Free Newsletter
Register for our Free Newsletters
Newsletter
Zones
Access Control
LeftNav
Alarms
LeftNav
Biometrics
LeftNav
Detection
LeftNav
Deutsche Zone (German Zone)
LeftNav
Education, Training and Professional Services
LeftNav
Government Programmes
LeftNav
Guarding, Equipment and Enforcement
LeftNav
Industrial Computing Security
LeftNav
IT Security
LeftNav
Physical Security
LeftNav
Surveillance
LeftNav
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
 
News

Cogent enters 2009 with healthy order book

Cogent Systems : 27 February, 2009  (Company News)
2008 revenue increase for Cogent Systems marks optimistic entrance into new financial year with bookings continuing to be high
Cogent Systems has announced financial results for the fourth quarter and full fiscal year ended December 31, 2008.

Fourth quarter 2008 revenues were $40.0 million, compared to revenue of $21.9 million in the same year ago period. Net income on a GAAP basis for the fourth quarter of 2008 was $11.5 million, or $0.13 per diluted share. This compares to GAAP net income of $7.7 million, or $0.08 per diluted share in the same year ago period.

Cogent's fourth quarter of 2008 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 fourth quarter of 2008 was $12.2 million, or $0.14 per diluted share. This compares to non-GAAP net income of $8.0 million, or $0.08 per diluted share, in the same year ago period, excluding the effects of similar items in both periods.

For the full-year ended December 31, 2008, revenues increased to $125.7 million from $105.8 million in 2007. Net income in 2008 on a GAAP basis was $45.2 million, or $0.50 per diluted share, which compares to GAAP net income of $28.6 million, or $0.30 per diluted share, for the year ended December 31, 2007. Excluding the effects of share-based compensation and related tax effects, non-GAAP net income in 2008 was $47.2 million, or $0.52 per diluted share, compared to non-GAAP net income of $30.4 million, or $0.32 per diluted share in 2007.

'Fourth quarter revenue increased 83% year-over-year, and we entered 2009 with a solid backlog of orders, including deferred revenues of almost $75 million,' commented Ming Hsieh, Chief Executive Officer of Cogent. 'During the year, we saw increased demand from a number of core customers, while also expanding our customer base with key wins at the U.S. Census Bureau and the Department of Defense. At the end of 2008, Cogent was one of 12 companies selected for the Biometrics Operations and Support Services Unrestricted (BOSS-U) contract by the U.S. Army. We believe that the Department of Defense will be a leading driver of biometrics in the years to come and expect BOSS-U to be an important purchasing vehicle for future orders. Last week and following the completion of tenders evaluation, the UK Post Office, Post Office Limited, notified Cogent Systems of its decision to appoint Cogent as its preferred bidder for the contract to provide integrated biometric data collection services to Post Office Limited. This is one of the final main steps leading to the award and signing of the contract marking the completion of Post Office Limited's competitive tendering process. Post Office Limited provides a variety of products and services through 12,500 branches in the UK. The size of the initial award is potentially larger than any other single international win in the Company's history. We believe these recent wins will help us continue to grow and diversify our business, and we also expect several significant contracts to be awarded over the next several months by large government agencies both domestically and internationally. Dependent on timing and revenue recognition, the award of these contracts to Cogent may have an incrementally positive impact on our outlook for 2009.'

'While gross margins were impacted by product mix, we expect them to improve in the first quarter,' commented Paul Kim, Chief Financial Officer of Cogent. 'We also generated $24 million in cash this quarter, ending the quarter with our cash and investments position at approximately $480 million, or $5.32 per share.'

Bookmark and Share
 
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
 
   © 2012 ProSecurityZone.com
Netgains Logo