Biometric identification company Cogent Systems Inc. said Tuesday that its fourth-quarter profit fell as product revenue declined.
For the quarter that ended Dec. 31, Cogent earned $7.7 million, or 8 cents per share, compared with $13.7 million, or 14 cents per share, in the year-ago quarter.
Excluding share-based compensation and the net tax effect, the company earned $8 million, or 8 cents per share, on an adjusted basis.
The company's revenue fell by $20.5 million to $21.9 million.
Analysts polled by Thomson Financial expected earnings of 7 cents per share on $23.6 million in revenue. These estimates typically exclude special items.
Cogent said product revenue fell to $14.9 million from $36.5 million, while maintenance and services revenue rose to $7 million from $5.9 million.
For the full year, Cogent earned $28.6 million, or 30 cents per share, compared with $29.7 million, or 31 cents per share, in the year before.
Excluding certain items, the company earned $30.4 million, or 32 cents per share.
The company's full-year revenue rose to $105.8 million from $101.7 million in 2006.
Cogent shares declined 6 cents to $9.16 in after-hours trading, after finishing regular trading up 12 cents at $9.22.
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