Cognizant posts revenue of $27m in Q1

BANGALORE: Cognizant Technology Solutions Corporation, an e-business and

application management solutions provider announced financial results for the

first quarter ended March 31, 2000. Revenue for the first quarter of 2000

increased 33 percent to $27.1 million, from $20.4 million in the first quarter

of 1999.

Non-Y2K revenue increased 77 percent from the prior year period. Net income

for the quarter ended March 31, 2000 increased 25 percent to $3.5 million, as

compared to $2.8 million in the 1999 first quarter. Diluted earnings per share

increased 21 percent to $0.17 from $0.14 in the year ago period. "This

quarter marks the resumption of double-digit sequential revenue growth as we end

our Y2K transition" said company chairman and chief executive officer Kumar

Mahadeva.

Cognizant claims to deliver high-quality, cost-effective, full life-cycle

solutions to complex software development and management problems. Cognizant

employs more than 2,000 computer science and engineering professionals globally

at its client sites and eight development centers in India. The company

specializes in e-business and application management. Cognizant has been

assessed at SEI/CMM Level 4 and is ISO 9001 certified.