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Cogent Systems releases financial results

Cogent Systems : 28 May, 2008  (Company News)
Biometric systems supplier Cogent sees continues to see strong market performance as reflected in recently announced financial results.
Cogent Systems has announced financial results for the first quarter ended March 31, 2008.

First quarter 2008 revenues were $24.6 million, compared to revenue of $30.1 million in the same year ago period. Net income on a GAAP basis for the first quarter of 2008 was $14.4 million, or $0.16 per diluted share. This compares to GAAP net income of $6.2 million, or $0.06 per diluted share in the same year ago period.

Cogent's first 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 first quarter of 2008 was $15.0 million, or $0.16 per diluted share. This compares to non-GAAP net income of $6.8 million, or $0.07 per diluted share, in the same year ago period, excluding the effects of similar items in both periods. First quarter net income and operating income were impacted by $10.0 million in settlement income related to the Company's settlement agreement with Northrop Grumman.

'First quarter revenues increased by 12.6% sequentially and we reported strong gross margin which led to solid bottom line results,' commented Ming Hsieh, President and Chief Executive Officer of Cogent. 'Our results benefited from increasing demand by our core customers as well as good contribution from our smaller customers across all our business segments both domestically and internationally. The need for biometric solutions continues to grow, driven by key industry initiatives such as border control, identity theft prevention and national ID programs. We expect several sizable procurements to be awarded this year by large government agencies and are also seeing a very large number of smaller opportunities around the world. Recently, we won a multi-million dollar biometric program in Central America, along with receiving follow on orders from a broad cross section of our leading customers.'

'We continued to demonstrate strong gross margin, reporting 69.4% in the first quarter on a GAAP basis,' commented Paul Kim, Chief Financial Officer of Cogent. 'In addition, we generated approximately $39 million in cash from operations and ended the quarter with our cash and investments position at approximately $444 million, or $4.79 per share, despite spending $37 million on our share buyback during the quarter.'

On May 20, 2008, the Company received a Staff Determination Letter from the Nasdaq Stock Market notifying the Company that, due to the failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, the Company had failed to satisfy the standards for continued listing on the Nasdaq Global Select Market and was subject to delisting. Subsequent to the receipt of that letter, the Company filed its Report on Form 10-Q to cure the delinquency, and the Company believes it is in compliance with the continued listing standards.
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