Cognigen Networks Reports Quarterly Financial Results

by louabbott on March 6, 2007

March 6, 2007

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 months ended December 31, 2006. The Company realized revenue of $1,817,317 for the three months ended December 31, 2006, compared to revenue of $2,514,028 for the same period in 2005. Net income was $91,402 for the period ended December 31, 2006, including a gain on the sale of assets of $236,897, compared to a net loss of $114,717 for the same period in 2006. Revenue for the six months ended December 31, 2006, was $4,121,406 compared to $5,335,900 for the same period in 2005. The Company incurred a net loss of $21,965 for the six months ended December 31, 2006, compared to a net loss of $44,578 for the comparable period in 2005.

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.

Gary Cook, Cognigen’s CFO and acting CEO, commented on the reported results, The decrease in traditional revenue sources is in line with our expectations. We sold the majority of our proprietary telecommunication long distance accounts so that we could concentrate on our opportunities as a broadband provider of bundled solutions to the Quick Service Restaurant/Retail (QSR) industry. We are currently serving 35 QSR customers in California, Oregon and Florida with our bundled broadband services, and we are completing installation for an additional six QSR customers in California. These business accounts are being served and billed under three year service level agreements. This new direction represents a very significant development in fulfilling our strategy to build our base of business customers as we reverse the trend of decreasing traditional revenue sources. In the process we are securing long term, highly reliable revenue for the Company.

Since becoming a public company seven years ago, Cognigen has served approximately 870,000 customers worldwide who have purchased telecommunication and personal technology services and products from the Company’s websites. Each of the approximately 134,000 persons, who are currently registered as Cognigen agents, has a website that is replicated from the main www.ld.net site. These web sites are provided free of charge to the agents immediately upon signing up as a Cognigen independent representative.

Read the entire article here

Also, read our company overview: Cognigen Facts, News and Review

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