Wednesday, Cogent Inc. (COGT), a global biometric identification solutions provider, reported higher net earnings for the fourth quarter, helped by strong revenue growth.
The Pasadena, California-based company reported net income for the fourth quarter of $11.5 million or $0.13 per share, up from $7.7 million or $0.08 per share in the prior year quarter.
Net income for the most recent quarter included a $1.0 million of non-cash share based compensation charges.
Excluding item, non-GAAP net income increased to $12.2 million or $0.14 per share from $8.0 million or $0.08 per share in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the quarter. Analysts' estimate typically excludes special items.
Revenues for the fourth quarter rose 83% to $40.0 million from $21.9 million in the same year ago period. Eight analysts had a revenue consensus of $40.70 million.
Total cost of revenues surged to $17.09 million from $6.34 million in the fourth quarter of 2007. Total operating expenses grew to $10.48 million from $8.19 million in the prior-year quarter.
Operating income for the quarter totaled $12.40 million, up from $7.34 million in the corresponding last year quarter.
For the full year, net income was $45.18 million or $0.50 per share, up from $28.64 million or $0.30 per share last year.
Total revenues for the full year increased to $125.68 million from $105.79 million a year ago.
Analysts were looking for earnings of $0.52 per share on revenues of $126.39 million for fiscal 2008.
COGT closed Wednesday's regular trading session at $11.02, up $0.05 or 0.46% on volume of 1.29 million shares. However, the stock lost 11 cents or 1%, traded at $10.91 in the after-hour trade.
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