Net income up 28% on year ago quarter
Cognizant Technology Solutions, a provider of information technology, consulting and business process outsourcing services, has reported revenue of $902.7m for the fourth quarter of 2009, an increase of 20% compared to $753m for the same period last year.
The company’s operating margin was 18.5% while the operating income was $166.9m, compared to $142.7m for the same period last year. Depreciation and amortisation expenses increased to $24.3m from $21.25m for the same period last year.
For the quarter ended December 31, 2009, the company posted a net income of $144m, up 28% compared to $112.3m in the same period a year ago.
For the full year 2009, the company reported revenue $3.28bn, up 16% from $2.8bn in 2008. Operating income was $618.5m, compared to $516.7m in 2008. Net income was $535m, or $1.78 per diluted share, compared to $430.8mn, or $1.44 per diluted share, in 2008.
Francisco D’Souza, president and CEO of Cognizant, said: Despite a very difficult economy, Cognizant delivered strong results with 16% annual revenue growth. The investments we made in our business leave us in an even stronger position than when we entered 2009.
During the year, we grew our workforce by more than 16,700 people, improved our employee utilisation, strengthened our client partnerships, and brought new services and capabilities to market. We believe Cognizant is set to deliver robust performance in 2010 and will continue to set new standards for our industry.
The company anticipates first quarter 2010 revenues to be $935m and diluted EPS to be $0.48. For fiscal 2010, revenues are anticipated to be at least $3.93bn, up at least 20% compared to 2009.