NEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the first quarter ended March 31, 2006.
Revenues for the first quarter of 2006 were $100,000, compared to $100,000 for the same period in 2005. Net income for the first quarter of 2006 was $100,811, compared to net income of $40,689 for the same period in 2005. This increase can be attributed primarily to an increase in interest income, offset by an increase in general and administrative expenses, primarily patent maintenance expenses. Basic net income per share for the first quarter of 2006 was $0.01, compared to basic net income per share for the first quarter of 2005 of $0.00. Revenues for the first quarter of 2006 and 2005 consisted solely of a licensing fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus’s yeast technologies.
As of March 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 prospectus dated July 17, 1996 or detailed from time to time in filings that the company makes with the Securities and Exchange Commission. These include risks and uncertainties relating to the company’s ability to license its technologies to third parties, technological uncertainties regarding the company’s technology, rapid technological change that may result in the company’s technologies becoming obsolete, an intensely competitive market, intellectual property rights and general economic conditions.
CADUS CORPORATION Condensed Consolidated Balance Sheets ASSETS March 31, December 31, 2006 2005 (Unaudited) (Audited) Current Assets Cash and cash equivalents $24,221,644 $24,044,619 Prepaid and other current assets 21,964 8,170 Investment in marketable securities 310,263 273,999 Total current assets 24,553,871 24,326,788 Investment in other ventures 163,775 161,406 Other assets, net 702,092 723,700 Total assets $25,419,738 $25,211,894 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities $98,059 $27,290 Total current liabilities 98,059 27,290 Stockholders’ equity Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,529,343) (33,630,154) Accumulated other comprehensive (loss) income (826,115) (862,379) Treasury stock (300,075) (300,075) Total stockholders’ equity 25,321,679 25,184,604 Total liabilities and stockholders’ equity $25,419,738 $25,211,894 CADUS CORPORATION Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2006 2005 License and maintenance fees $100,000 $100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 261,202 202,844 (Gain) from equity in other ventures (2,369) (1,099) Total costs and expenses 258,833 201,745 Operating loss (158,833) (101,745) Other income: Interest income 259,644 142,434 Income before income taxes 100,811 40,689 Income taxes -- -- Net income $100,811 $40,689 Basic and diluted net income per weighted average share of common stock outstanding $0.01 $0.00 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040
Cadus Corporation
CONTACT: David Sassoon, +1-212-380-1379, for Cadus Corporation
