CGNW-see yest pr post close then look at these numbers for 3rd qtr and 9mo-
Cognigen Networks Reports Quarterly Financial Results
Tuesday May 17, 8:45 pm ET
Revenue and Net Income Increased for the Three and Nine Months Ended March 31, 2005
MOUNTLAKE TERRACE, Wash., May 17 /PRNewswire-FirstCall/ -- Cognigen Networks, Inc. (OTC Bulletin Board: CGNW - News), the Seattle area based Internet-enabled marketer of communications services and certificated reseller, today announced its unaudited financial results for the three and nine months ended March 31, 2005. The Company realized revenue of $3,010,170 and $8,674,882, respectively, for the three months and nine months ended March 31, 2005, compared to revenue of $2,682,192 and $8,122,954, respectively, for the same periods in 2004. Revenue for quarter ended March 31, 2005, increased approximately 12% over the same period in 2004 while revenue for the nine months ended March 31, 2005, increased approximately 7% over the same period in 2004.
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Net income for the quarter ended March 31, 2005, was $346,307 compared to a loss of ($2,989,367) for the same period in 2004. Net income for the nine months ended March 31, 2005, was $811,589 compared to a net loss of ($2,945,284) for the nine months ended March 31, 2004. Net income per common share for the three months ended March 31, 2005, was $0.04 per share compared to the net loss ($0.33) per share for the same quarter in 2004. Net income per common share for the nine months ended March 31, 2005, was $0.09 compared to a per share net loss of ($0.32) for the same period in 2004. The net losses for the periods in 2004 were in large part due to loss provisions recorded on intangible assets in the prior year.
Net cash provided by operations was $385,165 during the nine months ended March 31, 2005, compared to $63,189 for the comparable period in fiscal year 2004.
Thomas S. Smith, president and CEO, commented, "We are pleased with Cognigen's ability to achieve sustained growth despite ever increasing competition and falling long distance rates. To a great extent this has been accomplished through product line diversification that allows us to reach new customer bases. Our core operations remain reliable sources for revenue generation, and a series of new product and service initiatives should bring about increased revenue growth as we provide our agent network with greater incentives. We shall be announcing those new expanded services in the coming weeks."
Complete details of the full unaudited results and related financial information may be found in Cognigen's quarterly report on Form 10-QSB which has been filed with the SEC and which may be accessed through Edgar Online or other sources.
About Cognigen
Cognigen Networks, Inc., based in metropolitan Seattle, Washington, offers a wide range of telecommunication services and related technology products via its Web site, cognigen.com . Cognigen's robust marketing engine harnesses distribution channels featuring a prominent Internet presence, a network of independent agents and several affiliate groups, each having their own customized Web site. Cognigen's agent initiated sales as well as those generated directly off its main website are fulfilled via proprietary software utilizing the Internet. The Company sells its own proprietary services under the Cogni label as a certificated reseller and carrier, and resells the services of industry leaders such as 2Speak, AccuLinq, Inphonic Cellular, ShopForT1, Convergia, IBN Tel, MCI Neighborhood, Pioneer Telephone, OPEX, PowerNet Global, Speakeasy, UniTel and Trinsic / Z-Tel. Cognigen is authorized to operate as an interstate and international carrier under Section 214 of the rules of the Federal Communications Commission and is regulated by some state public utility commissions as a reseller of interstate and intrastate long distance telecommunications services. Since September of 1999, Cognigen has sold, on behalf of its vendors and for its own account, services and products to approximately 820,000 customers worldwide. |
