Cognizant Aktie

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WKN: 915272 / ISIN: US1924461023

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27.04.2005 13:02:00

Cognizant Technology Solutions Reports Record First Quarter 2005 Resul

Cognizant Technology Solutions Reports Record First Quarter 2005 Results; Revenue & EPS Exceed Expectations; Raises Anticipated Growth Outlook For 2005


    Business Editors/Technology Writers

    TEANECK, N.J.--(BUSINESS WIRE)--April 27, 2005--Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced its financial results for the first quarter ended March 31, 2005.

    Highlights - First Quarter 2005

-- Quarterly revenue increased to $181.7 million, up 52% from the year-ago quarter

-- Net income increased to $32.0 million, up 62% from the year-ago quarter

-- Diluted quarterly EPS of $0.22 compared to $0.14 in the year-ago quarter (on a split-adjusted basis).

    Revenue for the first quarter increased to $181.7 million, up 52% from $119.7 million in the first quarter of 2004. Net income for the first quarter increased to $32.0 million, or $0.22 per diluted share compared to $19.8 million or $0.14 per diluted share (on a split-adjusted basis) in the first quarter of 2004. Operating margin for the quarter increased to 20.5%, compared to 19.8% in the first quarter of 2004.
    "We are pleased to report that Cognizant has delivered another quarter of strong financial results, driven by continued demand for premium IT solutions from our onsite/offshore model," said Lakshmi Narayanan, President and CEO of Cognizant. "Our ability to offer comprehensive business-aligned IT solutions, coupled with our vertical industry expertise, resulted in Cognizant not only expanding upon existing client relationships, but also winning new strategic clients across a range of industries including financial services, healthcare and retail/manufacturing/logistics. Cognizant will continue to invest in the development of additional best-of-breed service offerings, enhancing our ability to meet existing and potential clients' growing demand for a strategic partner that can manage a broad range of increasingly complex projects. We believe this will provide a solid platform for the Company's future growth."
    Cognizant added over 1,700 associates in the first quarter, ending the quarter with approximately 17,000 employees. The Company also completed its acquisition of the IT consultancy Fathom in mid-April, strengthening its telecommunications vertical practice.

    2005 Outlook - Second Quarter & Full Year

    Based on current visibility, the Company is now providing the following guidance:

    -- Second quarter 2005 revenue anticipated to be at least $206
    million, including an expected contribution from Fathom of
    approximately $6 million

    -- Second quarter 2005 expected diluted EPS of $0.23

    -- Fiscal 2005 revenue anticipated to be at least $870 million,
    including an expected contribution from Fathom of
    approximately $20 million

    -- Fiscal 2005 diluted EPS of approximately $0.99

    -- Total headcount by end of Fiscal 2005 expected to reach 23,000

    "Demand for Cognizant's services remains strong as we experience healthy interest for a broad range of offerings across all of our key verticals," said Gordon Coburn, Chief Financial Officer of Cognizant. "Our ongoing investment in physical and intellectual infrastructure continues to result in industry-leading performance. Based on our continued success in winning new strategic clients and penetrating our existing relationships, combined with the positive demand environment, we have increased our revenue, earnings, and headcount expectations for Fiscal 2005."

    Conference Call

    Cognizant will host a conference call on April 27th, at 10:00 a.m. (ET) to discuss the Company's quarterly results. To listen to the call please dial (888) 652-6834 domestically or (706) 679-3288 internationally. The call will also be broadcast live via the Internet at Cognizant's web site, www.cognizant.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay will be made available on the web site at www.cognizant.com or by calling (800) 642-1687 for domestic callers and (706) 645-9291 for international callers and entering "5629978" from two hours after the end of the call until 11:59 p.m. (ET) on May 5, 2005.

    About Cognizant Technology Solutions

    Cognizant (NASDAQ: CTSH) is a leading provider of IT services. Focused on delivering strategic information technology solutions that address the complex business needs of its clients, Cognizant provides applications management, development, integration, and re-engineering, infrastructure management, business process outsourcing, and a number of related services such as enterprise consulting, technology architecture, program management and change management through its onsite/offshore outsourcing model.
    Cognizant's more than 17,000 employees are committed to partnerships that sustain long-term, proven value for customers by delivering high-quality, cost-effective solutions through its development centers in India, and onsite client teams. Cognizant maintains P-CMM and SEI-CMM Level 5 assessments from an independent third-party assessor. Cognizant was recently named to the NASDAQ-100 Index, recognized as Forbes' Best Small Company in America for the second consecutive year, and ranked as the top information technology company in BusinessWeek's Hot Growth Companies. Further information about Cognizant can be found at http://www.cognizant.com.

    This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)

Three Months Ended March 31, ----------------------- 2005 2004 ---------- ----------

Revenues $ 181,681 $ 119,744

Cost of revenues 97,994 65,010 ---------- ----------

Gross profit 83,687 54,734

Selling, general and administrative expenses 41,410 27,182

Depreciation and amortization expense 5,090 3,865 ---------- ---------- Income from operations 37,187 23,687 ---------- ----------

Other income (expense): ----------------------- Interest income 1,840 840 Other income / (expense), net (124) 301 ---------- ---------- Total other income / (expense) 1,716 1,141 ---------- ----------

Income before provision for income taxes 38,903 24,828

Provision for income taxes 6,925 5,040

----------- ----------- Net income $ 31,978 $ 19,788 =========== ===========

----------- ----------- Basic earnings per share (1) $ 0.24 $ 0.15 =========== ===========

----------- ----------- Diluted earnings per share (1) $ 0.22 $ 0.14 =========== ===========

Weighted average number of common ----------- ----------- shares outstanding 134,485 128,881 =========== ===========

Weighted average number of common ----------- ----------- and dilutive shares outstanding 145,821 141,651 =========== ===========

(1) Reflects a 2-for-1 stock split effected by a 100% stock dividend paid on June 17, 2004.

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (In thousands)

March 31, December 31, ----------- ----------- 2005 2004 ---------- ----------

Assets

Current Assets

Cash and cash equivalents (1) $ 174,988 $ 199,296

Short-term investments (1) 139,406 115,465

Trade accounts receivable, net of allowances of $1,971 and $1,560, respectively 112,452 96,363

Unbilled accounts receivable 18,742 14,154

Deferred income tax assets 21,528 16,815

Other current assets 15,263 11,904

----------- ----------- Total Current Assets 482,379 453,997

Property and equipment - net 94,638 90,705

Goodwill 9,684 9,701

Other Intangible assets - net 11,520 12,126

Other assets 6,626 6,216

----------- ----------- Total Assets $ 604,847 $ 572,745 ========== ==========

Liabilities and Stockholders' Equity

Current Liabilities

Accounts payable $ 13,107 $ 11,190

Accrued expenses and other liabilities 83,427 103,870

----------- ----------- Total Current Liabilities 96,534 115,060

Deferred income tax liabilities 1,227 4,156

----------- ----------- Total Liabilities 97,761 119,216 ----------- -----------

----------- ----------- Stockholders' Equity 507,086 453,529 ----------- -----------

----------- ----------- Total Liabilities and Stockholders' Equity $ 604,847 $ 572,745 ========== ==========

--30--TM/ny*

CONTACT: Cognizant Technology Solutions Corporation Gordon Coburn, 201-678-2712 or Financial Dynamics Investors: Ian Bailey/Peter Schmidt Press: Brian Maddox/Scot Hoffman 212-850-5600 shoffman@fd-us.com

KEYWORD: NEW JERSEY INDUSTRY KEYWORD: HARDWARE BANKING SOFTWARE NETWORKING EARNINGS CONFERENCE CALLS SOURCE: Cognizant Technology Solutions Corporation

Copyright Business Wire 2005

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