Net income incresed 11.1% to $113.1m
IT, consulting, and BPO services provider Cognizant Technology Solutions has reported a 11.1% increase in net income to $113.1m for the first quarter 2009, compared to $101.9m for the first quarter of 2008.
The company posted a revenue of $746m for the first quarter of 2009, up 16% from $643.1m compared to same period last year.
Operating income during the quarter grew 24% to $138.1m, while diluted EPS grew 12% to $0.38. Cash and cash equivalents at the end of the quarter was $759m.
Gordon Coburn, chief financial and operating officer at Cognizant, said: We continued to strengthen our balance sheet and ended the quarter with approximately $969m in cash, short-term and long-term investments. We repurchased over $12m of shares during the first quarter, and we remain confident in our ability to continue to prosper despite the economic downturn and to continue to deliver shareholder value.
In the second quarter, the company said it expects revenue of at least $760m and diluted EPS of $0.37. For fiscal 2009, it expects revenue to top $3.1 billion and diluted EPS of $1.53.