Cogent Falls on Disappointing Earnings (COGT)
2/26/2010-Shares of Cogent (NASDAQ: COGT) gave up 8.4% after hours Thursday after the maker of fingerprint-identification systems reported Q4 EPS of $0.11, missing consensus estimates of $0.12.
Revenues for the quarter fell 5.5% year-over-year to $37.9 million, missing consensus estimates of $39.5 million.
Ming Hsieh, President and CEO, commented, "We enter 2010 with business at record levels, and strong momentum from existing customers and new projects. 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."
Write to Chip Brian at cbrian@tradethetrend.com
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