Cognizant reports strong Q1 results

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Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of global IT and business process outsourcing services, today announced its financial results for the first quarter ended March 31, 2007.

 

Highlights-First Quarter 2007

 

§         Quarterly revenue increased to $460.3 million, up 61% from the year-ago quarter.

§         Quarterly diluted EPS on a GAAP basis was $0.50, compared to $0.32 in the year-ago quarter.

§         Quarterly diluted EPS on a non-GAAP basis was $0.54, excluding stock-based compensation expense of $0.04, compared to $0.36 in the year-ago quarter.

 

Revenue for the first quarter increased to $460.3 million, up 8% from $424.4 million in the fourth quarter of 2006, and up 61% from $285.5 million in the first quarter of 2006. GAAP net income was $75.4 million, or $0.50 per diluted share, compared to $47.2 million, or $0.32 per diluted share, in the first quarter of 2006.  GAAP operating margin for the quarter was 18.2%. Excluding stock based compensation expense of $7.4 million, non-GAAP operating margin was 19.8%, in-line with the Company's targeted 19 to 20% range. Reconciliations of these non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

 

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