NEW YORK, Aug. 15 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced 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 compared to net earnings of $9.0 million, or $0.54 per
share on a fully diluted basis, for the six months ended June 30,
2004. The loss before depreciation and amortization was $1.9
million for the six months ended June 30, 2005 compared to earnings
before depreciation and amortization of $9.6 million for the six
months ended June 30, 2004. The results for the six months ended
June 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 quarters ended June 30, 2005 and 2004,
the Company reported a net loss of $1.4 million, or $0.09 per share
on a fully diluted basis, in each period. The loss before
depreciation and amortization for the quarters ended June 30, 2005
and 2004 was $1.1 million in each period. For the six months ended
June 30, 2005, total operating expenses, before depreciation and
amortization and technology settlement expenses, amounted to $2.8
million compared to $3.0 million for the six months ended June 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 six months ended
June 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 Six months ended June 30, ended June 30, 2005 2004 2005 2004
Revenues $282,947 $200,228 $509,726 $351,243 Expenses: Selling,
general and administrative 964,939 1,169,568 1,939,921 2,162,282
Research and development 369,637 368,249 696,269 738,994
Depreciation and amortization 233,299 306,770 463,376 592,246 Cost
of sales 93,674 83,567 170,861 128,511 Technology settlement
expenses --- --- --- 2,928,583 Total operating expenses 1,661,549
1,928,154 3,270,427 6,550,616 Operating loss (1,378,602)
(1,727,926) (2,760,701) (6,199,373) Investment income/(loss) (612)
154,941 281,253 (103,181) Minority interest (1,466) 190,841 123,613
332,212 Gain from technology settlement --- --- --- 15,000,000 Net
earnings/(loss) $(1,380,680) $(1,382,144) $(2,355,835) $9,029,658
Per share: Basic earnings/(loss) per common share $(0.09) $(0.09)
$(0.15) $0.55 Weighted average common shares outstanding -- basic
16,226,482 16,255,244 16,222,625 16,271,615 Diluted earnings/(loss)
per common share $(0.09) $(0.09) $(0.15) $0.54 Weighted average
common shares outstanding -- diluted 16,226,482 16,255,244
16,222,625 16,832,814 SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS
June 30, December 31, 2005 2004 (unaudited) ASSETS Current assets:
Cash and cash equivalents $15,793,908 $17,740,865 United States
Treasury bills 4,964,850 5,977,200 Marketable securities 1,869,688
1,060,592 Prepaid expenses and other 167,062 173,979 Due from
broker 12,455 --- Accounts and other receivables 1,600 49,134 Total
current assets 22,809,563 25,001,770 Property and equipment, net of
accumulated depreciation of $241,391 and $175,457 557,368 609,840
Other intangible assets, net of accumulated amortization of
$2,209,691 and $1,812,249 1,020,353 1,417,795 Other investments
800,000 900,000 Other assets 782,278 752,869 Total assets
$25,969,562 $28,682,274 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $199,789 $315,742 Accrued
liabilities 1,225,320 1,357,720 Securities sold and not purchased
35,586 --- Total current liabilities 1,460,695 1,673,462 Minority
interest 35,681 159,294 Commitments and Contingencies Stockholders'
equity: Common stock ($.01 par value; 50,000,000 shares authorized;
21,633,674 and 21,587,674 216,337 215,877 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
90,601,289 90,546,583 Treasury stock (at cost; 5,421,549 and
5,368,949 shares) (5,575,347) (5,499,684) Accumulated deficit
(60,769,093) (58,413,258) Stockholders' equity 24,473,186
26,849,518 Total liabilities and stockholders' equity $25,969,562
$28,682,274 DATASOURCE: Speedus Corp. CONTACT: John Kallassy of
Speedus Corp., 1-888-773-3669, ext. 22, Web site:
http://www.speedus.com/
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