And made money last quarter with no operations or revenue...
biz.yahoo.com
CoSine Communications Announces Financial Results for the Quarter Ended March 31, 2007
Wednesday May 2, 7:00 am ET
SAN JOSE, Calif., May 2 /PRNewswire-FirstCall/ -- CoSine Communications, Inc. (Other OTC: COSN.PK - News) today announced net income of $94,000 or $0.01 per share for the three months ended March 31, 2007 as compared to a net loss of $126,000 or $0.01 loss per share for the three months ended March 31, 2006.
CoSine's strategic plan is to redeploy its existing resources to identify and acquire new business operations. As a part of its strategic plan, CoSine completed the sale of its intellectual property and closed its customer service operations effective December 31, 2006.
About Cosine Communications
CoSine Communications was founded in 1998 as a global telecommunications equipment supplier to empower service providers to deliver a compelling portfolio of managed, network-based IP and broadband services to consumers and business customers. CoSine ceased its customer service operations effective December 31, 2006. CoSine's strategic plan is to redeploy its existing resources to identify and acquire new business operations. CoSine's redeployment strategy will involve the acquisition of one or more operating businesses with existing or prospective taxable earnings. 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. |
