Cohen & Steers Global Income Builder Inc (INB, Financial) filed Quarterly Report for the period ended 2009-11-19.
Cohen & Steers Global Income Builder Inc has a market cap of $576.7 million; its shares were traded at around $10.86 with and P/S ratio of 2.9. The dividend yield of Cohen & Steers Global Income Builder Inc stocks is 7%.
Net loss applicable to common shareholders. Our net loss applicable to common shareholders for the three months ended September 30, 2009 was $0.9 million as compared to $4.3 million for the three months ended September 30, 2008. This decrease in net loss applicable to common shareholders of approximately $3.4 million is primarily the result of decreases in: (i) operating losses from continuing operations of $1.5 million, (ii) net losses from discontinued operations of $1.1 million; and (iii) Series C Preferred Stock dividend and deemed dividend from beneficial conversion of the preferred stock of $1.2 million, which was a result of the holders of the Series C Preferred Stock converting their respective shares of Series C Preferred Stock into shares of our common stock in the three months ended September 30, 2008. This conversion resulted in permanent equity for us, as the Series C Preferred Stock replaced $6,000 of our current and long-term obligations. These decreases were offset by an increase in other expenses, net of $0.4 million.
At September 30, 2009, our working capital deficit was approximately $3.3 million, an increase of approximately $0.4 million from the working capital deficit of approximately $2.9 million at June 30, 2009. Our current assets decreased by $0.2 million and our current liabilities increased by $0.2 million.
Net cash provided by operating activities of $1.5 million in the three months ended September 30, 2009, includes a net loss of $0.9 million. After excluding the effects of non-cash expenses, including, depreciation and amortization, compensation expense for employee stock options and consultants and changes in the fair value of derivative liabilities, the adjusted cash provided from operations before the effect of the changes in working capital components was $0.2 million. Cash was provided by continuing operations from our working capital assets and liabilities in the amount of approximately $1.2 million, was the result of a decrease in accounts receivable of $1.2 million and inventory of $0.4 million, offset by a net decrease in accounts payable, accrued expenses and other liabilities of $0.4 million. Less than approximately $0.05 million of cash was provided by operating activities from our discontinued operations.
Net cash used in operating activities of $1.0 million for the three months ended September 30, 2008 included a net loss of $3.2 million. After excluding the effects of non-cash expenses, including the net loss from discontinued operations, deferred taxes, impairment charges, depreciation and amortization and compensation expense for employee stock options, the adjusted cash used before the effect of the changes in working capital components was approximately $1.0 million. Cash provided by continuing operations from working capital components in the amount of approximately $0.5 million was the result of a decrease in accounts receivable of $1.1 million and inventory of $0.1 million, offset by a net decrease in accounts payable and accrued expenses and other liabilities of approximately $0.7 million. Approximately $0.5 million of cash used was for operating activities of our discontinued operations.
Our condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. We have incurred recurring operating losses and negative operating cash flows for our past three fiscal years ended June 30, 2009, including a net loss attributable to common stockholders of $19.4 million and negative operating cash flows of $2.8 million for the fiscal year ended June 30, 2009. For the three months ended September 30, 2009, we had net operating income of approximately $26,000 and a net loss of approximately $0.9 million. As September 30, 2009, we had cash and cash equivalents of approximately $2.0 million, a working capital deficit of approximately $3.3 million, primarily attributable to the discounted amended Notes Payable in the amount of $7.7 million, with a stated principal amount of $7.8 million, which are due on the earlier of the date stated in an Acceleration Notice (which must be at least two (2) business days following the date on which the notice is delivered), if any, or November 15, 2009, and an accumulated deficit of $47.2 million.
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Cohen & Steers Global Income Builder Inc has a market cap of $576.7 million; its shares were traded at around $10.86 with and P/S ratio of 2.9. The dividend yield of Cohen & Steers Global Income Builder Inc stocks is 7%.
Highlight of Business Operations:
Other expense, net. Other expense, net was approximately $0.9 million for the three months ended September 30, 2009 compared to $0.5 million for the three months ended September 30, 2008, an increase of $0.4 million. Interest expense represents approximately $0.74 million of other expense in the three months ended September 30, 2009 compared to $0.58 million in the three months ended September 30, 2008, an increase of $0.16 million. The increase in interest expense is attributable to the adoption of the accounting for derivative liabilities in connection with embedded derivatives in our Convertible Note Payable and Warrants issued in connection with our amended Notes Payable. The balance of the increase, or approximately $0.25 million, is also a result of the adoption of the accounting for derivative liabilities and relates to the increased fair value of the derivative liabilities from the date of adoption, July 1, 2009 to September 30, 2009, resulting in a loss (additional expense) of $0.25 million for the three months ended September 30, 2009.Net loss applicable to common shareholders. Our net loss applicable to common shareholders for the three months ended September 30, 2009 was $0.9 million as compared to $4.3 million for the three months ended September 30, 2008. This decrease in net loss applicable to common shareholders of approximately $3.4 million is primarily the result of decreases in: (i) operating losses from continuing operations of $1.5 million, (ii) net losses from discontinued operations of $1.1 million; and (iii) Series C Preferred Stock dividend and deemed dividend from beneficial conversion of the preferred stock of $1.2 million, which was a result of the holders of the Series C Preferred Stock converting their respective shares of Series C Preferred Stock into shares of our common stock in the three months ended September 30, 2008. This conversion resulted in permanent equity for us, as the Series C Preferred Stock replaced $6,000 of our current and long-term obligations. These decreases were offset by an increase in other expenses, net of $0.4 million.
At September 30, 2009, our working capital deficit was approximately $3.3 million, an increase of approximately $0.4 million from the working capital deficit of approximately $2.9 million at June 30, 2009. Our current assets decreased by $0.2 million and our current liabilities increased by $0.2 million.
Net cash provided by operating activities of $1.5 million in the three months ended September 30, 2009, includes a net loss of $0.9 million. After excluding the effects of non-cash expenses, including, depreciation and amortization, compensation expense for employee stock options and consultants and changes in the fair value of derivative liabilities, the adjusted cash provided from operations before the effect of the changes in working capital components was $0.2 million. Cash was provided by continuing operations from our working capital assets and liabilities in the amount of approximately $1.2 million, was the result of a decrease in accounts receivable of $1.2 million and inventory of $0.4 million, offset by a net decrease in accounts payable, accrued expenses and other liabilities of $0.4 million. Less than approximately $0.05 million of cash was provided by operating activities from our discontinued operations.
Net cash used in operating activities of $1.0 million for the three months ended September 30, 2008 included a net loss of $3.2 million. After excluding the effects of non-cash expenses, including the net loss from discontinued operations, deferred taxes, impairment charges, depreciation and amortization and compensation expense for employee stock options, the adjusted cash used before the effect of the changes in working capital components was approximately $1.0 million. Cash provided by continuing operations from working capital components in the amount of approximately $0.5 million was the result of a decrease in accounts receivable of $1.1 million and inventory of $0.1 million, offset by a net decrease in accounts payable and accrued expenses and other liabilities of approximately $0.7 million. Approximately $0.5 million of cash used was for operating activities of our discontinued operations.
Our condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. We have incurred recurring operating losses and negative operating cash flows for our past three fiscal years ended June 30, 2009, including a net loss attributable to common stockholders of $19.4 million and negative operating cash flows of $2.8 million for the fiscal year ended June 30, 2009. For the three months ended September 30, 2009, we had net operating income of approximately $26,000 and a net loss of approximately $0.9 million. As September 30, 2009, we had cash and cash equivalents of approximately $2.0 million, a working capital deficit of approximately $3.3 million, primarily attributable to the discounted amended Notes Payable in the amount of $7.7 million, with a stated principal amount of $7.8 million, which are due on the earlier of the date stated in an Acceleration Notice (which must be at least two (2) business days following the date on which the notice is delivered), if any, or November 15, 2009, and an accumulated deficit of $47.2 million.
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