NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Cadus Corporation (KDUS.OB) announced today financial results for the second quarter ended June 30, 2006.
Revenues were $0 for the second quarter of 2006 and for the same period in 2005. Net income for the second quarter of 2006 was $75,387, compared to a net loss of $142,258 for the same period in 2005. Basic net income per share for the second quarter of 2006 was $0.01, compared to a basic net loss per share for the second quarter of 2005 of $0.01.
Revenues were $100,000 for the first six months of 2006 and for the same period in 2005. Net income for the first six months of 2006 was $176,198, compared to a net loss of $101,569 for the same period in 2004. Basic net income per share for the first six months of 2006 was $0.01, compared to basic net loss per share for the same period in 2005 of $0.01.
As of June 30, 2006, 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.
CADUS CORPORATION Condensed Consolidated Balance Sheets ASSETS June 30, December 31, 2006 2005 (Unaudited) (Audited) Current assets: Cash and cash equivalents $24,249,437 $24,044,619 Prepaid and other current assets 26,630 8,170 Investment in marketable securities 227,822 273,999 Total current assets 24,503,889 24,326,788 Investment in other ventures 166,774 161,406 Other assets, net 680,484 723,700 Total assets $25,351,147 $25,211,894 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $36,522 $27,290 Total current liabilities 36,522 27,290 Commitments Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit ( 33,453,956) ( 33,630,154) Accumulated other comprehensive (loss) income ( 908,556) ( 862,379) Treasury stock ( 300,075) ( 300,075) Total stockholders’ equity 25,314,625 25,184,604 Total liabilities and stockholders’ equity $25,351,147 $25,211,894 CADUS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, 2006 2005 License and maintenance fees $ - $ - Total revenues - - Costs and expenses: General and administrative expenses 219,704 313,599 (Gain) loss from equity in other ventures ( 2,999) 1,308 Total costs and expenses 216,705 314,907 Operating loss ( 216,705) ( 314,907) Other income: Interest income 292,092 172,649 Income (loss) before income taxes 75,387 ( 142,258) Income taxes - - Net income (loss) $ 75,387 ($142,258) Basic and diluted income (loss) per weighted average share of common stock outstanding $0.01 ($ 0.01) Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040 CADUS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Six Months Ended June 30, 2006 2005 License and maintenance fees $100,000 $100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 480,906 516,443 (Gain) loss from equity in other ventures ( 5,368) 209 Total costs and expenses 475,538 516,652 Operating loss ( 375,538) ( 416,652) Other income: Interest income 551,736 315,083 Income (loss) before income taxes 176,198 ( 101,569) Income taxes - - Net income (loss) $176,198 ($101,569) Basic and diluted income (loss) per weighted average share of common stock outstanding $ 0.01 ($ 0.01) Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040
Cadus Corporation
CONTACT: David Sassoon, +1-212-380-1379, for Cadus Corporation
