SOURCE: Cadus

November 05, 2013 15:10 ET

Cadus Reports Third Quarter 2013 Results

NEW YORK, NY--(Marketwired - Nov 5, 2013) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the third quarter ended September 30, 2013.

Revenues were $0 for the third quarter of 2013 and for the same period in 2012. Net loss for the third quarter of 2013 was $72,397, compared to a net loss of $211,032 for the same period in 2012. Basic net loss per share was $0.01 for the third quarter of 2013, compared to a basic net loss per share of $0.02 for the same period in 2012. 

Revenues were $0 for the first nine months of 2013 and for the same period in 2012. Net loss for the first nine months of 2013 was $315,326, compared to a net loss of $522,149 for the same period in 2012. Basic net loss per share for the first nine months of 2013 was $0.02, compared to a basic net loss per share of $0.04 for the same period in 2012. 

As of October 31, 2013, 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, 2012. 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 or assets, 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.

(Tables Follow)

 
CADUS CORPORATION
Condensed Consolidated Balance Sheets
 
ASSETS  
             
    September 30,
2013
    December 31,
2012
 
    (Unaudited)     (Audited)  
Current assets:                
  Cash and cash equivalents   $ 22,323,333     $ 22,676,668  
  Interest receivable     182       330  
  Prepaid and other current assets     27,606       6,040  
    Total current assets     22,351,121       22,683,038  
                 
Investment in other ventures     193,444       193,812  
Patents, net     53,845       118,669  
      Total assets   $ 22,598,410     $ 22,995,519  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY  
                 
Current liabilities:                
  Accrued expenses and other current liabilities   $ 9,234     $ 91,017  
  Total current liabilities     9,234       91,017  
                 
Commitments                
                 
Stockholders' equity:                
  Common stock     132,857       132,857  
  Additional paid-in capital     59,847,443       59,847,443  
  Accumulated deficit     (37,091,049 )     (36,775,723 )
  Treasury stock - at cost     (300,075 )     (300,075 )
    Total stockholders' equity     22,589,176       22,904,502  
    Total liabilities and stockholders' equity   $ 22,598,410     $ 22,995,519  
                 
                 
 
CADUS CORPORATION
Condensed Consolidated Statements of Income
 
(Unaudited)
    Three Months Ended
September 30,
 
    2013     2012  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
                 
Costs and expenses:                
  General and administrative expenses     51,351       190,137  
  Amortization of patent costs     21,609       21,609  
  (Income) loss from equity in other ventures     (7 )     5  
    Total costs and expenses     72,953       211,751  
                 
Operating loss     (72,953 )     (211,751 )
                 
Other income:                
  Interest income     556       719  
                 
Loss before provision for income taxes     (72,397 )     (211,032 )
                 
Provision for income taxes     --       --  
                 
    Net loss   $ (72,397 )   $ (211,032 )
                 
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  
                 
                 
 
CADUS CORPORATION
Condensed Consolidated Statements of Income
 
(Unaudited)
    Nine Months Ended
September 30,
 
    2013     2012  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
                 
Costs and expenses:                
  General and administrative expenses     251,976       459,067  
  Amortization of patent costs     64,825       64,825  
  Loss from equity in other ventures     367       226  
    Total costs and expenses     317,168       524,118  
                 
Operating loss     (317,168 )     (524,118 )
                 
Other income:                
  Interest income     1,842       1,969  
                 
Loss before provision for income taxes     (315,326 )     (522,149 )
                 
Provision for income taxes     --       --  
                 
    Net loss   $ (315,326 )   $ (522,149 )
                 
Basic and diluted (loss) per weighted average share of common stock outstanding   $ (0.02 )   $ (0.04 )
                 
Weighted average shares of common stock outstanding - basic and diluted     13,144,040       13,144,040  
                 
                 

Contact Information

  • David Blitz
    212-575-7800