OLD STONE CORP Financials

PERIOD ENDING30-Sep-0830-Jun-0831-Mar-0831-Dec-07Total Revenue32  35  46  75,694  Cost of Revenue -   -   -   -  Gross Profit32  35  46  75,694  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative63  69  44  13,922  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss(31)(34)2  61,772  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes(32)(33)1  61,771  Interest Expense -   -   -  324  Income Before Tax(32)(33)1  61,447  Income Tax Expense -   -  1   -  Minority Interest -   -   -   -  Net Income From Continuing Ops(31)(34)1  61,448  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  ...
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OLD STONE CORP Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Background and Context for Management Discussion of Results of Operations Since December 31, 2001, the Company has had no material operations other than management of the Litigation described in, among other places, Part I, Item 3 of its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 (the "2007 10-K"). The ultimate outcome of this Litigation, the amount received in the award, expenses associated with the Litigation, and the partial redemption of the Company's preferred stock associated with it are described in the 2007 10-K. In conjunction with this court award, the Company's results of operations for the fiscal year ended December 31, 2007 reflected the proceeds from the Litigation of $74.6 million and interest income of $1.14 million, partially offset by cumulative Litigation-related expenses, interest expense, cumulative directors' fees, cumulative shareholder expenses and other professional fees. After deduction of these expenses, the Company's net revenue for the year ended December 31, 2007 was $59.1 million, with net revenue available for common shareholders of $57.8 million, or $6.97 per share. All of these amounts, except a significantly smaller amount of interest income, were of a non-recurring nature, and the great majority of the net proceeds from the Litigation were used to effect a partial redemption of the Company's preferred stock, as described in the 2007 10-K. Remaining Litigation-related proceeds are not expected to be sufficient to redeem or otherwise pay the liquidation preference of the Company's remaining preferred stock in full. Comparison of Period Ended September 30, 2008 versus 2007: As described above, fiscal year 2007 was characterized by recognition of large amounts of non-recurring revenues and expenses. In actuality, Litigation proceeds represent the recovery of previously inve...
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OLD STONE CORP Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Background and Context for Management Discussion of Results of Operations Since December 31, 2001, the Company has had no material operations other than management of the Litigation described in, among other places, Part I, Item 3 of its Annual Report on Form 10K for the fiscal year ended December 31, 2007 (the "2007 10-K"). The ultimate outcome of this Litigation, the amount received in the award, expenses associated with the Litigation, and the partial redemption of the Company's preferred stock associated with it are described in the 2007 10-K. In conjunction with this court award, the Company's results of operations for the fiscal year ended December 31, 2007 reflected the proceeds from the Litigation of $74.6 million and interest income of $1.14 million, partially offset by cumulative Litigation-related expenses, interest expense, cumulative directors' fees, cumulative shareholder expenses and other professional fees. After deduction of these expenses, the Company's net revenue for the year ended December 31, 2007 was $59.1 million, with net revenue available for common shareholders of $57.8 million, or $6.97 per share. All of these amounts, except a significantly smaller amount of interest income, were of a non-recurring nature, and the great majority of the net proceeds from the Litigation were used to effect a partial redemption of the Company's preferred stock, as described in the 2007 10-K. Remaining Litigation-related proceeds are not expected to be sufficient to redeem or otherwise pay the liquidation preference of the Company's remaining preferred stock in full. Comparison of period ended June 30, 2008 versus 2007: As described above, fiscal year 2007 was characterized by recognition of large amounts of non-recurring revenues and expenses. In actuality, Litigation proceeds represent the recovery of previously invested c...
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OLD STONE CORP Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Background and Context for Management Discussion of Results of Operations Since December 31, 2001, the Company has had no material operations other than management of the Litigation described in, among other places, Part I, Item 3 of its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 (the "2007 10-K"). The ultimate outcome of this Litigation, the amount received in the award, expenses associated with the Litigation, and the partial redemption of the Company's Preferred Stock associated with it are described in the 2007 10-K. In conjunction with this court award, the Company's results of operations for the fiscal year ended December 31, 2007 reflected the proceeds from the Litigation of $74.6 million and interest income of $1.14 million, partially offset by cumulative Litigation-related expenses, interest expense, cumulative directors' fees, cumulative shareholder expenses and other professional fees. After deduction of these expenses, the Company's net revenue for the year ended December 31, 2007 was $59.1 million, with net revenue available for common shareholders of $57.8 million, or $6.97 per share. All of these amounts, except a significantly smaller amount of interest income, were of a non-recurring nature, and the great majority of the net proceeds from the Litigation were used to effect a partial redemption of the Company's Preferred Stock, as described in the 2007 10-K. Remaining Litigation-related proceeds are not expected to be sufficient to redeem or otherwise pay the liquidation preference of the Company's remaining Preferred Stock in full. - 12 - Quarter Comparison of 2008 versus 2007: As described above, fiscal year 2007 was characterized by recognition of large amounts of non-recurring revenues and expenses. In actuality, Litigation proceeds represent the recovery of previousl...
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