 |
| Cogent Systems announced financial results for the first quarter of 2009 |
First quarter 2009 revenues were $31.0 million, an increase of 26% over revenue of $24.6 million in the same year ago period. Net income on a GAAP basis for the first quarter of 2009 was $9.0 million, or $0.10 per diluted share. This compares to GAAP net income of $14.4 million, or $0.16 per diluted share in the same year ago period, which included $10.0 million, or $0.07 per share, in settlement income related to the Company's settlement agreement with Northrop Grumman.
Cogent's first quarter of 2009 GAAP results included $976,000 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 first quarter of 2009 was $9.5 million, or $0.11 per diluted share. This compares to non-GAAP net income of $15.0 million, or $0.16 per diluted share, in the same year ago period, excluding the effects of similar items in both periods, but including the $10.0 million, or $0.07 per share, in settlement income in the first quarter of 2008.
"We are off to a solid start in 2009, with first quarter revenue increasing 26% year-over-year," commented Ming Hsieh, President and Chief Executive Officer of Cogent. "During the quarter, our top line results were driven by orders from a wide range of customers including the DHS, Spain, Pennsylvania, Romania, and Connecticut. Looking forward, we continue to receive follow-on orders from existing customers and our pipeline remains robust. We expect several key procurements to be awarded by the end of the year."
"We are off to a solid start in 2009, with first quarter revenue increasing 26% year-over-year." |
"Gross margin was up over 1,000 basis points sequentially to 68.4% during our first fiscal quarter, well above our target range," commented Paul Kim, Chief Financial Officer of Cogent. "We generated $26 million in cash this quarter, ending the quarter with cash and investments of approximately $506.4 million, or $5.59 per share. Additionally, deferred revenue increased to $80.8 million at the end of the first quarter, up $5.9 million from the immediately preceding quarter."
The Company will host a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on Tuesday, May 5 to discuss these results.
