LOS GATOS, Calif., Nov. 9, 2011 /PRNewswire/ -- CoSine Communications, Inc. (Pink Sheets: COSN), today announced net loss of $182,000 or $(0.02) loss per share for the quarter ended September 30, 2011 as compared to net loss of $208,000 or $(0.02) per share for the quarter ended September 30, 2010.
About CoSine Communications
CoSine's strategic plan is to redeploy its existing resources to identify and acquire, or invest in, one or more operating businesses with the potential for generating taxable income and/or capital gains. This strategy may allow CoSine to realize future cash flow benefits from its net operating loss carry-forwards ("NOLs"). No assurance can be given that CoSine will be able to utilize its existing NOLs.
CoSine's Certificate of Incorporation limits the ability of any group or person to acquire 5% or more of CoSine's common stock (subject to certain exceptions as provided in the Certificate of Incorporation) in order to protect CoSine's ability to utilize its NOLs and renders inapplicable to CoSine the limitations of Section 203 of the Delaware General Corporation Law.
On March 16, 2011 the Company filed a Form 15 with the Securities and Exchange Commission deregistering its common stock and suspending its reporting obligations under the Securities Exchange Act of 1934, as amended. CoSine presently intends to continue to make available its periodic financial information.
CoSine's common stock is currently traded in the Pink Sheets under the symbol COSN.PK and its website is www.cosinecom.com
For additional information contact:
Terry Gibson
(408) 399-6494
E-mail: Terry.Gibson@Cosinecom.com
CoSine Communications, Inc. UNAUDITED STATEMENTS OF OPERATIONS (in thousands, except per share data) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
(Unaudited) | (Unaudited) | |||||||
2011 | 2010 | 2011 | 2010 | |||||
Revenue: | - | - | - | - | ||||
Operating expenses: | ||||||||
General and administrative | 183 | 231 | 824 | 757 | ||||
Loss from operations | (183) | (231) | (824) | (757) | ||||
Interest and other income | 1 | 23 | 11 | 36 | ||||
Loss before provision for income taxes | (182) | (208) | (813) | (721) | ||||
Income tax provision | - | - | 1 | 1 | ||||
Net loss | $ (182) | $ (208) | $ (814) | $ (722) | ||||
Basic and diluted earnings per share | $ (0.02) | $ (0.02) | $ (0.08) | $ (0.07) | ||||
Weighted average common shares outstanding | 10,113 | 10,091 | 10,113 | 10,091 | ||||
CoSine Communications, Inc. BALANCE SHEETS (In thousands) | ||||||
September 30, | December 31, | |||||
2011 | 2010 | |||||
(Unaudited) | ||||||
ASSETS: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 20,883 | $ 21,640 | ||||
Interest receivable | - | 2 | ||||
Prepaid expenses and other current assets | 35 | 28 | ||||
Total current assets | 20,918 | 21,670 | ||||
Long-term deposits | 3 | 3 | ||||
Total assets | $ 20,921 | $ 21,673 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ 180 | $ 189 | ||||
Accrued expenses | - | 35 | ||||
Total current liabilities | 180 | 224 | ||||
Shareholders' equity: | ||||||
Common stock | 1 | 1 | ||||
Additional paid-in capital | 539,207 | 539,101 | ||||
Accumulated other comprehensive income | - | - | ||||
Accumulated deficit | (518,467) | (517,653) | ||||
20,741 | 21,449 | |||||
Total liabilities and shareholders' equity | $ 20,921 | $ 21,673 | ||||
SOURCE CoSine Communications, Inc.
