SPDE Speedus Corp (CE)

NEW YORK, May 15 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $1.2 million, or $0.08 per share on a fully diluted basis, for the quarter ended March 31, 2007 compared to a net loss of $1.3 million, or $0.08 per share on a fully diluted basis, for the quarter ended March 31, 2006. The loss before depreciation and amortization was $1.2 million for the quarter ended March 31, 2007 compared to a loss before depreciation and amortization of $1.1 million for the quarter ended March 31, 2006. For the quarters ended March 31, 2007 and 2006, total operating expenses before depreciation and amortization amounted to $1.5 million and $1.4 million, respectively. This increase is primarily a result of an increase as a result of patent litigation, net of decreases in expenses for the Company's wireless initiatives including Wibiki. 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 2006 audited consolidated financial statements and notes thereto on Form 10-K and quarterly reports on Form 10-Q. Operating results for the quarter ended March 31, 2007 are not necessarily indicative of the results that may be expected for the year ending December 31, 2007. CONTACT: Peter Hodge of Speedus Corp., 888-773-3669, ext. 23, or SPEEDUS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the quarters ended March 31, 2007 2006 Revenues $173,319 $219,070 Expenses: Selling, general and administrative 1,110,261 863,444 Research and development 353,620 457,362 Depreciation and amortization 51,993 238,890 Cost of sales 64,829 65,974 Total operating expenses 1,580,703 1,625,670 Operating loss (1,407,384) (1,406,600) Investment income/(loss) 197,115 113,906 Net earnings/(loss) $(1,210,269) $(1,292,694) Per share: Loss per common share - basic and diluted $(0.08) $(0.08) Weighted average common shares outstanding - basic and diluted 15,969,290 16,107,989 SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS (unaudited) March 31, December 31, 2007 2006 ASSETS Current assets: Cash and cash equivalents $8,936,287 $10,204,167 United States Treasury bills 4,988,200 4,990,250 Marketable securities 370,795 354,011 Prepaid expenses and other 187,120 143,654 Total current assets 14,482,402 15,692,082 Property and equipment, net of accumulated depreciation of $485,589 and $444,972 519,630 527,828 Other intangible assets, net of accumulated amortization of $1,137,304 and $1,125,928 22,740 34,116 Other investments 800,000 800,000 Other assets 83,127 81,737 Total assets $15,907,899 $17,135,763 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $54,951 $62,805 Accrued liabilities 927,460 971,055 Total current liabilities 982,411 1,033,860 Minority interest --- --- Commitments and Contingencies Stockholders' equity: Common stock ($.01 par value; 50,000,000 shares authorized; 21,750,174 shares issued) 217,502 217,502 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 91,497,973 91,464,119 Treasury stock (at cost; 5,780,884 shares) (6,083,360) (6,083,360) Accumulated deficit (70,706,627) (69,496,358) Stockholders' equity 14,925,488 16,101,903 Total liabilities and stockholders' equity $15,907,899 $17,135,763 DATASOURCE: Speedus Corporation CONTACT: Peter Hodge of Speedus Corp., +1-888-773-3669, ext. 23, Web site: http://www.speedus.com/

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