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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