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News

2Q financial results available for Cogent Systems

Cogent Systems : 06 August, 2009  (Company News)
Biometric supplier announces good results for second quarter with increases gained over the previous year
Cogent Systems has announced financial results for the second quarter ended June 30, 2009.

Second quarter 2009 revenues were $31.8 million, an increase of 22% over revenue of $26.0 million in the same year ago period. Net income on a GAAP basis for the second quarter of 2009 was $8.5 million, or $0.09 per diluted share. This compares to GAAP net income of $7.2 million, or $0.08 per diluted share in the same year ago period.

Cogent's second quarter of 2009 GAAP results included $1.0 million of non-cash share-based compensation charges. Excluding the effects of share-based compensation and the net tax effect, non-GAAP net income for the second quarter of 2009 was $9.1 million, or $0.10 per diluted share. This compares to non-GAAP net income of $7.7 million, or $0.09 per diluted share, in the same year ago period.

'During the quarter revenues grew slightly, with product revenues up 4% over the prior quarter,' commented Ming Hsieh, President and Chief Executive Officer of Cogent. 'We also generated $24 million in cash and investments and have generated $51 million so far in 2009. We believe this is a testament to the underlying strength of our business model, especially in a more difficult economy. We are pleased with our results for the first half of the year and believe we are on track to achieve our financial goals for 2009. Beyond our current orders and backlog, we anticipate decisions on several key awards over the next six months, and continue to pursue new opportunities as the demand for biometric solutions continues to grow worldwide.'
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