Kein excerpt im theme cover-wp

<div id="headline">
          <h3><?php _e('Headline','cover-wp') ?></h3>
          <?php query_posts("showposts=1"); $i = 1; ?>
          <?php if(have_posts()) : while(have_posts()) : the_post(); ?>
            <?php $words = 75;
              $content = get_the_excerpt();
              $excerpt = explode(' ',$content); ?>
            <h2><a href="<?php the_permalink(); ?>" rel="bookmark" title="<?php _e('Permanent Link to','cover-wp') ?> <?php the_title_attribute(); ?>"><?php the_title(); ?></a></h2>
            <div class="the_content">
              <?php
                $values = get_post_custom_values("Image");
                if(!$values) $values = get_post_custom_values("image");
                $catch = catch_that_image();
                if ( function_exists( 'has_post_thumbnail' ) && has_post_thumbnail() )
                {
                  $title = get_the_title();
                  the_post_thumbnail(array(230,165), array('alt' => $title));
                }
                  elseif($values)
                  { ?>
                    <img src="<?php echo bloginfo('template_url'); ?>/scripts/timthumb.php?src=<?php echo $values[0]; ?>&w=230&h=165&zc=1&q=100" alt="<?php the_title(); ?>" width="230" height="165" border="0" />
            <?php }
                    elseif($catch)
                    { ?>
                      <img src="<?php echo bloginfo('template_url'); ?>/scripts/timthumb.php?src=<?php echo $catch; ?>&w=230&h=165&zc=1&q=100" alt="<?php the_title(); ?>" width="230" height="165" border="0" />
              <?php }
                      else $words = $words + 55; ?>
              <p><?php for($i = 0; $i <= $words - 1; $i++) { echo $excerpt[$i]; echo ' '; } echo '…'; ?> <a href="<?php the_permalink() ?>"><?php _e('Read entire article','cover-wp') ?> &raquo;</a></p>
            </div><!-- /the_content -->
          <?php endwhile; ?>
            <?php wp_reset_query(); ?>
          <?php else: ?>
            <h2 class="center"><?php _e('No Entries Found','cover-wp') ?></h2>
            <p class="center"><?php _e('There are no entries in this blog.','cover-wp') ?></p>
          <?php endif; ?>
        </div><!-- /headline -->