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Tuesday, 22 July 2003
July 22, 2003 Cognizant Technology Solutions (CTSH)
This one I have glanced at before but I don't have any shares. Let's take a closer look.

Cognizant, according to CNN.Money, "...is a provider of custom information technology (IT) design, development, integration and management services."

CTSH is having a GREAT day today on the back of a positive earnings announcement. Currently it is trading at $30.22 up $3.19 or 11.80% on the day.

Revenues for the quarter ending June 30, 2003, were $87.4 million up 17% from $74.5 million in 2002. Net income for the second quarter increased to $13.5 million or $.20/diluted share compared to $8.6 million or $.14/diluted share in 2002. (NYTimes on the Web)

Morningstar.com shows sequential annual growth in revenue from $24.7 million in 1997, $58.6 million in 1998, $88.9 million in 1999, $137.0 million in 2000, $177.8 million in 2001, and $229 million in 2002. Extrapolating the current quarter would give us over a $280 million annual revenue in 2003.

Free Cash Flow while inconsistent remains positive ranging from $20 million in 2000, $17 million in 2001, $21 million in 2002 and $16 million in the trailing twelve months.

The Balance sheet, as reported on Morningstar.com, is very nice: $126.6 million in cash...more than enought to cover current liabilities of $37.5 million and long-term liabilities of $24.5 million combined. In addition, Morningstar reports $55.9 million of other current assets.

This is a bit larger company than our last entry with $1.66 Billion market cap and 61.6 million shares outstanding with 61.4 million that float. The p/e while steep at 46.60 is better than the prior entry as well. More shares are out short: 5.45 million as of 6/9/03....representing 3.40 trading days to cover the repurchasing activity required.

I like this company a lot as well....only the p/e again is a bit steep. I do not own shares but would be happy to add to my holdings with some of these if the opportunity should avail itself.

Regards to all of my friends!

Bob


Posted by bobsadviceforstocks at 2:13 PM CDT | Post Comment | Permalink

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