SPDE Speedus Corp (CE)

NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net loss of $1.8 million, or $0.11 per share on a fully diluted basis, for the six months ended June 30, 2007 compared to a net loss of $3.5 million, or $0.22 per share on a fully diluted basis, for the six months ended June 30, 2006. The loss before depreciation and amortization was $1.7 million for the six months ended June 30, 2007 compared to a loss before depreciation and amortization of $3.1 million for the six months ended June 30, 2006. For the quarter ended June 30, 2007, the Company reported a net loss of $0.6 million, or $0.04 per share on a fully diluted basis, compared to a net loss of $2.2 million, or $0.14 per share on a fully diluted basis, for the quarter ended June 30, 2006. The loss before depreciation and amortization was $0.5 million for the quarter ended June 30, 2007 compared to a loss before depreciation and amortization of $2.0 million for the quarter ended June 30, 2006. For the six months ended June 30, 2007, total operating expenses, before depreciation and amortization, amounted to $2.8 million compared to $3.5 million for the six months ended June 30, 2006. This decrease is primarily a result of a decrease in non-cash stock based compensation. About Speedus Corp. Additional information on Speedus Corp. 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 three and six months ended June 30, 2007 are not necessarily indicative of the results that may be expected for the year ending December 31, 2007. SPEEDUS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended June 30, Six months ended June 30, 2007 2006 2007 2006 Revenues $213,136 $209,069 $386,455 $428,139 Expenses: Selling, general and administrative 810,437 1,599,428 1,920,698 2,462,872 Research and development 380,641 444,785 734,261 902,147 Depreciation and amortization 53,100 204,503 105,093 443,393 Cost of sales 76,873 93,272 141,702 159,246 Total operating expenses 1,321,051 2,341,988 2,901,754 3,967,658 Operating loss (1,107,915) (2,132,919) (2,515,299) (3,539,519) Investment income/(loss) 513,050 (78,257) 710,165 35,649 Net loss $(594,865) $(2,211,176) $(1,805,134) $(3,503,870) Per share: Loss per common share - basic and diluted $(0.04) $(0.14) $(0.11) $(0.22) Weighted average common shares outstanding - basic and diluted 15,968,166 16,067,162 15,968,725 16,083,315 SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, 2007 2006 ASSETS Current assets: Cash and cash equivalents $ 5,321,738 $ 10,204,167 United States Treasury bills 7,935,010 4,990,250 Marketable securities 535,135 354,011 Prepaid expenses and other 127,558 143,654 Total current assets 13,919,441 15,692,082 Property and equipment, net of accumulated depreciation of $527,313 and $444,972 477,985 527,828 Other intangible assets, net of accumulated amortization of $1,148,680 and $1,125,928 11,364 34,116 Other investments 800,000 800,000 Other assets 83,127 81,737 Total assets $ 15,291,917 $ 17,135,763 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 53,911 $ 62,805 Accrued liabilities 887,327 971,055 Total current liabilities 941,238 1,033,860 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 91,519,747 91,464,119 Treasury stock (at cost; 5,782,534 and 5,780,884 shares) (6,085,078) (6,083,360) Accumulated deficit (71,301,492) (69,496,358) Stockholders' equity 14,350,679 16,101,903 Total liabilities and stockholders' equity $ 15,291,917 $ 17,135,763 DATASOURCE: Speedus Corp. CONTACT: Peter Hodge of Speedus Corp., +1-888-773-3669, Ext. 23, Web site: http://www.speedus.com/

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