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CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2010

LOS GATOS, Calif. Feb. 21, 2011 $929,000 $(0.09) December 31, 2010 $597,000 $(0.06) December 31, 2009 December 31, 2010 $207,000 $(0.02) $152,000 $(0.02) December 31, 2009

About CoSine Communications

December 31, 2006

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: [email protected]

CoSine Communications, Inc.

STATEMEN TS OF OPERATIONS

(in thousands, except per share data)

Three months ended

Twelve months ended

December 31,

December 31,

(Unaudited)

2010

2009

2010

2009

Revenue:

$       –

$       –

$       –

$       –

Operating expenses:

General and administrative

213

154

970

738

Total operating expenses

213

154

970

738

Loss from operations

(213)

(154)

(970)

(738)

Interest income and other

6

2

42

141

Loss before provision for income taxes

(207)

(152)

(928)

(597)

Income tax provision

(1)

Net Loss

$  (207)

$  (152)

$  (929)

$  (597)

Basic net loss per share

$ (0.02)

$ (0.02)

$ (0.09)

$ (0.06)

Diluted net loss per share

$ (0.02)

$ (0.02)

$ (0.09)

$ (0.06)

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,
2010

December 31,
2009

ASSETS

Current assets:

Cash and cash equivalents

$        21,640

$        22,564

Interest receivable

2

2

Prepaid expenses and other current assets

28

28

Total current assets

21,670

22,594

Long-term deposits

3

3

$        21,673

$        22,597

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

  Accounts payable

$             189

$             172

Other accrued liabilities

35

60

Total current liabilities

224

232

Stockholders’ equity:

Common stock

1

1

Additional paid-in capital

539,101

539,088

Accumulated other comprehensive income

Accumulated deficit

(517,653)

(516,724)

Total stockholders’ equity

21,449

22,365

$        21,673

$        22,597

SOURCE CoSine Communications, Inc.

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