CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2009
March 01 2010 - 5:03PM
PR Newswire (US)
LOS GATOS, Calif., March 1 /PRNewswire-FirstCall/ -- CoSine
Communications, Inc. (Pink Sheets: COSN), today announced net loss
of $597,000 or $(0.06) loss per share for the year ended December
31, 2009 as compared to net loss of $15,000 or $(0.00) per share
for the year ended December 31, 2008. Net loss for the quarter
ended December 31, 2009 was $152,000 or $(0.02) loss per share as
compared to net loss of $92,000 or $(0.01) per share for the
quarter ended December 31, 2008. CoSine also announced the
expansion of its strategic plan to include investing its resources
with the potential for capital gains. CoSine's expanded 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. About Cosine
Communications CoSine Communications was founded in 1998 as a
global telecommunications equipment supplier. As of December 31,
2006, CoSine had ceased all its product and customer service
related operations. 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"). As of this date, no candidates have been
identified, and no assurance can be given that CoSine will find
suitable candidates, and if it does, that it will be able to
utilize its existing NOLs. Safe Harbor Warning "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements, which
include, among others, statements concerning CoSine's expected
financial performance, exploration of strategic alternatives, and
business outlook, expected performance and developments. The
company uses words such as "anticipate," "believe," "plan,"
"expect," "future," "intend" and similar expressions to identify
forward-looking statements. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those reflected in the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, Cosine's ability to
identify and effectuate desirable strategic acquisitions, the time
and costs required to explore and investigate possible transactions
and other corporate actions, management and board interest in and
distraction due to exploring and investigating strategic
alternatives, the reactions, either positive or negative, of
investors, competitors, customers, employees and others to CoSine
exploring and executing possible strategic acquisitions. A detailed
discussion of these factors and other risks that affect CoSine's
business is contained in its SEC filings, including its most recent
reports on Form 10-K and Form 10-Q, particularly under the heading
"Risk Factors." Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof. CoSine undertakes no
obligation to revise or publicly release the results of any
revision to these forward-looking statements. For additional
information contact: Terry Gibson (408) 399-6494 E-mail:
Terry.Gibson@Cosinecom.com CoSine Communications, Inc. STATEMENTS
OF OPERATIONS (in thousands, except per share data) Three months
Twelve months ended ended December 31, December 31, 2009 2008 2009
2008 ---- ---- ---- ---- Revenue: Product $- $- $- $- Service - - -
- --- --- --- --- Total revenue - - - - Cost of revenue - - - - ---
--- --- --- Gross profit (loss) - - - - Operating expenses: General
and administrative 154 215 738 721 --- --- --- --- Total operating
expenses 154 215 738 721 --- --- --- --- Loss from operations (154)
(215) (738) (721) Interest income and other 2 123 141 706 -- ---
--- --- Loss before taxes (152) (92) (597) (15) Income tax
provision - - - - --- --- --- --- Net Loss $(152) $(92) $(597)
$(15) ----- ---- ----- ---- Basic net loss per share $(0.02)
$(0.01) $(0.06) $(0.00) ====== ====== ====== ====== Diluted net
loss per share $(0.02) $(0.01) $(0.06) $(0.00) ====== ====== ======
====== Shares used in computing basic and diluted net loss per
share Basic 10,091 10,091 10,091 10,091 ====== ====== ====== ======
Diluted 10,091 10,091 10,091 10,091 ====== ====== ====== ======
CoSine Communications, Inc. CONDENSED BALANCE SHEETS (in thousands)
December 31, 2009 December 31, (Unaudited) 2008 (1) ------------
------------ ASSETS Current assets: Cash and cash equivalents
$22,564 $9,155 Short-term investments - 13,997 Interest receivable
2 96 Prepaid expenses and other current assets 28 31 -- -- Total
current assets 22,594 23,279 Long-term deposits 3 3 -- -- $22,597
$23,282 ------- ------- LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $172 $207 Other accrued
liabilities 60 53 -- -- Total current liabilities 232 260
Stockholders' equity: Common stock 1 1 Additional paid-in capital
539,088 539,060 Accumulated other comprehensive income - 88
Accumulated deficit (516,724) (516,127) -------- -------- Total
stockholders' equity 22,365 23,022 ====== ====== $22,597 $23,282
======= ======= (1) Amounts are derived from the December 31, 2008
audited financial statements. DATASOURCE: CoSine Communications,
Inc. CONTACT: Terry Gibson of CoSine Communications, Inc.,
+1-408-399-6494,Terry.Gibson@Cosinecom.com Web Site:
http://www.cosinecom.com/
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