Speedus Announces Fourth Quarter and Fiscal 2004 Results NEW YORK,
March 31 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE)
today announced earnings of $6.0 million, or $0.36 per share on a
fully diluted basis, for the twelve months ended December 31, 2004
compared to a net loss of $10.7 million, or $0.65 per share on a
fully diluted basis, for the twelve months ended December 31, 2003.
Earnings before depreciation and amortization and a goodwill
impairment loss for the twelve months ended December 31, 2004 were
$7.7 million compared to a loss of $9.5 million for the twelve
months ended December 31, 2003. 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. Investment losses decreased from
a net loss of $4.5 million during 2003 to a net gain of $0.4
million during 2004. For 2004, total operating expenses before
technology settlement expenses, depreciation and amortization and
goodwill impairment loss amounted to $6.1 million compared to $6.4
million in 2003. However, net of an increase in the amount of $0.4
million as a result of the opening of a second F&B Gudtfood
store in the second quarter of 2004, total operating expenses,
before depreciation and amortization and technology settlement
expenses, decreased $0.7 million primarily as a result of the
continuation of personnel reductions and cost-saving measures.
Zargis achievements during 2004 include: (1) receipt of FDA
clearance for a graphical display of the median energy level,
timing, and duration of suspected heart murmurs, (2) the Texas
Heart Institute Journal will publish results of a clinical study in
Hypertrophic Cardiomyopathy (HCM), (3) signing of an exclusive
agreement with Johns Hopkins University to expedite our product
development pipeline and accelerate any potential clinical adoption
through association with one of the world's leading medical
research centers, (4) increase of our equity stake through further
investment in Zargis, (5) hiring of a Vice President of Regulatory
and Reimbursement to lead efforts in obtaining health insurance
reimbursement coverage for the Cardioscan procedure and (6)
successful product demonstration at the American Heart Association
Scientific Sessions in New Orleans. Speedus also recently announced
that it was reviewing strategic alternatives and actively
soliciting proposals related to its portfolio of 43 domestic and
international wireless broadband patents. Speedus is exploring
options that will allow it to leverage these assets, including
joint venture opportunities and licensing arrangements. The Company
has established a web site at http://www.speedus.com/patents that
contains information on the patent portfolio. 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 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 2004 audited consolidated financial statements and notes
thereto on Form 10-K. Operating results for the year ended December
31, 2004 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2005. SPEEDUS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS Quarters ended December 31,
Years ended December 31, 2004 2003 2004 2003 (unaudited)
(unaudited) Revenues $257,394 $162,679 $917,237 $710,786 Expenses:
Selling, general and administrative 1,153,358 1,289,007 4,313,889
4,494,589 Technology settlement expenses --- --- 2,928,583 ---
Research and development 398,797 468,359 1,515,934 1,705,233
Depreciation and amortization 245,680 409,944 1,116,759 1,158,753
Goodwill impairment loss 620,875 --- 620,875 --- Cost of sales
87,761 58,843 282,370 222,662 Total operating expenses 2,506,471
2,226,153 10,778,410 7,581,237 Operating loss (2,249,077)
(2,063,474) (9,861,173) (6,870,451) Gain from technology settlement
--- --- 15,000,000 --- Investment income/(loss) 386,860 411,033
419,197 (4,519,600) Minority interest 31,361 286,696 508,261
778,950 Equity in loss of associated company --- --- --- (92,996)
Earnings/(loss) before provision for taxes (1,830,856) (1,365,745)
6,066,285 (10,704,097) Provision for taxes 62,000 --- 62,000 ---
Net earnings/(loss) $(1,892,856) $(1,365,745) $6,004,285
$(10,704,097) Per share: Basic loss per common share $(0.12)
$(0.08) $0.37 $(0.65) Weighted average common shares outstanding
16,218,725 16,216,099 16,245,281 16,498,267 Diluted loss per common
share $(0.12) $(0.08) $0.36 $(0.65) Weighted average common shares
outstanding 16,218,725 16,216,099 16,799,298 16,498,267 SPEEDUS
CORP. CONSOLIDATED BALANCE SHEETS December 31, December 31, 2004
2003 ASSETS Current assets: Cash and cash equivalents $17,740,865
$19,419,197 United States Treasury bills 5,977,200 --- Marketable
securities 1,060,592 2,086,638 Prepaid expenses and other 173,979
83,222 Accounts and other receivables 49,134 42,500 Due from broker
--- 3,131,835 Total current assets 25,001,770 24,763,392 Property
and equipment, net of accumulated depreciation of $175,457 and
$2,003,862 609,840 419,868 Other intangible assets, net of
accumulated amortization of $1,812,249 and $1,051,493 1,417,795
2,042,051 Other investments 900,000 --- Other assets 752,869
663,874 Goodwill --- 620,875 Total assets $28,682,274 $28,510,060
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $315,742 $151,258 Accrued liabilities 1,357,720 1,432,426
Securities sold and not purchased --- 5,406,135 Total current
liabilities 1,673,462 6,989,819 Minority interest 159,294 531,055
Commitments and Contingencies Stockholders' equity: Common stock
($.01 par value; 50,000,000 shares authorized; 21,587,674 and
21,516,088 shares issued) 215,877 215,161 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 90,546,583
90,442,120 Treasury stock (at cost; 5,368,949 and 5,257,649 shares)
(5,499,684) (5,250,552) Accumulated deficit (58,413,258)
(64,417,543) Stockholders' equity 26,849,518 20,989,186 Total
liabilities and stockholders' equity $28,682,274 $28,510,060
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