Shares in Cogent Systems Inc. surged 13 percent early Monday after the company said it expects its first-quarter earnings to top Wall Street’s expectations but further delayed the earnings report pending a settlement review.
The company said it expects a profit of $8.2 million (9 cents per share), beating analysts’ expectations of 8 cents per share, according to Thomson Financial.
The Pasadena-based biometric identification systems maker said it also expects sales of $24.6 million also beating Wall Street’s consensus of $23 million in sales.
The company said it will release its first-quarter financial report after it completes a review with the Securities and Exchange Commission on how to account for its patent settlement with Los Angeles-based defense contractor Northrop Grumman Corp. Cogent gave no date for the release.
Northrop announced in September that it will pay $25 million to settle a suit Cogent filed against it concerning a fingerprinting system it developed for a British law-enforcement group using Cogent’s technology.
Shares in Cogent were up 13 percent to $10.62 in early trading Monday.