Cadus Reports Fourth Quarter And 2002 Results
Monday March 31, 1:39 pm ET
NEW YORK, March 31 /PRNewswire-FirstCall/ -- Cadus Pharmaceutical Corporation (OTC Bulletin Board: KDUS.OB - News) announced today financial results for the fourth quarter and full year ended December 31, 2002.
Revenues for the fourth quarter of 2002 were $1,000,000, compared to $500,000 for the same period in 2001. Net income for the fourth quarter of 2002 was $864,886, compared to a net loss of $448,566 for the same period in 2001. Basic and diluted net income per share for the fourth quarter of 2002 was $0.07, compared to basic and diluted net loss per share for the fourth quarter of 2001 of $0.03.
Revenues for the full year 2002 were $1,100,000, compared to $600,000 for the full year 2001. Net income for the full year 2002 was $1,315,705, compared to a net loss of $316,852 for the full year 2001. Basic and diluted net income per share for the full year 2002 was $0.10, compared to a basic and diluted net loss per share for the full year 2001 of $0.02. The net income and basic and diluted net income per share for the full year 2002 were principally attributable to a $500,000 increase in license fees, a decrease in general and administrative expenses of $194,000 and a realized gain on marketable securities of $823,000 offset by a decrease in interest income of $502,000.
As of December 31, 2002, 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 Pharmaceutical Corporation and Subsidiary
Consolidated Balance Sheets
December 31, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $24,923,071 $24,469,357
License fee receivable - 500,000
Prepaid and other current assets 79,053 75,000
Investment in marketable
securities-restricted 794,603 -
Total current assets 25,796,727 25,044,357
Investments in other ventures 164,922 165,614
Other assets, net 908,841 990,622
Total assets $26,870,490 $26,200,593
Liabilities and Stockholders' Equity
Current liabilities:
Accrued expenses and other current
liabilities 227,810 95,032
Arbitration settlement - 750,000
Deferred gain on exchange of equity
interest 184,833 -
Total current liabilities 412,643 845,032
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,844,355 59,844,355
Accumulated deficit (33,005,871) (34,321,576)
Accumulated other comprehensive loss (213,419)
Treasury stock (300,075) (300,075)
Total stockholders' equity 26,457,847 25,355,561
Total liabilities and
stockholders' equity $26,870,490 $26,200,593
Cadus Pharmaceutical Corporation and Subsidiary
Condensed Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
2002 2001 2002 2001
License and maintenance
fees $1,000,000 $500,000 $1,100,000 $600,000
Total revenues 1,000,000 500,000 1,100,000 600,000
Costs and expenses:
General and administrative 152,325 267,067 885,406 1,079,614
(Gain) loss in equity in
other ventures (600) 719 692 (3,086)
Total costs and
expenses 151,725 267,786 886,098 1,076,528
Operating gain (loss) 848,275 232,214 213,902 (476,528)
Other income (expenses):
Interest income 73,611 122,799 335,614 837,639
Gain on reversal of
litigation judgment, net
of legal fees - - - 125,616
Arbitration settlement - (750,000) - (750,000)
Realized gain on
marketable securities - (750,000) 823,189 -
Total other income,
net 73,611 (627,201) 1,158,803 213,255
Income (loss) before
income tax provision 921,886 (394,987) 1,372,705 (263,273)
State tax provision 57,000 53,579 57,000 53,579
Net income (loss) $864,886 $(448,566) $1,315,705 $(316,852)
Basic and diluted net
income (loss) per share $0.07 $(0.03) $0.10 $(0.02)
Weighted average shares of
common stock outstanding
- basic and diluted 13,144,040 13,144,040 13,144,040 13,144,040
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Source: Cadus Pharmaceutical Corporation |
