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CoSine Communications, Inc. Announces Financial Results for the Quarter Ended June 30, 2012


News provided by

CoSine Communications, Inc.

Aug 14, 2012, 04:05 ET

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LOS GATOS, Calif., Aug. 14, 2012 /PRNewswire/ -- CoSine Communications, Inc. (COSN.PK), today announced a net loss of $127,000 or $(0.01) loss per share for the quarter ended June 30, 2012 as compared to net loss of $323,000 or $(0.03) per share for the quarter ended June 30, 2011.

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: [email protected]

CoSine Communications, Inc.

UNAUDITED INCOME STATEMENTS

(in thousands, except per share data)






Three months ended


Six months ended


June 30, 


June 30, 


(Unaudited)


(Unaudited)


2012


2011


2012


2011





Revenue:

-


-


-


-









Operating expenses:








  General and administrative 

128


326


298


640









Loss from operations

(128)


(326)


(298)


(640)









Interest and other income

1


3


2


9









Loss before provision for income taxes

(127)


(323)


(296)


(631)









Income tax provision

-


-


1


1









Net loss

$   (127)


$   (323)


$   (297)


$   (632)









Basic net loss per share

$  (0.01)


$  (0.03)


$  (0.03)


$  (0.06)

Diluted net loss per share

$  (0.01)


$  (0.03)


$  (0.03)


$  (0.06)

Shares used in computing basic and diluted net
loss per share








  Basic

10,208


10,113


10,201


10,113

  Diluted

10,208


10,113


10,201


10,113

CoSine Communications, Inc.
CONDENSED
BALANCE SHEETS
(in thousands)






June 30, 2012


December 31,
2011





ASSETS




Current assets:




  Cash and cash equivalents

$       20,443


$       20,795

  Prepaid expenses and other current assets

65


4

Total current assets

20,508


20,799

Long-term deposits

3


3


$       20,511


$       20,802





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




   Accounts payable

$           178


$           207

  Other accrued liabilities

4


30

Total current liabilities

182


237





Stockholders' equity:




  Common stock

1


1

  Additional paid-in capital

539,296


539,235

  Accumulated deficit

(518,968)


(518,671)

Total stockholders' equity

20,329


20,565

Total liabilities and stockholders' equity

$       20,511


$       20,802

SOURCE CoSine Communications, Inc.

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