NEW YORK, Nov. 16 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the third quarter ended September 30, 2009.
Revenues were $0 for the third quarter of 2009 and for the same period in 2008. Net income for the third quarter of 2009 was $18,251, compared to a net loss of $110,944 for the same period in 2008. Basic net income per share was $0.00 for the third quarter of 2009, compared to basic net loss per share of $0.01 for the same period in 2008.
Revenues were $100,000 for the first nine months of 2009 and for the same period in 2008. Net loss for the first nine months of 2009 was $157,651, compared to a net loss of $266,145 for the same period in 2008. Basic net loss per share for the first nine months of 2009 was $0.01, compared to a basic net loss per share of $0.02 for the same period in 2008.
As of October 31, 2009, 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, 2008. 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
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September 30, December 31,
2009 2008
------------ ------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $23,123,222 $19,236,212
Short term investments 1,053,467 5,048,775
Interest receivable 4,706 13,116
Prepaid and other current assets 42,654 14,090
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24,224,049 24,312,193
Total current assets
194,190 193,718
Investment in other ventures
Patents, net 399,576 464,401
------------ ------------
Total assets $24,817,815 $24,970,312
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accrued expenses and other current
liabilities $20,209 $15,055
----------- -----------
Total current liabilities 20,209 15,055
----------- -----------
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (34,882,619) (34,724,968)
Treasury stock - at cost (300,075) (300,075)
----------- -----------
Total stockholders' equity 24,797,606 24,955,257
----------- -----------
Total liabilities and
stockholders' equity $24,817,815 $24,970,312
=========== ===========
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
-------------
2009 2008
---- ----
License and maintenance fees $-- $--
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Total revenues -- --
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Costs and expenses:
General and administrative expenses 110,646 118,421
Amortization of patent costs 21,608 21,608
(Income) from equity in other ventures (144) (1,753)
---------- ----------
Total costs and expenses 132,110 138,276
---------- ----------
Operating loss (132,110) (138,276)
Other income:
Interest income 14,177 161,180
Gain (loss) on redemption of securities 136,184 (36,687)
Investment reduction to net asset value - (97,161)
---------- ----------
Income (loss) before provision for income taxes 18,251 (110,944)
Provision for income taxes -- --
---------- ----------
Net income (loss) $18,251 ($110,944)
========== ==========
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,
-------------
2009 2008
---- ----
License and maintenance fees $100,000 $100,000
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Total revenues 100,000 100,000
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Costs and expenses:
General and administrative expenses 416,266 464,574
Amortization of patent costs 64,825 64,825
(Income) from equity in other ventures (472) (5,831)
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Total costs and expenses 480,619 523,568
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Operating loss (380,619) (423,568)
Other income:
Interest income 65,440 569,710
Gain (loss) on redemption of securities 157,528 (33,562)
Investment reduction to net asset value -- (377,067)
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Loss before provision for income taxes (157,651) (264,487)
Provision for income taxes -- 1,658
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Net (loss) ($157,651) ($266,145)
========== ==========
Basic and diluted (loss) per weighted
average share of common stock outstanding ($0.01) ($0.02)
========== ==========
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
========== ==========
SOURCE Cadus Corporation
