NEW YORK, March 31 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced a net loss of $5.5 million, or $0.34
per share on a fully diluted basis, for the twelve months ended
December 31, 2005 compared to earnings of $6.0 million, or $0.36
per share on a fully diluted basis, for the twelve months ended
December 31, 2004. The loss before depreciation and amortization
and a goodwill impairment loss for the twelve months ended December
31, 2005 was $4.5 million compared to earnings of $7.7 million for
the twelve months ended December 31, 2004. During 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 2005, total
operating expenses before technology settlement expenses,
depreciation and amortization and goodwill impairment loss amounted
to $6.0 million compared to $6.1 million in 2004. However, 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 and $0.7 million as a result of the Company's development of
Wibiki, a new software-based wireless network in 2005, total
operating expenses, before depreciation and amortization and
technology settlement expenses, decreased $0.9 million primarily as
a result of the continuation of personnel reductions and
cost-saving measures. Zargis achievements during 2005 include: -- a
study conducted to assess the impact of the Zargis Acoustic
Cardioscan(TM) (ZAC(TM)) system on referral decisions made by
primary care physicians regarding heart murmurs, -- an evaluation
of a prototype Zargis computer-aided auscultation system by a panel
of seven primary care physicians who unanimously agreed that it
would improve their referral accuracy of patients with heart
murmurs, -- an increase in Speedus Corp.'s equity stake through
further investment in Zargis, and -- the expansion of our portfolio
of intellectual property in the field of auscultation to include
control of 5 patents and 9 patents pending. About Speedus Corp.
Speedus is a pioneer in wireless broadband, owning both wireless
spectrum and a portfolio of broadband IP. Speedus also holds
controlling interests in Zargis Medical Corp. and F&B Gudtfood
Holdings, Inc. Additional information on Speedus Corp. and its
services 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 2005 audited consolidated financial
statements and notes thereto on Form 10-K. Operating results for
the year ended December 31, 2005 are not necessarily indicative of
the results that may be expected for the year ending December 31,
2006. SPEEDUS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS Quarters
ended Years ended December 31, December 31, 2005 2004 2005 2004
(unaudited) (unaudited) Revenues $234,849 $257,394 $1,038,343
$917,237 Expenses: Selling, general and administrative 930,215
1,153,358 3,851,332 4,313,889 Research and development 711,808
398,797 1,797,315 1,515,934 Depreciation and amortization 247,834
245,680 940,683 1,116,759 Cost of sales 81,674 87,761 345,354
282,370 Technology settlement expenses -- -- -- 2,928,583 Goodwill
impairment loss -- 620,875 -- 620,875 Total operating expenses
1,971,531 2,506,471 6,934,684 10,778,410 Operating loss (1,736,682)
(2,249,077) (5,896,341) (9,861,173) Investment income/(loss)
(485,117) 386,860 (52,397) 419,197 Minority interest -- 31,361
159,294 508,261 Gain from technology settlement -- -- -- 15,000,000
Earnings/(loss) before benefit from/ (provision for) income taxes
(2,221,799) (1,830,856) (5,789,444) 6,066,285 Benefit
from/(provision for) income taxes -- (62,000) 321,539 (62,000) Net
earnings/(loss) $(2,221,799) $(1,892,856) $(5,467,905) $6,004,285
Per share: Basic earnings/(loss) per common share $(0.14) $(0.12)
$(0.34) $0.37 Weighted average common shares outstanding - basic
16,120,076 16,218,725 16,182,208 16,245,281 Diluted earnings/(loss)
per common share $(0.14) $(0.12) $(0.34) $0.36 Weighted average
common shares outstanding - diluted 16,120,076 16,218,725
16,182,208 16,799,298 SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS
December 31, 2005 2004 ASSETS Current assets: Cash and cash
equivalents $18,563,088 $17,740,865 United States Treasury bills --
5,977,200 Marketable securities 1,174,825 1,060,592 Prepaid
expenses and other 181,508 173,979 Accounts and other receivables
500 49,134 Total current assets 19,919,921 25,001,770 Property and
equipment, net of accumulated depreciation of $321,256 and $175,457
426,201 609,840 Other intangible assets, net of accumulated
amortization of $2,607,133 and $1,812,249 622,911 1,417,795 Other
investments 800,000 900,000 Other assets 691,444 752,869 Total
assets $22,460,477 $28,682,274 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $68,692 $315,742 Accrued
liabilities 1,215,859 1,357,720 Total current liabilities 1,284,551
1,673,462 Minority interest -- 159,294 Commitments and
Contingencies Stockholders' equity: Common stock ($.01 par value;
50,000,000 shares authorized; 21,750,174 and 21,587,674 shares
issued) 217,502 215,877 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 90,724,450 90,546,583 Treasury stock (at
cost; 5,632,275 and 5,368,949 shares) (5,884,863) (5,499,684)
Accumulated deficit (63,881,163) (58,413,258) Stockholders' equity
21,175,926 26,849,518 Total liabilities and stockholders' equity
$22,460,477 $28,682,274 DATASOURCE: Speedus Corp. CONTACT: Peter
Hodge of Speedus Corp., 1-888-773-3669, ext. 23, or Web site:
http://www.speedus.com/
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