NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Cadus Corporation (BULLETIN BOARD: KDUS.OB) announced today financial results for the third quarter ended September 30, 2006.
Revenues were $0 for the third quarter of 2006 and for the same period in 2005. Net income for the third quarter of 2006 was $200,335, compared to net income of $14,856 for the same period in 2005. Basic net income per share for the third quarter of 2006 was $0.02, compared to basic net income per share for the third quarter of 2005 of $0.00.
Revenues were $100,000 for the first nine months of 2006 and for the same period in 2005. Net income for the first nine months of 2006 was $376,533, compared to a net loss of $86,713 for the same period in 2005. Basic net income per share for the first nine months of 2006 was $0.03, compared to basic net loss per share for the same period in 2005 of $0.01.
As of October 31, 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 annual report on Form 10-K for the year ended December 31, 2005. 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
September 30, December 31,
2006 2005
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $24,466,024 $24,044,619
Prepaid and other current assets 39,420 8,170
Investment in marketable securities 287,430 273,999
Total current assets 24,792,874 24,326,788
Investment in other ventures 170,074 161,406
Other assets, net 658,876 723,700
Total assets $25,621,824 $25,211,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current
liabilities $47,256 $27,290
Total current liabilities 47,256 27,290
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,844,355 59,844,355
Accumulated deficit (33,253,621) (33,630,154)
Accumulated other comprehensive (loss)
income (848,948) (862,379)
Treasury stock (300,075) (300,075)
Total stockholders' equity 25,574,568 25,184,604
Total liabilities and stockholder's
equity $25,621,824 $25,211,894
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
2006 2005
(Unaudited) (Unaudited)
License and maintenance fees $ - $ -
Total revenues - -
Costs and expenses:
General and administrative expenses 122,383 188,676
(Gain) from equity in other ventures (3,300) (1,840)
Total costs and expenses 119,083 186,836
Operating loss (119,083) (186,836)
Other income:
Interest income 319,418 201,692
Income before income taxes 200,335 14,856
Income taxes - -
Net income $200,335 $14,856
Basic and diluted income per weighted
average share of common stock outstanding $0.02 $0.00
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,
2006 2005
License and maintenance fees $100,000 $100,000
Total revenues 100,000 100,000
Costs and expenses:
General and administrative expenses 603,289 705,119
(Gain) from equity in other ventures (8,668) (1,631)
Total costs and expenses 594,621 703,488
Operating loss (494,621) (603,488)
Other income:
Interest income 871,154 516,775
Income (loss) before income taxes 376,533 (86,713)
Income taxes - -
Net income (loss) $376,533 ($86,713)
Basic and diluted income (loss) 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
