Revenues were $0 for the second quarter of 2008 and for the same period in
2007. Net income for the second quarter of 2008 was
Revenues were
As of
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
CADUS CORPORATION Condensed Consolidated Balance Sheets ASSETS June 30, December 31, 2008 2007 (Unaudited) (Audited) Current assets: Cash and cash equivalents $13,536,436 $2,444,376 Short term investments 11,791,197 22,960,545 Interest receivable 31,394 102,518 Prepaid and other current assets 34,192 1,150 Total current assets 25,393,219 25,508,589 Investment in other ventures 190,868 186,790 Patents, net 507,617 550,834 Total assets $26,091,704 $26,246,213 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued expenses and other current liabilities $ 23,044 $22,352 Total current liabilities 23,044 22,352 Commitments Stockholders' equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,149 59,847,149 Accumulated deficit (33,611,271) (33,456,070) Treasury stock (300,075) (300,075) Total stockholders' equity 26,068,660 26,223,861 Total liabilities and stockholder's equity $26,091,704 $26,246,213 CADUS CORPORATION Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30, 2008 2007 License and maintenance fees $ -- $ -- Total revenues $ -- $ -- Costs and expenses: General and administrative expenses 100,877 90,507 Amortization of patent costs 21,609 21,609 (Income) from equity in other ventures (1,802) (2,849) Total costs and expenses 120,684 109,267 Operating loss (120,684) (109,267) Other income: Interest income 172,012 328,995 Gain on sale of securities 3,125 -- Income before provision for income taxes 54,453 219,728 Provision for income taxes 1,658 768 Net income $ 52,795 $218,960 Basic and diluted income per weighted average share of common stock outstanding $ -- $ 0.02 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, 2008 2007 License and maintenance fees $ 100,000 $ 100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 346,153 382,991 Amortization of patent costs 43,217 43,216 (Income) from equity in other ventures (4,078) (6,070) Total costs and expenses 385,292 420,137 Operating loss (285,292) (320,137) Other income: Interest income 408,530 649,642 Gain on sale of securities 3,125 -- Loss on write down of marketable securities -- (668,246) Investment reduction to net asset value (279,906) -- Loss before provision for income taxes (153,543) (338,741) Provision for income taxes 1,658 768 Net loss ($155,201) ($339,509) 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
SOURCE Cadus Corporation