Cogent Shares Surge on Earnings

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Shares in Cogent Systems Inc. got a boost Wednesday after the company said late Tuesday that its first-quarter profit more than doubled.


Cogent reported net income for the three months ended March 31 of $14.4 million (16 cents per share), compared to net income of $6.2 million (6 cents) in the same period a year earlier beating Wall Street’s expectations of 9 cents per share, according to a poll conducted by Thomson Financial.


Sales for the Pasadena-based fingerprint-identification systems maker fell 18 percent to $24.6 million, but beat analysts’ estimates of $23 million.


First-quarter profit was boosted by $10 million settlement agreement reached earlier this year with Los Angeles-based defense contractor Northrop Grumman Corp., Cogent said in a statement.


Shares in Cogent jumped 12 percent to $11.64 in early trading Wednesday.

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