Cogent misses by $0.04, misses on revs

Reports Q3 (Sep) earnings of $0.05 per share, excluding non-recurring items, $0.04 worse than the Reuters Estimates consensus of $0.09; revenues fell 3.8% year/year to $22.5 mln vs the $30.2 mln consensus. The co also announced that its Board of Directors has approved a stock repurchase plan. Pursuant to this program, beginning on November 5, 2007 COGN may repurchase up to $100 mln of its common stock.