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Cadus Reports Third Quarter 2012 Results
Submitted by admin on 11/15/2012 @ 10:33 AM
Companies mentioned in this article:
Cadus
NEW YORK, NY -- (Marketwire) -- 11/15/12 -- Cadus Corporation (OTCQB: KDUS) announced yesterday its financial results for the third quarter ended September 30, 2012.
Revenues for the three months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the three months ended September 30, 2012 increased to $211,032, compared to a net loss of $146,895 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $127,315, an increase in interest income of $102 and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the three months ended September 30, 2012 was $0.02, compared to basic net loss per share for same period in 2011 of $0.01.
Revenues for the nine months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the nine months ended September 30, 2012 increased to $522,149, compared to a net loss of $394,213 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $189,970, a decrease in interest income of $1,045, and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the nine months ended September 30, 2012 was $0.04, compared to basic net loss per share for the same period in 2011 of $0.03.
As of September 30, 2012, 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, 2011. These include risks and uncertainties relating to the company's ability to license its technologies to third parties, the company's ability to acquire and operate other companies, 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
September 30, December 31,
2012 2011
------------- -------------
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 22,990,674 $ 23,376,400
Interest receivable 248 190
Prepaid and other current assets 35,438 7,090
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Total current assets 23,026,360 23,383,680
Investment in other ventures 193,798 194,025
Patents, net 140,277 205,102
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Total assets $ 23,360,435 $ 23,782,807
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current liabilities $ 107,611 $ 7,834
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Total current liabilities 107,611 7,834
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Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (36,427,401) (35,905,252)
Treasury stock - at cost (300,075) (300,075)
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Total stockholders' equity 23,252,824 23,774,973
------------- -------------
Total liabilities and stockholders' equity $ 23,360,435 $ 23,782,807
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CADUS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
----------------------------
2012 2011
------------- -------------
(Unaudited) (Unaudited)
License and maintenance fees $ -- $ --
------------- -------------
Total revenues -- --
------------- -------------
Costs and expenses:
General and administrative expenses 190,137 62,822
Amortization of patent costs 21,609 21,608
Abandoned asset acquisition costs -- 63,091
Loss from equity in other ventures 5 (9)
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Total costs and expenses 211,751 147,512
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Operating loss (211,751) (147,512)
Other income:
Interest income 719 617
------------- -------------
Loss before provision for income taxes (211,032) (146,895)
Provision for income taxes -- --
------------- -------------
Net loss $ (211,032) $ (146,895)
============= =============
Basic and diluted loss 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
Nine Months Ended
September 30,
----------------------------
2012 2011
------------- -------------
(Unaudited) (Unaudited)
License and maintenance fees $ -- $ --
------------- -------------
Total revenues -- --
------------- -------------
Costs and expenses:
General and administrative expenses 459,067 269,097
Amortization of patent costs 64,825 64,825
Abandoned asset acquisition costs -- 63,091
Loss from equity in other ventures 226 214
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Total costs and expenses 524,118 397,227
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Operating loss (524,118) (397,227)
Other income:
Interest income 1,969 3,014
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Loss before provision for income taxes (522,149) (394,213)
Provision for income taxes -- --
------------- -------------
Net loss $ (522,149) $ (394,213)
============= =============
Basic and diluted (loss) per weighted average
share of common stock outstanding $ (0.04) $ (0.03)
============= =============
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
============= =============
Contact:
Contact:
David Blitz
(212) 575-7800