AndhraNews.net
Home » Business News » 2013 » May » May 13, 2013

Cadus Reports First Quarter 2013 Results


May 13, 2013 - NEW YORK, NY

Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2013.

There were no revenues for the first quarter of 2013 and for the first quarter of 2012. Net loss for the first quarter of 2013 decreased to $139,555, compared to a net loss of $155,485 for the same period in 2012. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $16,161, offset by a decrease in interest income of $98 and a decrease in income from other ventures of $133. Basic net loss per share for the first quarter of 2013 was $0.01, compared to basic net loss per share for the first quarter of 2012 of $0.01.

As of March 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, 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

March 31, December 31,
2013 2012
------------- -------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 22,469,263 $ 22,676,668
Interest receivable 189 330
Prepaid and other current assets 17,106 6,040
------------- -------------

Total current assets 22,486,558 22,683,038

Investment in other ventures 193,685 193,812
Patents, net 97,061 118,669
------------- -------------
Total assets $ 22,777,304 $ 22,995,519
============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accrued expenses and other current
liabilities $ 12,357 $ 91,017
------------- -------------
Total current liabilities 12,357 91,017
------------- -------------

Commitments

Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (36,915,278) (36,775,723)
Treasury stock - at cost (300,075) (300,075)
------------- -------------
Total stockholders' equity 22,764,947 22,904,502
------------- -------------
Total liabilities and stockholders' equity $ 22,777,304 $ 22,995,519
============= =============



CADUS CORPORATION
Condensed Consolidated Statements of Operations

Three Months Ended
March 31,
----------------------------
2013 2012
------------- -------------
(Unaudited) (Unaudited)
License and maintenance fees $ -0- $ -0-
------------- -------------
Total revenues -0- -0-
------------- -------------
Costs and expenses:
General and administrative expenses 118,377 134,538
Amortization of patent costs 21,608 21,608
Loss (income) from equity in other ventures 126 (7)
------------- -------------
Total costs and expenses 140,111 156,139
------------- -------------
Operating loss (140,111) (156,139)
Other income:
Interest income 556 654
------------- -------------
Loss before provision for income taxes (139,555) (155,485)
Provision for income taxes - -
------------- -------------
Net loss $ (139,555) $ (155,485)
============= =============
Basic and diluted (loss) per weighted average
share of common stock outstanding $ (0.01) $ (0.01)
============= =============
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
============= =============

David Blitz
212-575-7800

MarketWire

Comment on this story

Share