Cogent Inc. reported fourth quarter net income of $13.7 million (14 cents per share) a 34 percent dip from $20.7 million (22 cents) for the same period a year earlier.

That was just under Wall Street’s forecast of 15 cents per share, according to a poll by Thompson Financial.

Revenues for the Pasadena-based security technology firm declined 8 percent to $42.3 million, hurt by higher operating expenses, declining revenue and legal expenses, the company said. Analysts had projected $48.1 million in sales.

For the year, net income dropped 54 percent to $29.7 million (31 cents) while revenue dropped 36 percent to $102 million.

Despite the results, shares in Cogent closed up nearly 3 percent (30 cents) to $11.05 Monday.