NEW YORK, May 15 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced a net loss of $1.4 million, or $0.34
per share on a fully diluted basis, for the quarter ended March 31,
2008 compared to a net loss of $1.2 million, or $0.30 per share on
a fully diluted basis, for the quarter ended March 31, 2007. The
loss before depreciation and amortization was $1.1 million for the
quarter ended March 31, 2008 compared to a loss before depreciation
and amortization of $1.2 million for the quarter ended March 31,
2007. For the quarters ended March 31, 2008 and 2007, total
operating expenses before depreciation and amortization amounted to
$1.2 million and $1.5 million, respectively. This decrease is
primarily a result of a decrease in legal expenses in connection
with litigating patent infringement claims, net of increases in
research and development expenses in connection with the Company's
wireless initiatives including Wibiki and the continued development
of Zargis' medical device. 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 2007 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, 2008
are not necessarily indicative of the results that may be expected
for the year ending December 31, 2008. SPEEDUS CORP. CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) For the quarters ended March
31, 2008 2007 Revenues $120,234 $173,319 Expenses: Selling, general
and administrative 718,126 1,110,261 Research and development
494,212 353,620 Depreciation and amortization 293,697 51,993 Cost
of sales 36,105 64,829 Total operating expenses 1,542,140 1,580,703
Operating loss (1,421,906) (1,407,384) Investment income 55,539
197,115 Net loss $(1,366,367) $(1,210,269) Per share: Loss per
common share - basic and diluted $(0.34) $(0.30) Weighted average
common shares outstanding - basic and diluted 3,991,946 3,992,323
SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS (unaudited) March 31,
December 31, 2008 2007 ASSETS Current assets: Cash and cash
equivalents $10,351,634 $8,845,358 United States Treasury bills ---
2,996,700 Due from broker 1,928,650 --- Marketable securities
42,086 92,190 Accounts receivable and other 321,890 79,623 Assets
held for sale --- 342,000 Total current assets 12,644,260
12,355,871 Property and equipment, net of accumulated depreciation
of $120,050 and $112,353 76,938 50,569 Other investments 800,000
800,000 Other intangible assets 584,400 --- Other assets 104,524
83,127 Total assets $14,210,122 $13,289,567 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $84,506
$46,413 Accrued liabilities 959,231 1,390,803 Securities sold and
not yet purchased 1,938,950 --- Current portion of redeemable
preferred stock 354,700 --- Total current liabilities 3,337,387
1,437,216 Redeemable preferred stock ($.0001 par value; 100,000
shares authorized; 70,940 shares issued and outstanding), net of
current portion 354,700 --- Total liabilities 3,692,087 1,437,216
Commitments and Contingencies Stockholders' equity: Common stock
($.01 par value; 50,000,000 shares authorized; 5,438,006 shares
issued) 54,380 54,380 Preferred stock ($.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 91,834,336 91,797,457 Treasury stock (at
cost; 1,449,201 and 1,445,634 shares) (6,089,906) (6,085,078)
Accumulated deficit (75,280,775) (73,914,408) Stockholders' equity
10,518,035 11,852,351 Total liabilities and stockholders' equity
$14,210,122 $13,289,567 Contact: Peter Hodge of Speedus Corp.,
+1-888-773-3669, ext. 23, or DATASOURCE: Speedus Corp. CONTACT:
Peter Hodge of Speedus Corp., +1-888-773-3669, ext. 23, or Web
site: http://www.speedus.com/
Copyright
Speedus (CE) (USOTC:SPDE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Speedus (CE) (USOTC:SPDE)
Historical Stock Chart
From Jul 2023 to Jul 2024