NEW YORK,
Revenues for the full year 2007 were
Revenues for the fourth quarter of 2007 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
(Tables Follow) Cadus Corporation and Subsidiary Consolidated Balance Sheets ASSETS December 31, December 31, 2007 2006 Current assets: Cash and cash equivalents $2,444,376 $24,602,202 Short term investments 22,960,545 - Interest receivable 102,518 - Prepaid and other current assets 1,150 5,210 Investment in marketable securities - 628,585 Total current assets 25,508,589 25,235,997 Investment in other ventures 186,790 173,427 Patents, net 550,834 637,267 Total assets $26,246,213 $26,046,691 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued expenses and other current liabilities $22,352 $61,307 Total current liabilities 22,352 61,307 Commitments and contingencies Stockholders' equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,149 59,844,355 Accumulated deficit (33,456,070) (33,183,960) Accumulated other comprehensive (loss) income - (507,793) Treasury stock (300,075) (300,075) Total stockholders' equity 26,223,861 25,985,384 Total liabilities stockholder's equity $26,246,213 $26,046,691 Cadus Corporation and Subsidiary Condensed Consolidated Statements of Operations Three Months Ended December 31, Year Ended (unaudited) December 31, 2007 2006 2007 2006 License and maintenance fees $ -- $ -- $100,000 $100,000 Total revenues -- -- 100,000 100,000 Costs and expenses: General and administrative expenses 92,739 170,986 557,938 709,451 Amortization of patent costs 21,609 21,609 86,433 86,433 (Income) from equity in other ventures (3,374) (3,353) (13,363) (12,021) Total costs and expenses 110,974 189,242 631,008 783,863 Operating (loss) (110,974) (189,242) (531,008) (683,863) Other income (expense): Interest income 322,517 325,154 1,312,283 1,196,308 Loss on sale of marketable securities -- -- (668,246) -- Investment reduction to net asset value (320,362) -- (320,362) -- Total other income 2,155 325,154 323,675 1,196,308 (Loss) income before income tax provision (108,819) 135,912 (207,333) 512,445 Provision for franchise and income taxes 64,009 66,251 64,777 66,251 Net (loss) income $(172,828) $69,661 $(272,110) $446,194 Basic and diluted net (loss) income per share $(0.02) $0.01 $(0.02) $0.03 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040 13,144,040 13,144,040
SOURCE Cadus Corporation