SPDE NEWS:
SPEEDUS.COM Announces Fourth Quarter and Fiscal 1998 Results
NEW YORK, March 25 /PRNewswire/ -- SPEEDUS.COM, Inc. (Nasdaq: SPDE - news) today announced net earnings for the year ended December 31, 1998 of $11 million, or $0.57 per share on a fully diluted basis, compared to a net loss for the year ended December 31, 1997 of $15 million, or $(0.95) per share.
The 1998 net earnings are a result of a net gain on the Company's assignment of spectrum licensed by the Federal Communications Commission in November 1998 in the amount of $28 million.
Selling, general and administrative expenses decreased $3.6 million to $9.7 million in 1998 from $13.3 million in 1997 primarily attributable to cost cutting efforts undertaken by the Company and personnel reductions. The Company's operating loss for the 1998 year decreased to $14.4 million compared to $15 million in 1997.
SPEEDUS.COM, Inc. is a facilities based provider of Internet Broadband Broadcast services in Metro New York, the world's largest telecommunications market. The Company's FCC license allows, among other things, the broadcast of its super high SPEED Internet service in the New York Metropolitan area with a population of 8.6 million people. SPEEDUS.COM also provides standard direct dial-up and ISDN service with web hosting and e-mail value-added Internet services.
For additional information on the Company and its services, please visit the Company's website at speedus.com
Statements contained herein that are not historical facts, including but not limited to statements about the Company's product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company's sales, marketing and support efforts.
All rights reserved. SPEEDUS.COM(SM) and SPEED(SM) are service marks of SPEEDUS.COM, Inc.
SPEEDUS.COM, Inc.
Quarter ended Year ended
December 31, December 31,
1998 1997 1998 1997
(in thousands, except per share data)
Operating loss $(3,131) $(3,851) $(14,426) $(15,061)
Gain on assignment
of spectrum $28,066 $ -- $28,066 $ --
Net earnings/(loss) $23,993 $(4,042) $10,973 $(15,263)
Per common share:
Basic earnings/(loss) $1.38 $(0.25) $0.59 $(0.95)
Weighted average
outstanding 17,129,810 16,000,000 16,551,417 16,000,000
Diluted earnings/(loss) $1.36 $(0.25) $0.57 $(0.95)
Weighted average
outstanding 18,157,476 16,000,000 17,612,443 16,000,000
SOURCE: SPEEDUS.COM, Inc.
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