Cognizant revenue increased to $74.5 M in Q1
BANGALORE: On a GAAP basis, net income for the first quarter increased to $10.2 million, or $0.15 per diluted share.
Pro forma earnings per share, which excludes $2.0 million in one-time, non-recurring transaction costs related to the recently completed IMS Health exchange offer, was $0.18, up 50% from $0.12 in the year ago quarter. Operating margin for the quarter was 19.5%, compared to 19.8% in the fourth quarter of 2002 and 19.7% in the first quarter of 2002.
"Cognizant is growing faster than its peer group because of our continuing success in winning and ramping up large strategic clients," said Kumar Mahadeva, Chairman and Chief Executive Officer. "Our 4th Generation business model is focused on partnering with customers to achieve substantial reductions in cost structure while rationalizing and streamlining their applications portfolio to better align with business needs, a process we call 'transforming while performing'. New clients rapidly ramp up their relationships because Cognizant's business model can quickly deliver substantial business results, and because Cognizant is able to lead clients through the change process."
"Financial Services customers continue to account for a growing portion of our revenue mix, rising to 47% compared to 43% last quarter due to the recent ramp-up of several large new customers," said Gordon Coburn, Chief Financial Officer. "Our existing clients who we have worked with for over a year remain highly satisfied as well, accounting for 80% of our business this quarter. DSO, including unbilled receivables, remained strong at 57 days. Total headcount increased to almost 6,500, reflecting the strength of our business outlook for 2003."
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