476,900 492,254
Equity in loss of
associated company 0 0 0 (92,996)
Net earnings/(loss) $(1,132,517) $(1,990,732) $7,897,141 $(9,338,352)
Per share:
Basic earnings/(loss)
per common share $(0.07) $(0.12) $0.49 $(0.56)
Weighted average
common shares
outstanding -
basic 16,219,742 16,280,506 16,254,198 16,593,356
Diluted
earnings/(loss) per
common share $(0.07) $(0.12) $0.47 $(0.56)
Weighted average
common shares
outstanding -
diluted 16,219,742 16,280,506 16,816,636 16,593,356
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2004 2003
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $25,678,616 $19,419,197
Marketable securities 78,400 2,086,638
Due from broker --- 3,131,835
Prepaid expenses and other 132,913 83,222
Accounts and other receivables 76,681 42,500
Total current assets 25,966,610 24,763,392
Property and equipment, net of
accumulated
depreciation of $147,748 and
$2,003,862 606,560 419,868
Other intangible assets, net of
accumulated
amortization of $1,613,933 and
$1,051,493 1,616,516 2,042,051
Goodwill 620,875 620,875
Other investment 1,236,920 ---
Other assets 812,508 663,874
Total assets $30,859,989 $28,510,060
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $221,848 $151,258
Accrued liabilities 1,711,895 1,432,426
Securities sold and not
purchased --- 5,406,135
Total current liabilities 1,933,743 6,989,819
Minority interest 190,655 531,055
Commitments and Contingencies
Stockholders' equity:
Common stock ($.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 90,539,800 90,442,120
Treasury stock (at cost;
5,368,949 and 5,257,649
shares) (5,499,684) (5,250,552)
Accumulated deficit (56,520,402) (64,417,543)
Stockholders' equity 28,735,591 20,989,186
Total liabilities and
stockholders' equity $30,859,989 $28,510,060
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., +1-718-567-4358,
Web site: http://www.speedus.com/