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News

Stock buy-back program announced at Cogent

Cogent Systems : 05 November, 2009  (Company News)
Cogent Systems expect year end financial targets to be met with significant fourth quarter orders in the pipeline
Cogent Systems has announced financial results for the third quarter ended September 30, 2009.

Third quarter 2009 revenues were $28.9 million which compares to revenue of $35.0 million reported in the same year ago period. Net income on a GAAP basis for the third quarter of 2009 was $5.7 million, or $0.06 per diluted share. This compares to GAAP net income of $12.0 million, or $0.13 per diluted share in the same year ago period.

Cogent's third quarter of 2009 GAAP results included $992,000 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 2009 was $6.3 million, or $0.07 per diluted share. This compares to non-GAAP net income of $12.6 million, or $0.14 per diluted share, in the same year ago period.

'While some revenue pushed into the fourth quarter, we believe we are on track to achieve our financial goals for 2009,' commented Ming Hsieh, President and Chief Executive Officer of Cogent. 'Orders and revenues to the Department of Homeland Security continue to be solid as the DHS expands the ten print database for the U.S. Visit program. Additionally, we won a civil program in a large state during the quarter that should generate solid revenues in 2010. Over the next three to six months, a number of international AFIS contracts are coming up for award and we hope to make progress with newer product offerings including handhelds, web-based software solutions and services. So far in 2009, the Company has added over $53 million to cash and investments and ended the quarter with $533.7 million or $5.89 per share.'

Cogent also announced that its Board of Directors has authorized a new stock buy-back program of $100 million, expiring on November 12, 2010. This new program will replace its previous program which expires on November 12, 2009.

'The Board's decision to initiate a new share repurchase program emphasizes their confidence in the future of our company,' said Ming Hsieh, Chief Executive Officer and Chairman of Cogent. 'We remain firmly committed to improving shareholder value.'

Depending on market conditions, shares may be repurchased from time to time at prevailing market prices through open market or negotiated transactions. The Company is not obligated to purchase any shares. Subject to applicable corporate securities laws, repurchases may be made at such times and in such amounts as the Company's management deems appropriate. Purchases under the program can be discontinued at any time management feels additional purchases are not warranted. The repurchases will be made using the Company's cash resources.

The Company will host a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on Tuesday, November 3 to discuss these results. For parties in the United States and Canada, call 877-941-4774 to access the conference call. International parties can access the call at 480-629-9760.

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