NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the third quarter ended September 30, 2005.
Revenues were $0 for the third quarter of 2005 and for the same period in 2004. Net income for the third quarter of 2005 was $14,856, compared to a net loss of $117,023 for the same period in 2004. Basic net income per share for the third quarter of 2005 was $0.00, compared to basic net loss per share for the third quarter of 2004 of $0.01.
Revenues were $100,000 for the first nine months of 2005 and for the same period in 2004. Net loss for the first nine months of 2005 was $86,713, compared to a net loss of $334,190 for the same period in 2004. Basic net loss per share for the first nine months of 2005 was $0.01, compared to basic net loss per share for the same period in 2004 of $0.03.
As of October 31, 2005, 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 September 30, December 31, 2005 2004 (Unaudited) (Audited) Current assets: Cash and cash equivalents $23,968,513 $24,045,800 Prepaid and other current assets 40,140 15,550 Investment in marketable securities 386,821 580,232 Total current assets 24,395,474 24,641,582 Investment in other ventures 159,268 157,637 Other assets, net 745,308 747,029 Total assets $25,300,050 $25,546,248 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $48,253 $14,327 Total current liabilities 48,253 14,327 Commitments Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,675,783) (33,589,070) Accumulated other comprehensive (loss) (749,557) (556,146) Treasury stock (300,075) (300,075) Total stockholders’ equity 25,251,797 25,531,921 Total liabilities and stockholder’s equity $25,300,050 $25,546,248 CADUS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, 2005 2004 (Unaudited) (Unaudited) License and maintenance fees $ - $ - Total revenues - - Costs and expenses: General and administrative expenses 188,676 231,674 (Gain) from equity in other ventures (1,840) (615) Total costs and expenses 186,836 231,059 Operating loss (186,836) (231,059) Other income: Interest income 201,692 71,296 Refund of prior year franchise tax - 42,740 Income (loss) before income taxes 14,856 (117,023) Income taxes - - Net income (loss) $14,856 ($117,023) Basic and diluted income (loss) per weighted average share of common stock outstanding $0.00 ($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) Nine Months Ended September 30, 2005 2004 License and maintenance fees $100,000 $100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 705,119 616,113 (Gain) loss from equity in other ventures (1,631) 2,555 Total costs and expenses 703,488 618,668 Operating loss (603,488) (518,668) Other income: Interest income 516,775 141,738 Refund of prior year franchise tax - 42,740 (Loss) before income taxes (86,713) (334,190) Income taxes - - Net (loss) ($86,713) ($334,190) Basic and diluted (loss) per weighted average share of common stock outstanding ($0.01) ($0.03) 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