NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced a net loss of $3.0 million, or $0.19
per share on a fully diluted basis, for the nine months ended
September 30, 2007 compared to a net loss of $4.5 million, or $0.28
per share on a fully diluted basis, for the nine months ended
September 30, 2006. The loss before depreciation and amortization
was $2.9 million for the nine months ended September 30, 2007
compared to a loss before depreciation and amortization of $3.9
million for the nine months ended September 30, 2006. For the
quarter ended September 30, 2007, the Company reported a net loss
of $1.2 million, or $0.08 per share on a fully diluted basis,
compared to a net loss of $1.0 million, or $0.06 per share on a
fully diluted basis, for the quarter ended September 30, 2006. The
loss before depreciation and amortization was $1.2 million for the
quarter ended September 30, 2007 compared to a loss before
depreciation and amortization of $0.8 million for the quarter ended
September 30, 2006. For the nine months ended September 30, 2007,
total operating expenses, before depreciation and amortization,
amounted to $4.3 million compared to $4.8 million for the nine
months ended September 30, 2006. This decrease is primarily a
result of a decrease in non-cash stock based compensation. In
October 2007, Zargis Medical and the 3M Company entered into an
exclusive multi-year marketing agreement involving Zargis' heart
sound analysis software and 3M Littmann's next-generation
electronic stethoscope. Under the agreement, Zargis will support 3M
in its efforts to develop a next-generation stethoscope that will
be compatible with Zargis' heart sound analysis software. In
addition, the alliance provides Zargis with a wide-range of
marketing and promotional opportunities along with exclusive rights
to sell its ground-breaking heart sound analysis software through
the global distribution network of the Littmann brand. The
agreement grants 3M a minority equity position in Zargis, following
the first sale of Zargis' software through the 3M distribution
channel, and a seat on Zargis' board of directors. 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 nine months ended
September 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 Nine months ended September 30, September 30, 2007
2006 2007 2006 Revenues $191,473 $210,179 $577,928 $638,318
Expenses: Selling, general and administrative 885,302 699,044
2,806,000 3,161,916 Research and development 524,296 482,199
1,258,557 1,384,346 Depreciation and amortization 51,340 174,272
156,433 617,665 Cost of sales 89,912 70,969 231,614 230,215 Total
operating expenses 1,550,850 1,426,484 4,452,604 5,394,142
Operating loss (1,359,377) (1,216,305) (3,874,676) (4,755,824)
Investment income/ (loss) 152,674 232,460 862,839 268,109 Net loss
$(1,206,703) $(983,845) $(3,011,837) $(4,487,715) Per share: Loss
per common share - basic and diluted $(0.08) $(0.06) $(0.19)
$(0.28) Weighted average common shares outstanding - basic and
diluted 15,967,640 16,024,108 15,968,359 16,063,362 SPEEDUS CORP.
CONSOLIDATED BALANCE SHEETS (unaudited) September 30, December 31,
2007 2006 ASSETS Current assets: Cash and cash equivalents
$4,851,678 $10,204,167 United States Treasury bills 5,975,190
4,990,250 Marketable securities 2,139,548 354,011 Prepaid expenses
and other 123,211 143,654 Total current assets 13,089,627
15,692,082 Property and equipment, net of accumulated depreciation
of $567,289 and $444,972 439,190 527,828 Other intangible assets,
net of accumulated amortization of $1,125,928 in 2006 --- 34,116
Other investments 800,000 800,000 Other assets 83,127 81,737 Total
assets $14,411,944 $17,135,763 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $61,191 $62,805 Accrued
liabilities 1,156,759 971,055 Total current liabilities 1,217,950
1,033,860 Commitments and Contingencies Stockholders' equity:
Common stock ($.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 91,569,765
91,464,119 Treasury stock (at cost; 5,782,534 and 5,780,884 shares)
(6,085,078) (6,083,360) Accumulated deficit (72,508,195)
(69,496,358) Stockholders' equity 13,193,994 16,101,903 Total
liabilities and stockholders' equity $14,411,944 $17,135,763
DATASOURCE: Speedus Corp. CONTACT: Peter Hodge at 888-773-3669 ext.
23, or Web site: http://www.speedus.com/
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