Speedus Announces First Quarter 2005 Results NEW YORK, May 16
/PRNewswire/ -- Speedus Corp. (NASDAQ:SPDE) today announced a net
loss of $1.0 million, or $0.06 per share on a fully diluted basis,
for the quarter ended March 31, 2005 compared to net earnings of
$10.4 million, or $0.62 per share on a fully diluted basis, for the
quarter ended March 31, 2004. The loss before depreciation and
amortization was $0.7 million for the quarter ended March 31, 2005
compared to earnings before depreciation and amortization of $10.7
million for the quarter ended March 31, 2004. The results for the
quarter ended March 31, 2004 were primarily driven by 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. For the quarters ended March 31,
2005 and 2004, total operating expenses, before depreciation and
amortization and technology settlement expenses, amounted to $1.4
million for each period. However, net of an increase in the amount
of $0.1 million as a result of the opening of a second F&B
G�dtfood store in the second quarter of 2004, total operating
expenses, before depreciation and amortization and technology
settlement expenses, decreased $0.1 million primarily as a result
of the continuation of personnel reductions and cost-saving
measures. 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 John Kallassy
at 888-773-3669 (ext. 22) 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 quarter ended March 31, 2005 are not necessarily indicative of
the results that may be expected for the year ending December 31,
2005. SPEEDUS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) Three months ended March 31, 2005 2004 Revenues
$226,779 $151,015 Expenses: Selling, general and administrative
974,982 992,714 Research and development 326,632 370,745
Depreciation and amortization 230,077 285,476 Cost of sales 77,187
44,944 Technology settlement expenses --- 2,928,583 Total operating
expenses 1,608,878 4,622,462 Operating loss (1,382,099) (4,471,447)
Investment income/(loss) 281,865 (258,122) Minority interest
125,079 141,371 Gain from technology settlement --- 15,000,000 Net
earnings/(loss) $(975,155) $10,411,802 Per share: Basic
earnings/(loss) per common share $(0.06) $0.64 Weighted average
common shares outstanding - basic 16,218,725 16,287,986 Diluted
earnings/(loss) per common share $(0.06) $0.62 Weighted average
common shares outstanding - diluted 16,218,725 16,866,170 SPEEDUS
CORP. CONSOLIDATED BALANCE SHEETS March 31, December 31, 2005 2004
(unaudited) ASSETS Current assets: Cash and cash equivalents
$17,584,684 $17,740,865 United States Treasury bills 4,971,100
5,977,200 Marketable securities 1,185,072 1,060,592 Prepaid
expenses and other 180,254 173,979 Accounts and other receivables
4,650 49,134 Total current assets 23,925,760 25,001,770 Property
and equipment, net of accumulated depreciation of $206,812 and
$175,457 584,861 609,840 Other intangible assets, net of
accumulated amortization of $2,010,970 and $1,812,249 1,219,074
1,417,795 Other investments 900,000 900,000 Other assets 811,028
752,869 Total assets $27,440,723 $28,682,274 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $245,916
$315,742 Accrued liabilities 1,280,179 1,357,720 Total current
liabilities 1,526,095 1,673,462 Minority interest 34,215 159,294
Stockholders' equity: Common stock ($.01 par value; 50,000,000
shares authorized; 21,587,674 and 21,516,088 215,877 215,877 shares
issued) 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 90,552,633 90,546,583 Treasury stock (at
cost; 5,368,949 and 5,368,949 shares) (5,499,684) (5,499,684)
Accumulated deficit (59,388,413) (58,413,258) Stockholders' equity
25,880,413 26,849,518 Total liabilities and stockholders' equity
$27,440,723 $28,682,274 DATASOURCE: Speedus Corp. CONTACT: John
Kallassy of Speedus Corp., 1-888-773-3669, ext. 22, or Web site:
http://www.speedus.com/
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