Cognizant (Nasdaq: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services. With over 50 global delivery centers and more than 85,500 employees, it combines a unique global delivery model infused with a distinct culture of customer satisfaction. A member of the NASDAQ-100 Index and S&P 500 Index, Cognizant is a Forbes Global 2000 company and a member of the Fortune 1000 and is ranked among the top information technology companies in BusinessWeek's Hot Growth and Top 50 Performers listings.
Financial Highlights - First Quarter 2010
• Quarterly revenue rose to $959.7 million, up 28.7% from the year-ago quarter and 6.3% sequentially.
• Quarterly diluted EPS on a GAAP basis was $0.49, compared to $0.38 in the year-ago quarter.
• Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation and applicable stock-based Indian fringe benefit tax expenses, was $0.53, compared to $0.41 in the year-ago quarter.
• GAAP and non-GAAP diluted EPS includes the impact of $0.03 in net non-operating foreign currency exchange losses.
2010 Outlook – Second Quarter and Full Year
The Company is providing the following guidance:
• Second quarter 2010 revenue anticipated to be at least $1.015 billion.
• Second quarter 2010 diluted EPS is expected to be $0.51 on a GAAP basis and $0.55 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense.
• Fiscal 2010 revenue expected to be at least $4.1 billion, up at least 25% compared to 2009.
• Fiscal 2010 diluted EPS expected to be at least $2.10 on a GAAP basis, and at least $2.26 on a non-GAAP basis, which excludes $0.16 of estimated stock-based compensation expense. Full-year EPS guidance is inclusive of the $0.03 net 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.
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