Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting and business process outsourcing services, today announced its first quarter 2009 financial results.
Highlights – First Quarter 2009
- Quarterly revenue rose to $745.9 million, up 16% from the year-ago quarter.
- Quarterly diluted EPS on a GAAP basis was $0.38, compared to $0.34 in the year-ago quarter.
- Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation and stock-based Indian fringe benefit tax expenses, was $0.41, compared to $0.38 in the year-ago quarter.
- GAAP and non-GAAP diluted EPS includes the negative impact of $0.01 in non-operating foreign currency exchange losses.
Revenue for the first quarter of 2009 rose to $745.9 million, up 16% from $643.1 million in the first quarter of 2008. GAAP net income was $113.1 million or $0.38 per diluted share compared to $101.9 million, or $0.34 per diluted share, in the first quarter of 2008. Diluted earnings per share on a non-GAAP basis were $0.41. GAAP operating margin for the quarter was 18.5%. Excluding stock based compensation expense of $11.8 million and stock-based Indian fringe benefit tax expense of $0.9 million, non-GAAP operating margin was 20.2%, above the Company’s targeted 19-20% range. Earnings for the quarter included $5 million, or $0.01 per share, of non-operating foreign currency exchange losses primarily resulting from the weakness in the European currencies and Indian Rupee during the period. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
"We are pleased with our performance during the first quarter which exceeded our revenue guidance and demonstrated Cognizant’s continued ability to outperform the industry,” said Francisco D’Souza, President and CEO of Cognizant. “Cognizant’s performance this quarter once again demonstrates the value of our long standing approach of continued reinvestment in our business. In the current economic downturn, as our clients face fundamental structural changes within their industries, they are looking for a partner that brings industry insight, consulting expertise, intellectual capital and world class thinking to the table. At Cognizant we understand the challenges our clients face. We help them navigate change to address these challenges. Our continuing strategy of reinvesting in our business to deepen our expertise, experience and ultimately, our value proposition, has meant we remain the trusted advisor to our customers in good times and bad, continuing our industry leading growth trajectory."
Mr. D’Souza continued: "Looking to the full year, we remain confident of achieving our full year guidance of at least 10% revenue growth. We will continue to adhere to our business strategy and strategically manage our way through the current market turmoil to capture new opportunities so that we can emerge from this downturn in an even stronger position than when we entered it."
2009 Outlook – Second Quarter & Full Year
The Company is providing the following guidance:
- Second quarter 2009 revenue anticipated to be at least $760 million.
- Second quarter 2009 diluted EPS is expected to be $0.37 on a GAAP basis and $0.42 on a non-GAAP basis, which excludes $0.05 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense.
- Fiscal 2009 revenue expected to be at least $3.1 billion, up at least 10% compared to 2008.
- Fiscal 2009 diluted EPS expected to be at least $1.53 on a GAAP basis, and at least $1.71 on a non-GAAP basis, which excludes $0.18 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. Full-year EPS guidance is inclusive of the $0.01 non-operating foreign currency exchange loss in the first quarter.
- Due to continued volatility in the currency markets, EPS guidance excludes any future non-operating foreign currency exchange gain or loss.
"During the quarter, we continued to focus on operational excellence, thus generating cost savings which can be reinvested in differentiating ourselves in the marketplace and generating industry-leading long-term revenue growth,” said Gordon Coburn, Chief Financial and Operating Officer. “In addition, we continued to strengthen our balance sheet and ended the quarter with approximately $969 million in cash, short-term and long-term investments. We repurchased over $12 million of shares during the first quarter, and we remain confident in our ability to continue to prosper despite the economic downturn and to continue to deliver shareholder value."
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www.octanewire.com/nl/rss.php?client=14Over CognizantCognizant (Nasdaq: CTSH) is een vooraanstaande dienstverlener in IT, consultancy en Business Process Outsourcing (BPO). Cognizant werkt samen met klanten om hun business sterker te maken. Zij doen dit met hun wereldwijde kennis van technologie, innovatie en de industrie. Met meer dan 40 locaties wereldwijd en ruim 59.500 medewerkers (30 september, 2008) combineert de organisatie een uniek onsite/offshore leveringsmodel met een cultuur gericht op klanttevredenheid. Cognizant is genoteerd op de NASDAQ-100 Index en de S&P 500 Index. Verder is Cognizant een Forbes Global 2000-organisatie en wordt genoemd als top IT-organisatie in BusinessWeek’s Hot Growth en Top 50 Performers. Meer informatie:
www.cognizant.com.
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