Speedus (CE) (USOTC:SPDE)
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NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $3.2 million, or $0.20 per share on a fully diluted basis, for the nine months ended September 30, 2005 compared to net earnings of $7.9 million, or $0.47 per share on a fully diluted basis, for the nine months ended September 30, 2004. The loss before depreciation and amortization was $2.6 million for the nine months ended September 30, 2005 compared to earnings before depreciation and amortization of $8.8 million for the nine months ended September 30, 2004.
The results for the nine months ended September 30, 2004 were primarily driven by 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 quarter ended September 30, 2005, the Company reported a net loss of $0.9 million, or $0.06 per share on a fully diluted basis, compared to a net loss of $1.1 million, or $0.07 per share on a fully diluted basis, for the quarter ended September 30, 2004. The loss before depreciation and amortization was $0.7 million for the quarter ended September 30, 2005 compared to $0.9 million for the quarter ended September 30, 2004.
For the nine months ended September 30, 2005, total operating expenses, before depreciation and amortization and technology settlement expenses, amounted to $4.3 million compared to $4.5 million for the nine months ended September 30, 2004. Net of an increase in the amount of $0.1 million as a result of the opening of a second F&B Gudtfood store in the second quarter of 2004, this $0.3 million decrease is primarily a result of the continuation of personnel reductions and cost-saving measures.
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 may be obtained at http://www.speedus.com/ or by contacting John Kallassy at 888-773-3669 (ext. 22) 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 2004 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, 2005 are not necessarily indicative of the results that may be expected for the year ending December 31, 2005.
SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
Revenues $ 293,768 $ 308,600 $ 803,494 $ 659,843
Expenses:
Selling, general and
administrative 981,196 998,249 2,921,117 3,160,531
Research and
development 389,238 378,143 1,085,507 1,117,137
Depreciation and
amortization 229,473 278,833 692,849 871,079
Cost of sales 92,819 66,098 263,680 194,609
Technology
settlement expenses --- --- --- 2,928,583
Total operating
expenses 1,692,726 1,721,323 4,963,153 8,271,939
Operating loss (1,398,958) (1,412,723) (4,159,659) (7,612,096)
Investment
income/(loss) 151,467 135,518 432,720 32,337
Minority interest 35,681 144,688 159,294 476,900
Gain from technology
settlement --- --- --- 15,000,000
Earnings/(loss) before
benefit
from income taxes (1,211,810) (1,132,517) (3,567,645) 7,897,141
Benefit from income
taxes 321,539 --- 321,539 ---
Net earnings/(loss) $ (890,271) $(1,132,517) $(3,246,106) $7,897,141
Per share:
Basic earnings/(loss)
per common share $ (0.06) $ (0.07) $ (0.20) $ 0.49
Weighted average
common shares
outstanding -
basic 16,164,823 16,219,742 16,203,146 16,254,198
Diluted
earnings/(loss) per
common share $ (0.06) $ (0.07) $ (0.20) $ 0.47
Weighted average
common shares
outstanding -
diluted 16,164,823 16,219,742 16,203,146 16,816,636
SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $15,995,636 $17,740,865
United States Treasury bills 3,969,400 5,977,200
Marketable securities 1,806,779 1,060,592
Prepaid expenses and other 127,916 173,979
Accounts and other receivables 1,100 49,134
Total current assets 21,900,831 25,001,770
Property and equipment, net of
accumulated depreciation of $272,144
and $175,457 528,311 609,840
Other intangible assets, net of
accumulated amortization of
$2,408,412 and $1,812,249 821,632 1,417,795
Other investments 800,000 900,000
Other assets 778,528 752,869
Total assets $24,829,302 $28,682,274
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 152,357 $ 315,742
Accrued liabilities 1,265,243 1,357,720
Total current liabilities 1,417,600 1,673,462
Minority interest --- 159,294
Commitments and Contingencies
Stockholders' equity:
Common stock ($.01 par value;
50,000,000 shares authorized;
21,750,174 and 21,587,674 217,502 215,877
shares issued)
Preferred stock ($.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 90,719,740 90,546,583
Treasury stock (at cost;
5,618,780 and 5,368,949 shares) (5,866,176) (5,499,684)
Accumulated deficit (61,659,364) (58,413,258)
Stockholders' equity 23,411,702 26,849,518
Total liabilities and
stockholders' equity $24,829,302 $28,682,274
DATASOURCE: Speedus Corp.
CONTACT: John Kallassy of Speedus Corp., 1-888-773-3669, ext. 22,
Web site: http://www.speedus.com/