Revenues were $0 for the third quarter of 2007 and for the same period in2006. Net income for the third quarter of 2007 was $240,227, compared to netincome of $200,335 for the same period in 2006. Basic net income per sharewas $0.02 for the third quarter of 2007 and for the same period in 2006.
Advertisement
Revenues were $100,000 for the first nine months of 2007 and for the sameperiod in 2006. Net loss for the first nine months of 2007 was $99,282,compared to net income of $376,533 for the same period in 2006. Basic netloss per share for the first nine months of 2007 was $0.01, compared to basicnet income per share for the same period in 2006 of $0.03.
Advertisement
As of October 31, 2007, Cadus had 13,144,040 shares outstanding.
This press release may contain forward-looking statements that involve anumber of risks and uncertainties. Important factors that could cause actualresults to differ materially from those indicated by such forward-lookingstatements are set forth in the company's annual report on Form 10-K for theyear ended December 31, 2006. These include risks and uncertainties relatingto the company's ability to license its technologies to third parties, thecompany's capital needs and uncertainty of future funding, the company'shistory of operating losses, the unpredictability of patent protection and therisk of obsolescence of the company's technologies.CADUS CORPORATION Condensed Consolidated Balance Sheets ASSETS September 30, December 31, 2007 2006 (Unaudited) (Audited) Current assets: Cash and cash equivalents $25,686,189 $24,602,202 Prepaid and other current assets 46,459 5,210 Investment in marketable securities -- 628,585 Total current assets 25,732,648 25,235,997 Investment in other ventures 183,416 173,427 Patents, net 572,443 637,267 Total assets $26,488,507 $26,046,691 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued expenses and other current liabilities $94,612 $61,307 Total current liabilities 94,612 61,307 Commitments Stockholders' equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,283,242) (33,183,960) Accumulated other comprehensive (loss) income -- (507,793) Treasury stock (300,075) (300,075) Total stockholders' equity 26,393,895 25,985,384 Total liabilities and stockholder's equity $26,488,507 $26,046,691 CADUS CORPORATION Condensed Consolidated Statements of Income (Unaudited) Three Months Ended September 30, 2007 2006 License and maintenance fees $- $- Total revenues - - Costs and expenses: General and administr
