CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2012

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SOURCE CoSine Communications, Inc.

LOS GATOS, Calif., March 6, 2013 /PRNewswire/ -- CoSine Communications, Inc. (COSN.PK), today announced net loss of $736,000 or $(0.07) loss per share for the year ended December 31, 2012 as compared to net loss of $1,018,000 or $(0.10) per share for the year ended December 31, 2011. Net loss for the quarter ended December 31, 2012 was $240,000 or $(0.02) loss per share as compared to net loss of $204,000 or $(0.02) per share for the quarter ended December 31, 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: Terry.Gibson@Cosinecom.com

CoSine Communications, Inc. STATEMENTS OF OPERATIONS (in thousands, except per share data)

	Three months ended			Twelve months ended
	December 31,			December 31,
	(Unaudited)
	2012	2011		2012	2011

Revenue:
	$ -	$ -		$ -	$ -
Operating expenses:
General and administrative	243	205		745	1,029
Total operating expenses	243	205	-	745	1,029

Loss from operations	(243)	(205)		(745)	(1,029)

Interest income and other	4	1		10	12

Loss before provision for income taxes	(239)	(204)		(735)	(1,017)

Income tax provision	1	-		1	(1)

Net Loss	$ (240)	$ (204)		$ (736)	$ (1,018)

Basic net loss per share	$ (0.02)	$ (0.02)		$ (0.07)	$ (0.10)
Diluted net loss per share	$ (0.02)	$ (0.02)		$ (0.07)	$ (0.10)
Shares used in computing basic and diluted net loss per share
Basic	10,208	10,150		10,197	10,150
Diluted	10,208	10,150		10,197	10,150

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

	December 31, 2012	December 31, 2011

ASSETS
Current assets:
Cash and cash equivalents	$ 20,220	$ 20,795
Prepaid expenses and other current assets	4	4
Total current assets	20,224	20,799
Long-term deposits	3	3
	$ 20,227	$ 20,802

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$ 166	$ 207
Other accrued liabilities	116	30
Total current liabilities	282	237

Stockholders' equity:
Common stock	1	1
Additional paid-in capital	539,351	539,235
Accumulated deficit	(519,407)	(518,671)
Total stockholders' equity	19,945	20,565
	$ 20,227	$ 20,802

CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2012 - KEYC - Mankato News, Weather, Sports -

CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2012