NEW YORK, March 30 /PRNewswire-FirstCall/ -- Cadus Corporation (BULLETIN BOARD: KDUS.OB) announced today financial results for the fourth quarter and full year ended December 31, 2003.
Revenues for the full year 2003 were $220,000, compared to $1,100,000 for the full year 2002. Net loss for the full year 2003 was $189,696, compared to net income of $1,315,705 for the full year 2002. Basic and diluted net loss per share for the full year 2003 was $0.01, compared to basic and diluted net income per share for the full year 2002 of $0.10. The net loss and basic and diluted net loss per share for the full year 2003 were principally attributable to the $880,000 decrease in license fees, the decrease in the realized gain in marketable securities of $510,000 and a decrease in interest income of $164,396, offset by a decrease of $50,775 in general and administrative expenses.
Revenues for the fourth quarter of 2003 were $0, compared to $1,000,000 for the same period in 2002. Net loss for the fourth quarter of 2003 was $153,780, compared to net income of $864,886 for the same period in 2002. Basic and diluted net loss per share for the fourth quarter of 2003 was $0.01, compared to basic and diluted net income per share for the fourth quarter of 2002 of $0.07.
As of December 31, 2003, 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 prospectus dated July 17, 1996 or detailed from time to time in filings that the company makes with the Securities and Exchange Commission. These include risks and uncertainties relating to the company’s ability to license its technologies to third parties, technological uncertainties regarding the company’s technology, rapid technological change that may result in the company’s technologies becoming obsolete, an intensely competitive market, intellectual property rights and general economic conditions.
(Tables Follow) Cadus Corporation and Subsidiary Consolidated Balance Sheets December 31, December 31, 2003 2002 Assets Current assets: Cash and cash equivalents $24,369,223 $24,923,071 Prepaid and other current assets 34,393 79,053 Investment in marketable securities 1,412,627 794,603 Total current assets 25,816,243 25,796,727 Investments in other ventures 162,805 164,922 Other assets, net 827,935 908,841 Total assets $26,806,983 $26,870,490 Liabilities and Stockholders’ Equity Current liabilities: Accrued expenses and other current liabilities 49,164 227,810 Deferred gain on marketable securities -- 184,833 Total current liabilities 49,164 412,643 Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,195,567) (33,005,871) Accumulated other comprehensive income (loss) 276,249 (213,419) Treasury stock (300,075) (300,075) Total stockholders’ equity 26,757,819 26,457,847 Total liabilities and stockholders’ equity $26,806,983 $26,870,490 Cadus Corporation and Subsidiary Condensed Consolidated Statements of Operations Three Months Ended Year Ended December 31, December 31, (unaudited) 2003 2002 2003 2002 License and maintenance fees $-- $1,000,000 $220,000 $1,100,000 Total revenues -- 1,000,000 220,000 1,100,000 Costs and expenses: General and administrative 131,114 152,325 834,631 885,406 (Gain) loss in equity in other ventures (321) (600) 2,117 692 Total costs and expenses 130,793 151,725 836,748 886,098 Operating (loss) gain (130,793) 848,275 (616,748) 213,902 Other income (expenses): Interest income 34,368 73,611 171,218 335,614 Realized gain on marketable securities -- -- 313,189 823,189 Total other income, net 34,368 73,611 484,407 1,158,803 (Loss) income before income tax provision (96,425) 921,886 (132,341) 1,372,705 State tax provision 57,355 57,000 57,355 57,000 Net (loss) income $(153,780) $864,886 $(189,696) $1,315,705 Basic and diluted net (loss) income per share $(0.01) $0.07 $(0.01) $0.10 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040 13,144,040 13,144,040
Cadus Corporation
CONTACT: Michele A. Paige, President and Chief Executive Officer, CadusCorporation, +1-212-702-4367
