|
COPYRIGHT 2006 Business Wire
SOUTH PASADENA, Calif. -- Cogent Systems (Nasdaq:COGT) today announced financial results for the fourth quarter and year ended December 31, 2005.
Fourth quarter 2005 revenues were $46.2 million, which is a 20% sequential increase over revenues of $38.4 million in the immediately preceding third quarter and a 46% increase over revenue of $31.8 million in the same year ago period. Net income on a GAAP basis for the fourth quarter of 2005 was $20.7 million, or $0.22 per diluted share. This compares to GAAP net income of $20.1 million, or $0.21 per diluted share, in the immediately preceding third quarter and compares to GAAP net income of $9.9 million, or $0.11 per diluted share in the same year ago period.
Cogent's fourth quarter of 2005 GAAP results included $1.3 million of non-cash charges related to the amortization of stock-based compensation. Excluding the effects of stock-based compensation and the net tax effect, non-GAAP net income was $21.8 million, or $0.23 per diluted share. This compares to $21.2 million, or $0.22 per diluted share, in the immediately preceding third quarter and $10.0 million, or $0.11 per diluted share, in the same year ago period, excluding the effects of similar items in both periods.
"We are pleased with our performance in 2005 as we increased revenues by 82% from the prior year and non-GAAP net income by 142%," commented Ming Hsieh, President and Chief Executive Officer of Cogent. "Results in the fourth quarter were bolstered by revenues from our core customers including the DHS, Venezuela, LA County and State of Connecticut. Over the past three years, we have won market share and built an impressive customer list. In the fourth quarter, we won contracts for new AFIS systems...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
