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News

Financial results for biometric supplier

Cogent Systems : 11 August, 2008  (Company News)
Increasing demand for biometric systems in recent months enables continued growth for Cogent with good forecast for meeting year end targets
Cogent Systems has announced financial results for the second quarter ended June 30, 2008.

Second quarter 2008 revenues were $26.0 million, compared to revenue of $31.3 million in the same year ago period. Net income on a GAAP basis for the second quarter of 2008 was $7.2 million, or $0.08 per diluted share. This compares to GAAP net income of $10.6 million, or $0.11 per diluted share in the same year ago period.

Cogent's second 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 second quarter of 2008 was $7.7 million, or $0.09 per diluted share. This compares to non-GAAP net income of $11 million, or $0.12 per diluted share, in the same year ago period, excluding the effects of similar items in both periods.

'Second quarter revenues increased by 6% sequentially, as we continued to benefit from both ongoing orders from some of our larger customers and a solid contribution base of smaller customers,' commented Ming Hsieh, President and Chief Executive Officer of Cogent. 'Our first half results position us well to achieve our financial targets for the year and, based on our short term backlog and orders received in the last six months, we expect to see significant growth in revenues over the next six months. Additionally, we expect several sizeable procurements to be awarded this year and are encouraged by our pipeline of opportunities around the world. Overall, we believe that the need for biometric solutions continues to grow and activity and interest in biometric solutions has increased notably over the past twelve months.'

'Gross margins remained solid at 64% on a GAAP basis and deferred revenues continued to grow, increasing by over $11 million in the second quarter to $48.9 million,' commented Paul Kim, Chief Financial Officer of Cogent. 'During the quarter, we completed the acquisition of the Securities Solutions Division (SSD) and will get a full quarter of contribution from SSD in the third quarter.'

The Company will host a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on Thursday, August 7 to discuss these results. For parties in the United States and Canada, call 800-257-6607 to access the conference call. International parties can access the call at 303-205-0033.

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. To hear the replay, parties in the United States and Canada should call 800-405-2236 and enter pass code 11117584. International parties should call 303-590-3000 and enter pass code 11117584.
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