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Cadus Reports Fourth Quarter and 2007 Results

类别:合作伙伴   发布时间:2021-08-31 05:01   浏览:


  NEW YORK, March 31 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS - News) announced today financial results for the fourth quarter and full year ended December 31, 2007.

Revenues for the full year 2007 were $100,000, compared to $100,000 for the full year 2006. Net loss for the full year 2007 was $272,110, compared to net income of $446,194 for the full year 2006. Basic and diluted net loss per share for the full year 2007 was $0.02, compared to basic and diluted net income per share for the full year 2006 of $0.03. The decrease in net income and basic and diluted net income per share for the full year 2007 was attributable to a $668,246 loss on the sale of Sequenom, Inc. stock and a $320,362 reduction in the value of short term investments to net asset value, offset by an increase of $115,975 in interest income and in income in other ventures of $1,342 and decreases in general and administrative expenses of $151,513 and in taxes of $1,474.

Revenues for the fourth quarter of 2007 were $0, compared to $0 for the same period in 2006. Net loss for the fourth quarter of 2007 was $172,828, compared to net income of $69,661, for the same period in 2006. Basic and diluted net loss per share for the fourth quarter of 2007 was $0.02, compared to basic and diluted net income per share for the fourth quarter of 2006 of $0.01.

As of December 31, 2007, Cadus had 13,144,040 shares outstanding.

This press release may contain forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the company''s annual report on Form 10-K for the year ended December 31, 2007. These include risks and uncertainties relating to the company''s ability to license its technologies to third parties, the company''s capital needs and uncertainty of future funding, the company''s history of operating losses, the unpredictability of patent protection and the risk of obsolescence of the company''s technologies.

(Tables Follow) Cadus Corporation and Subsidiary Consolidated Balance Sheets ASSETS December 31, December 31, 2007 2006 Current assets: Cash and cash equivalents $2,444,376 $24,602,202 Short term investments 22,960,545 - Interest receivable 102,518 - Prepaid and other current assets 1,150 5,210 Investment in marketable securities - 628,585 Total current assets 25,508,589 25,235,997 Investment in other ventures 186,790 173,427 Patents, net 550,834 637,267 Total assets $26,246,213 $26,046,691 LIABILITIES AND STOCKHOLDERS'' EQUITY Current liabilities: Accrued expenses and other current liabilities $22,352 $61,307 Total current liabilities 22,352 61,307 Commitments and contingencies Stockholders'' equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,149 59,844,355 Accumulated deficit (33,456,070) (33,183,960) Accumulated other comprehensive (loss) income - (507,793) Treasury stock (300,075) (300,075) Total stockholders'' equity 26,223,861 25,985,384 Total liabilities stockholder''s equity $26,246,213 $26,046,691 Cadus Corporation and Subsidiary Condensed Consolidated Statements of Operations Three Months Ended December 31, Year Ended (unaudited) December 31, 2007 2006 2007 2006 License and maintenance fees $ -- $ -- $100,000 $100,000 Total revenues -- -- 100,000 100,000 Costs and expenses: General and administrative expenses 92,739 170,986 557,938 709,451 Amortization of patent costs 21,609 21,609 86,433 86,433 (Income) from equity in other ventures (3,374) (3,353) (13,363) (12,021) Total costs and expenses 110,974 189,242 631,008 783,863 Operating (loss) (110,974) (189,242) (531,008) (683,863) Other income (expense): Interest income 322,517 325,154 1,312,283 1,196,308 Loss on sale of marketable securities -- -- (668,246) -- Investment reduction to net asset value (320,362) -- (320,362) -- Total other income 2,155 325,154 323,675 1,196,308 (Loss) income before income tax provision (108,819) 135,912 (207,333) 512,445 Provision for franchise and income taxes 64,009 66,251 64,777 66,251 Net (loss) income $(172,828) $69,661 $(272,110) $446,194 Basic and diluted net (loss) income per share $(0.02) $0.01 $(0.02) $0.03 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040 13,144,040 13,144,040

Source: Cadus Corporation
  

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