NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced a net loss of $3.2 million, or $0.20
per share on a fully diluted basis, for the nine months ended
September 30, 2005 compared to net earnings of $7.9 million, or
$0.47 per share on a fully diluted basis, for the nine months ended
September 30, 2004. The loss before depreciation and amortization
was $2.6 million for the nine months ended September 30, 2005
compared to earnings before depreciation and amortization of $8.8
million for the nine months ended September 30, 2004. The results
for the nine months ended September 30, 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 quarter ended
September 30, 2005, the Company reported a net loss of $0.9
million, or $0.06 per share on a fully diluted basis, compared to a
net loss of $1.1 million, or $0.07 per share on a fully diluted
basis, for the quarter ended September 30, 2004. The loss before
depreciation and amortization was $0.7 million for the quarter
ended September 30, 2005 compared to $0.9 million for the quarter
ended September 30, 2004. For the nine months ended September 30,
2005, total operating expenses, before depreciation and
amortization and technology settlement expenses, amounted to $4.3
million compared to $4.5 million for the nine months ended
September 30, 2004. Net of an increase in the amount of $0.1
million as a result of the opening of a second F&B Gudtfood
store in the second quarter of 2004, this $0.3 million decrease is
primarily 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 and quarterly reports on
Form 10-Q. Operating results for the three and nine months ended
September 30, 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 Nine months ended September 30, September 30, 2005
2004 2005 2004 Revenues $ 293,768 $ 308,600 $ 803,494 $ 659,843
Expenses: Selling, general and administrative 981,196 998,249
2,921,117 3,160,531 Research and development 389,238 378,143
1,085,507 1,117,137 Depreciation and amortization 229,473 278,833
692,849 871,079 Cost of sales 92,819 66,098 263,680 194,609
Technology settlement expenses --- --- --- 2,928,583 Total
operating expenses 1,692,726 1,721,323 4,963,153 8,271,939
Operating loss (1,398,958) (1,412,723) (4,159,659) (7,612,096)
Investment income/(loss) 151,467 135,518 432,720 32,337 Minority
interest 35,681 144,688 159,294 476,900 Gain from technology
settlement --- --- --- 15,000,000 Earnings/(loss) before benefit
from income taxes (1,211,810) (1,132,517) (3,567,645) 7,897,141
Benefit from income taxes 321,539 --- 321,539 --- Net
earnings/(loss) $ (890,271) $(1,132,517) $(3,246,106) $7,897,141
Per share: Basic earnings/(loss) per common share $ (0.06) $ (0.07)
$ (0.20) $ 0.49 Weighted average common shares outstanding - basic
16,164,823 16,219,742 16,203,146 16,254,198 Diluted earnings/(loss)
per common share $ (0.06) $ (0.07) $ (0.20) $ 0.47 Weighted average
common shares outstanding - diluted 16,164,823 16,219,742
16,203,146 16,816,636 SPEEDUS CORP. CONSOLIDATED BALANCE SHEETS
(unaudited) September 30, December 31, 2005 2004 ASSETS Current
assets: Cash and cash equivalents $15,995,636 $17,740,865 United
States Treasury bills 3,969,400 5,977,200 Marketable securities
1,806,779 1,060,592 Prepaid expenses and other 127,916 173,979
Accounts and other receivables 1,100 49,134 Total current assets
21,900,831 25,001,770 Property and equipment, net of accumulated
depreciation of $272,144 and $175,457 528,311 609,840 Other
intangible assets, net of accumulated amortization of $2,408,412
and $1,812,249 821,632 1,417,795 Other investments 800,000 900,000
Other assets 778,528 752,869 Total assets $24,829,302 $28,682,274
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $ 152,357 $ 315,742 Accrued liabilities 1,265,243 1,357,720
Total current liabilities 1,417,600 1,673,462 Minority interest ---
159,294 Commitments and Contingencies Stockholders' equity: Common
stock ($.01 par value; 50,000,000 shares authorized; 21,750,174 and
21,587,674 217,502 215,877 shares issued) Preferred stock ($.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 90,719,740
90,546,583 Treasury stock (at cost; 5,618,780 and 5,368,949 shares)
(5,866,176) (5,499,684) Accumulated deficit (61,659,364)
(58,413,258) Stockholders' equity 23,411,702 26,849,518 Total
liabilities and stockholders' equity $24,829,302 $28,682,274
DATASOURCE: Speedus Corp. CONTACT: John Kallassy of Speedus Corp.,
1-888-773-3669, ext. 22, Web site: http://www.speedus.com/
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