Cogent Systems Files 10-Q for Third Quarter of 2004

Business Wire, Nov 15, 2004

SOUTH PASADENA, Calif. -- Cogent Systems (Nasdaq:COGT) today filed its Quarterly Report on Form 10-Q in which it reported that net income on a GAAP basis for the third quarter of 2004 was $20.4 million, or $0.29 per diluted share. In its November 1, 2004 earnings release, the Company had understated GAAP net income for the third quarter by $0.01 per diluted share or $643,000, due to an overstatement of amortization of deferred stock-based compensation expense. Cogent also reported that net income on a GAAP basis for the nine months ended September 30, 2004 was $32.7 million, or $0.47 per diluted share. The previously disclosed results for the nine months ended September 30, 2004 understated GAAP net income by $374,000 due to an overstatement of amortization of deferred stock-based compensation.

These adjustments have no impact on Cogent's cash flows or on the previously reported non-GAAP results for either period.

Additional information regarding Cogent's historical results is available in the Company's Quarterly Report on Form 10-Q filed earlier today.

About Cogent Systems

Cogent is a leading provider of Automated Fingerprint Identification Systems, or AFIS, and other fingerprint biometric solutions to governments, law enforcement agencies and other organizations worldwide. Cogent's AFIS solutions enable customers to capture fingerprint images electronically, encode fingerprints into searchable files and accurately compare a set of fingerprints to a database containing potentially millions of fingerprints in seconds.