Will CoSine Get Carved Up?
The last few months have been tricky for CoSine, to say the least. The first signs of trouble emerged back in July when the company announced it was examining "strategic alternatives" after a poor second quarter (see CoSine: The Big Sell-Off?).
Since then, Ernst & Young stepped down as CoSine’s auditor and the company laid off most of its employees (see CoSine: E&Y Says Bye-Bye and CoSine Cuts to the Bone).
Then, last week, CoSine announced that it that it had signed an agreement for the early termination of the lease on its Redwood City, Calif., headquarters. The company also released its third-quarter results, posting a net loss of $14.6 million, or $1.47 per share (see CoSine Posts Q3).
But it’s not all doom and gloom; CoSine ended the quarter with $33.6 million in cash. Kevin Mitchell, analyst at Infonetics Research Inc. believes that this could make the company a viable target.
Read the whole story at NDCF.
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