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News

Biometric market growth brings rewards for Cogent Systems

Cogent Systems : 07 November, 2008  (Company News)
Significant growth in revenues and net income for Cogent reflects demand from the Department of Homeland Security for biometric products
Cogent Systems has announced financial results for the third quarter ended September 30, 2008.

Third quarter 2008 revenues were $35 million, compared to revenue of $22.5 million in the same year ago period. Net income on a GAAP basis for the third quarter of 2008 was $12 million, or $0.13 per diluted share. This compares to GAAP net income of $4.1 million, or $0.04 per diluted share in the same year ago period.

Cogent's third quarter of 2008 GAAP results included $0.9 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 third quarter of 2008 was $12.6 million, or $0.14 per diluted share. This compares to non-GAAP net income of $4.5 million, or $0.05 per diluted share, in the same year ago period, excluding the effects of similar items in both periods.

'We are pleased to announce strong top line results in the third quarter, with revenue increasing 35% sequentially and 56% year-over-year. The increase in revenue was driven by orders from the DHS and Morocco, along with a broad selection of domestic and international customers. We also enjoyed our first full quarter of contribution from the SSD division and had our first shipments from our Fusion product -- a unique hand-held, multi-modal biometric device,' commented Ming Hsieh, President and Chief Executive Officer of Cogent. 'We have good visibility heading into the fourth quarter based on existing orders, and are building backlog for 2009. Looking further into 2009, we believe that our line of handheld units, new SSD division and strategic partnerships will all contribute to revenues. Additionally, we expect several significant contracts to be awarded in the next six months, as we believe the demand for biometric solutions continues to grow worldwide.'

'Gross margins remained solid at 70% on a GAAP basis and deferred revenues continued to grow, increasing by approximately $24 million in the third quarter to $73 million,' commented Paul Kim, Chief Financial Officer of Cogent. 'We also generated $34 million in cash from operations this quarter, as we continue to maintain a strong balance sheet with $456 million in cash and investments and no debt.'

The Company will host a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on Wednesday, November 5 to discuss these results.

Cogent will offer a live webcast of the conference call, accessible from the 'Investor Relations' section of the Company's website. The webcast will be archived for a period of 15 days. A telephonic replay of the conference call will also be available 2 hours after the call and will run for 2 days.

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