Cognigen Reports Q2

Net income of $245,014 up fivefold from the same quarter in 2001, on revenue of $2,922,970, up almost 5% from 2001

February 10, 2003

2 Min Read

SEATTLE -- Cognigen Networks, Inc. (OTC Bulletin Board: CGNW), the Seattle based Internet-enabled marketer of communications services, long distance reseller and facilities based carrier, today announced operating results for the quarter and six months ended December 31, 2002. The details of all financial data for the periods are available in the Company's 10-QSB report that has been filed with the Securities and Exchange Commission. Cognigen reported net income of $245,014 for the quarter ended December 31, 2002, a significant five-fold improvement when compared to its net loss of ($60,534) for the same quarter in 2001. Revenue for the quarter ended December 31, 2002, was $2,922,970, up almost 5% over the same quarter in 2001. Revenue for the six months ended December 31, 2002 was $5,740,358, an improvement of 7% compared to the same six month period in 2001. Net income for the six months ended December 31, 2002, was $299,148 compared to a net loss of ($196,857) for the same six months in 2001. Darrell H. Hughes, Cognigen's chairman and CEO, commented, "The second fiscal quarter net income represents earnings of $0.03 per share. This was realized through a combined effort of focusing on basic sales strategies, improving operating efficiencies, and exercising budgetary restraint." Mr. Hughes continued, "The improvement in our net income is especially remarkable in this period of diminished earnings and revenue growth among companies that occupy a space similar to Cognigen's within the telecommunication industry. Our sector of the industry has been adversely affected by the general downturn in the national economy coupled with retail rate decreases and more aggressive competition. We are responding to these conditions by energizing our agent base through the adoption of a new compensation plan. It is now easier and faster for an agent to reach payable commission status, and we expect this to result in increased sales. In addition we have added new service choices for customers who visit our website. Cognigen is committed to maintaining and improving its competitive edge and expanding its market share. Along with these measures, our dedicated network of independent agents is receiving an unmatched level of marketing support and sales training." Cognigen Networks Inc.

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