-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hs2VPagFXDT4z5XW/R/ZL75WyBC7kLiyaLJebX4b0WeXt2l3jy4AWXqfcDh+FMva JcRRHB9YZmYj3fktUatJBg== 0001144204-10-058037.txt : 20101108 0001144204-10-058037.hdr.sgml : 20101108 20101105191434 ACCESSION NUMBER: 0001144204-10-058037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101104 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101108 DATE AS OF CHANGE: 20101105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COSINE COMMUNICATIONS INC CENTRAL INDEX KEY: 0001060824 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576] IRS NUMBER: 943280301 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30715 FILM NUMBER: 101170347 BUSINESS ADDRESS: STREET 1: 1200 BRIDGE PKWAY STREET 2: STE 200 CITY: REDWOOD CITY STATE: CA ZIP: 94065 BUSINESS PHONE: 6506374777 MAIL ADDRESS: STREET 1: 1200 BRIDGE PARKWAY CITY: REDWOOD CITY STATE: CA ZIP: 94065 8-K 1 v201291_8k.htm Unassociated Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):  November 4, 2010


 
COSINE COMMUNICATIONS, INC.
(Exact name of Registrant as specified in its charter)

Delaware
 
000-30715
 
94-3280301
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification Number)
 
61 East Main Street, Suite B
Los Gatos, California 95030
(Address of principal executive offices) (Zip Code)
 
(408) 399-6494
(Registrant’s telephone number, including area code)
 

 
 
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
 

 
 
Item 2.02 Results of Operations and Financial Condition.
 
On November 4, 2010, CoSine Communications, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2010.  The full text of the press release is attached hereto as Exhibit 99.1 to this Current Report.
 
 
     (c) Exhibits.
 
99.1
Press Release, dated November 4, 2010, of CoSine Communications, Inc.
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
November 5, 2010
By:
/S/Terry R. Gibson
   
Terry R. Gibson,
   
Chief Executive Officer, Chief Financial Officer and Secretary (Principal Executive, Financial and Accounting Officer and Duly Authorized Officer)
 
 
 

 
 
INDEX TO EXHIBITS
 
Exhibit
No.
 
Description
99.1
 
Press Release, dated November 4, 2010, of Cosine Communications, Inc.
 
 
 

 
EX-99.1 2 v201291_ex99-1.htm Unassociated Document
EXHIBIT 99.1

COSINE COMMUNICATIONS, INC. ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2010

LOS GATOS, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- CoSine Communications, Inc. (Pink Sheets:COSN.pk - News), today announced net loss of $208,000 or $(0.02) loss per share for the quarter ended September 30, 2010 as compared to net loss of $139,000 or $(0.01) per share for the quarter ended September 30, 2009.  

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 ended
   
Nine months ended
 
   
September 30,
   
September 30,
 
   
(Unaudited)
   
(Unaudited)
 
   
2010
   
2009
   
2010
   
2009
 
             
Revenue:
    -       -       -       -  
                                 
Operating expenses:
                               
General and administrative
    231       170       757       583  
Total operating expenses
    231       170       757       583  
                                 
Loss from operations
    (231 )     (170 )     (757 )     (583 )
                                 
Interest income and other
    23       31       36       139  
                                 
Loss before income tax provision
    (208 )     (139 )     (721 )     (444 )
                                 
Income tax provision
    -       -       1       1  
                                 
Net loss
  $              (208 )   $          (139 )   $          (722 )   $          (445 )
                                 
Basic net loss per share
  $             (0.02 )   $         (0.01 )   $         (0.07 )   $         (0.04 )
Diluted net loss per share
  $             (0.02 )   $         (0.01 )   $         (0.07 )   $         (0.04 )
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)
 
   
September 30,
2010  
(Unaudited)
   
December 31,
2009 (1)
 
             
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $             21,789     $             22,564  
Other receivables
    3       2  
Prepaid expenses and other current assets
    46       28  
Total current assets
    21,838       22,594  
Long-term deposit
    3       3  
Total assets
  $             21,841     $             22,597  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
  Accounts payable
  $                  179     $                  172  
Accrued liabilities
    10       60  
Total liabilities
    189       232  
                 
Stockholders' equity:
               
  Preferred stock
    -       -  
Common stock
    1       1  
Additional paid-in capital
    539,098       539,088  
Accumulated deficit
    (517,447 )     (516,724 )
  Total stockholders' equity
    21,652       22,365  
Total liabilities and stockholders' equity
  $             21,841     $             22,597  

(1) Amounts are derived from the December 31, 2009 audited financial statements.
 
 
 

 
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