EX-99 3 form8k_ex99stock.txt EXHBIT 99.1 - COGNIZANT TECHNOLOGY SOLUTIONS 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. ###