News
Cogent Systems Reports FY 2009 Revenue of $129.6 million
Cogent Systems (Nasdaq: COGT) today announced financial results for the fourth quarter and full year ended December 31, 2009.
Fourth quarter 2009 revenues were $37.9 million which compares to revenue of $40.0 million reported in the same year ago period. Net income on a GAAP basis for the fourth quarter of 2009 was $9.4 million, or $0.10 per diluted share. This compares to GAAP net income of $11.5 million, or $0.13 per diluted share in the same year ago period.
Cogent's fourth quarter of 2009 GAAP results included $0.6 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 2009 was $9.7 million, or $0.11 per diluted share. This compares to non-GAAP net income of $12.2 million, or $0.14 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, 2009, revenues increased to $129.6 million from $125.7 million in 2008. Net income in 2009 on a GAAP basis was $32.5 million, or $0.36 per diluted share, which compares to GAAP net income of $45.2 million, or $0.50 per diluted share, for the year ended December 31, 2008. Excluding the effects of share-based compensation and related tax effects, non-GAAP net income in 2009 was $34.6 million, or $0.38 per diluted share, compared to non-GAAP net income of $47.2 million, or $0.52 per diluted share in 2008.
“We enter 2010 with business at record levels, and strong momentum from existing customers and new projects,” commented Ming Hsieh, President and Chief Executive Officer of Cogent. “We are successfully executing on our diversification strategy, having won multiple large international awards for our AFIS and new mobile products this year, as well as continuing to expand our web-based enrollment business. In addition to our new customer wins in the United Kingdom and Latin America, the Department of Homeland Security remains an important customer as we expand the ten print database for the U.S. Visit program. We are very excited about the large number of contracts expected to be awarded over the next year, and are confident that our technological leadership and value proposition will set us apart from other biometrics vendors.”
“Gross margin increased by over 900 basis points to 62.7% in the fourth quarter, back in our target range of 60 to 65%,” commented Paul Kim, Chief Financial Officer. “We ended the year with $526 million, or $5.81 per share, in cash and investments.”
Cogent Systems : 26/02/2010