NEW YORK, Aug. 10 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the second quarter ended June 30, 2007.
Revenues were $0 for the second quarter of 2007 and for the same period in 2006. Net income for the second quarter of 2007 was $218,960, compared to net income of $75,387 for the same period in 2006. Basic net income per share for the second quarter of 2007 was $0.02, compared to basic net income per share for the second quarter of 2006 of $0.01.
Revenues were $100,000 for the first six months of 2007 and for the same period in 2006. Net loss for the first six months of 2007 was $339,509, compared to net income of $176,198 for the same period in 2006. Basic net loss per share for the first six months of 2007 was $0.03, compared to basic net income per share for the same period in 2006 of $0.01.
As of June 30, 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, 2006. 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.
CADUS CORPORATION Condensed Consolidated Balance Sheets ASSETS June 30, December 31, 2007 2006 (Unaudited) (Audited) Current assets: Cash and cash equivalents $25,416,794 $24,602,202 Prepaid and other current assets 33,359 5,210 Investment in marketable securities - 628,585 Total current assets 24,450,153 25,235,997 Investment in other venture 179,497 173,427 Patents, net 594,051 637,267 Total assets $26,223,701 $$26,046,691 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $70,033 $61,307 Total current liabilities 70,033 61,307 Commitments Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,523,469) (33,183,960) Accumulated other comprehensive (loss) income - (507,793) Treasury stock (300,075) (300,075) Total stockholders’ equity 25,153,668 25,985,384 Total liabilities and stockholders’ equity $26,223,701 $26,046,691 CADUS CORPORATION Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30, 2007 2006 License and maintenance fees $- $- Total revenues - - Costs and expenses: General and administrative expenses 112,116 219,704 (Income) from equity in other venture (2,849) (2,999) Total costs and expenses 109,267 216,705 Operating loss (109,267) (216,705) Other income: Interest income 328,995 292,092 Income before provision for income taxes 219,728 75,387 Provision for income taxes 768 - Net income $218,960 $75,387 Basic and diluted income per weighted average share of common stock outstanding $0.02 $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, 2007 2006 License and maintenance fees $100,000 $100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 426,207 480,906 (Income) from equity in other venture (6,070) (5,368) Total costs and expenses 420,137 475,538 Operating loss (320,137) (375,538) Other income: Interest income 649,642 551,736 Loss on sale of marketable securities (668,246) - (Loss) income before provision for income taxes (338,741) 176,198 Provision for income taxes 768 - Net (loss) income ($339,509) $176,198 Basic and diluted net (loss) income per weighted average share of common stock outstanding ($0.03) $0.01 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040
Cadus Corporation
CONTACT: David Sassoon for Cadus Corporation, +1-917-749-6115
