Cogent Extends Buy-Back

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Cogent Systems Inc. said Thursday its board extended the company’s stock buyback program by one year to Nov. 12, 2009. It also increased its size to $150 million from $100 million.

Shares of Pasadena-based Cogent, which makes fingerprint and other biometric identification systems, currently are trading 30 percent off a 52-week high set in early June. To date, the company has repurchased a total of 6 million shares at a combined cost of approximately $59 million, or $9.84 per share.

“The board’s decision to extend the share repurchase program emphasizes their confidence in the future of our company,” said Chief Executive Ming Hsieh in a statement, noting the company has $456 million in cash and investments, plus no debt.

Shares closed up 46 cents, or 5 percent, to $9.22 on the Nasdaq.

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