Cosi Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 28, 2009. For the quarter, the company reported a net loss of $2,362,000, or $0.06 per basic and diluted common share, compared with a net loss of $3,095,000, or $0.08 per basic and diluted common share, for the 2008 third quarter. Operating loss was $2,421,000 compared to $3,148,000 for the same period a year ago. Total revenues decreased 14.0% to $30,033,000 from $34,930,000 in the 2008 third quarter. Company-owned net restaurant sales declined 13.1% in the quarter to $29,528,000, compared to $33,975,000 in the previous year's quarter. Franchise fees and royalty revenues for the quarter contributed $505,000 compared to $955,000 in the 2008 third quarter. The third quarter year over year decrease in franchise fees and royalties was due primarily to the recognition of $460,000 in fees in the 2008 third quarter resulting from a franchisee termination. System-wide comparable restaurant sales for the third quarter as measured for restaurants in operation for more than 15 months recorded an aggregate decline of 10.7% as compared to the third quarter of 2008. Contributing to Cosi's aforementioned 13.1% decrease in third quarter company-owned net sales as compared to the third quarter last year was the decline in company-owned comparable sales as well as the impact of closing four locations since the end of the 2008 third quarter. The company-owned comparable sales decline of 11.9%, which was comprised of an 8.8% decrease in traffic and a 3.1% decrease in average guest check, was impacted by a 27.5% decrease in overall catering sales during the third quarter as compared to the 2008 third quarter. For the nine months, the company reported an operating loss of $6,725,000, net loss of $6,657,000 or $0.16 per basic and diluted share on the revenue of $90,335,000 compared to the operating loss of $7,664,000, net loss of $7,852,000 or $0.20 per basic and diluted share on the revenue of $104,844,000 for the same period a year ago.

Cosi Inc. announced on September 18, 2009 that it had received notice from the Listing Qualifications Department of the NASDAQ Stock Market indicating that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share required for continued inclusion on the NASDAQ Global Market under NASDAQ Listing Rule 5450(a) (1). The notification letter states that the Company will be afforded 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price requirement. In order to regain compliance, shares of the Company's common stock must maintain a minimum bid closing price of at least $1.00 per share for a minimum of ten consecutive business days. The notification letter has no effect at this time on the listing of the Company's common stock on the NASDAQ Global Market. Cosi's common stock will continue to trade on the NASDAQ Global Market under the symbol COSI. If the Company does not regain compliance by March 15, 2010, NASDAQ will provide written notification to the Company that the Company's common stock will be delisted. At that time, the Company may appeal NASDAQ's delisting determination to a NASDAQ Listing Qualifications Panel. Alternatively, the Company may be eligible for an additional grace period if it satisfies all of the requirements, other than the minimum bid price requirement, for initial listing on the NASDAQ Capital Market set forth in NASDAQ Listing Rule 5505. To avail itself of this alternative, the Company would need to submit an application to transfer its securities to the NASDAQ Capital Market. The Company intends to actively monitor the bid price for its common stock between now and March 15, 2010, and will consider all available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.

Cosi Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2009. The company reported a net loss for the second quarter ended June 29, 2009 of $969,000 or $0.02 per basic and diluted common share, compared with a net loss of $1,729,000 or $0.04 per basic and diluted common share, for the 2008 second quarter. Total revenues for the 2009 second quarter decreased 13.9% to $31,636,000 from $36,723,000 in the 2008 second quarter. For the quarter, loss from continuing operations was $0.969 million or $0.02 per share against $1.6 million or $0.04 per share a year ago. Operating loss was $0.974 million against $1.7 million a year ago. For the six months, the company reported total revenues of $60.3 million and net loss of $4.2 million or $0.11 per basic and diluted common share against total revenues of $69.9 million and net loss of $4.7 million or $0.12 per basic and diluted common share for the same period a year ago. Loss from continuing operations was $4.2 million or $0.11 per basic and diluted common share against $4.4 million or $0.11 per basic and diluted common share a year ago. Operating loss was $4.3 million against $4.5 million a year ago.

COSI INC Files SEC form 8-K, Unregistered Sale of Equity Securities

Cosi, Inc. Reports 2009 Third Quarter Results

COSI INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities, Mate

COSI INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Material Modification to Rights of Security

Cosi, Inc. Reports 2009 Third Quarter Results