EXHIBIT 99.1
FOR: Cognizant Technology Solutions
Corporation
500 Glenpointe Centre West
Teaneck, NJ 07666
CONTACT: Gordon Coburn
Chief Financial Officer
201-678-2712
FOR IMMEDIATE RELEASE
Investors: Ian Bailey/Kirin Smith
Press: Brian Maddox/Scot Hoffman
Financial Dynamics
212-850-5600
shoffman@fd-us.com
COGNIZANT TECHNOLOGY SOLUTIONS ANNOUNCES
CONDITIONAL TWO-FOR-ONE STOCK SPLIT
* Subject to stockholder approval at upcoming Annual Meeting of increase in
capital stock authorization
Teaneck, NJ - April 12, 2004 - Cognizant Technology Solutions Corporation
(Nasdaq: CTSH), a leading provider of IT services, today announced that its
Board of Directors has declared a two-for-one stock split on its capital stock
in the form of a stock dividend, subject to stockholder approval of an increase
in the Company's capital stock authorization at its upcoming Annual Meeting
scheduled for May 26, 2004. Subject to such approval, stockholders of record as
of May 27, 2004 will be entitled to one additional share of common stock for
each share held on the record date. The stock dividend distribution is expected
to occur on or about June 17, 2004 and it is anticipated that the company's
Class A Common Stock will begin trading on a post-split basis the business day
following the distribution date.
"The stock split recapitalization reflects the Board's confidence in the
company's future prospects," said Lakshmi Narayanan, President and Chief
Executive Officer. "This stock split is expected to result in a trading volume
and trading range for our stock likely to appeal to a broader spectrum of
investors."
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation (Nasdaq: CTSH) is a leading provider
of IT services. Focused on delivering strategic information technology solutions
that address the
complex business needs of its clients, Cognizant provides applications
management, development, integration, and re-engineering, infrastructure
management, business process outsourcing, and a number of related services such
as enterprise consulting, technology architecture, program management and change
management through its onsite/offshore outsourcing model.
Cognizant's more than 10,000 employees are committed to partnerships that
sustain long-term, proven value for customers by delivering high-quality,
cost-effective solutions through its development centers in India and Ireland,
and onsite client teams. Cognizant maintains P-CMM and CMMi Level 5 assessments
from an independent third-party assessor and was recently ranked #1 in Forbes'
Hot Shots 200 Up & Comers and ranked as the top information technology company
in BusinessWeek's Hot Growth Companies. Further information about Cognizant can
be found at http://www.cognizant.com.
This press release includes statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the accuracy of which are necessarily subject to
risks, uncertainties and assumptions as to future events that may not prove to
be accurate. Factors that could cause actual results to differ materially from
those expressed or implied include general economic conditions and the factors
discussed in our most recent Form 10-K and other filings with the Securities and
Exchange Commission. Cognizant undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. There can be no assurance that the Company's stockholders
will approve the proposal to increase the Company's authorized capital stock.
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