Cognizant Technology Solutions Reports Record Third Quarter 2005 Results; Strategic Customer Relationships Continue to Expand; Full-Year Guidance Increased.

Publication: Business Wire

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COPYRIGHT 2005 Business Wire

TEANECK, N.J. -- Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced its financial results for the third quarter ended September 30, 2005.

Highlights - Third Quarter 2005

--Quarterly revenue increased to $235.5 million, up 52% from the year-ago quarter

--Net income increased to $40.6 million, up 56% from the year-ago quarter

--Diluted quarterly EPS of $0.28 compared to $0.18 in the year-ago quarter

--Record quarter of hiring, with a net addition of over 3,100 associates, bringing total to 22,400

Revenue for the third quarter increased to $235.5 million, up 52% from $155.4 million in the third quarter of 2004. Net income for the third quarter increased to $40.6 million, or $0.28 per diluted share compared to $26.1 million or $0.18 per diluted share in the third quarter of 2004. Operating margin for the quarter was 20.0%, in line with operating margin achieved in the third quarter of 2004.

"We are pleased to report another record quarter of sustained industry-leading growth for Cognizant," commented Lakshmi Narayanan, President and CEO of Cognizant. "We again secured significant client wins during the third quarter, adding 31 new clients while expanding our relationships with existing strategic customers. Our performance is a testament to the caliber of our industry expertise and...

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