Dear Craig: WOW, WOW,WOW. My recollection is that analysts were calling for 9 cents a share PRESPLIT. SYNT earned 15 cents split and 23 cents presplit. MAN I LOVE THIS COMPANY.
@yahoo.com email address - click here
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Tuesday April 28, 7:46 am Eastern Time
Company Press Release
Syntel Reports 280% Net Income and 58% Revenue Increase for First Quarter, 1998
TROY, Mich.--(BUSINESS WIRE)--April 28, 1998--Syntel, Inc. (NASDAQ:SYNT - news), a leading applications management, Year 2000 compliance, and information technology (IT) consulting firm, today reported record revenues and net income for the first quarter ended March 31, 1998.
Revenues for the quarter were $41.6 million, a 58 percent increase over $26.3 million for the same period in 1997. Net income increased 280 percent for the first quarter to $6 million, or $0.15 per share (diluted), compared to pro forma net income of $1.6 million or $0.04 per share (diluted) for the same period in 1997. All diluted per share amounts above have been restated to give effect to the three for two stock split paid on April 22, 1998.
Pre-split earnings for the quarter increased to $0.23 per share (diluted), compared to pro forma earnings per share of $0.06 (diluted) for the first quarter 1997.
The Company's gross profit and income from operations continue to improve. Gross profit increased to 35 percent of revenues for the first quarter 1998, compared to 28 percent for the same period in 1997. Income from operations increased to $8.5 million for the first quarter 1998, versus $2.0 million for the same period in 1997.
Performance Highlights
''The strong results from the first quarter illustrate Syntel's continued momentum in the global information technology services marketplace,'' said Bharat Desai, President and Chief Executive Officer. ''We are pleased with the results because they represent increased demand for our services from our current clients as well as from newly-established customer relationships. During the first three months of 1998, demand increased for our IntelliSourcing(SM) applications management services, packaged software implementation services, as well as Year 2000 compliance initiatives.''
Added Syntel Chief Financial Officer John Andary, ''Our ability to optimize resources and increase productivity continues to enhance margins as we migrate more of our business to our higher-value IntelliSourcing offering. Additionally, we are aggressively ramping up investments in global infrastructure and human resources to capture emerging opportunities in the marketplace.''
Financial results will be posted on the Company's web site by noon today at: www.syntelinc.com on the ''Investor Relations'' page. @yahoo.com email address - click here
[ Business | US Market | Industry | IPO | S&P | International | PRNews | BizWire | Finance Home ]
------------------------------------------------------------------------
Tuesday April 28, 7:46 am Eastern Time
Company Press Release
Syntel Reports 280% Net Income and 58% Revenue Increase for First Quarter, 1998
TROY, Mich.--(BUSINESS WIRE)--April 28, 1998--Syntel, Inc. (NASDAQ:SYNT - news), a leading applications management, Year 2000 compliance, and information technology (IT) consulting firm, today reported record revenues and net income for the first quarter ended March 31, 1998.
Revenues for the quarter were $41.6 million, a 58 percent increase over $26.3 million for the same period in 1997. Net income increased 280 percent for the first quarter to $6 million, or $0.15 per share (diluted), compared to pro forma net income of $1.6 million or $0.04 per share (diluted) for the same period in 1997. All diluted per share amounts above have been restated to give effect to the three for two stock split paid on April 22, 1998.
Pre-split earnings for the quarter increased to $0.23 per share (diluted), compared to pro forma earnings per share of $0.06 (diluted) for the first quarter 1997.
The Company's gross profit and income from operations continue to improve. Gross profit increased to 35 percent of revenues for the first quarter 1998, compared to 28 percent for the same period in 1997. Income from operations increased to $8.5 million for the first quarter 1998, versus $2.0 million for the same period in 1997.
Performance Highlights
''The strong results from the first quarter illustrate Syntel's continued momentum in the global information technology services marketplace,'' said Bharat Desai, President and Chief Executive Officer. ''We are pleased with the results because they represent increased demand for our services from our current clients as well as from newly-established customer relationships. During the first three months of 1998, demand increased for our IntelliSourcing(SM) applications management services, packaged software implementation services, as well as Year 2000 compliance initiatives.''
Added Syntel Chief Financial Officer John Andary, ''Our ability to optimize resources and increase productivity continues to enhance margins as we migrate more of our business to our higher-value IntelliSourcing offering. Additionally, we are aggressively ramping up investments in global infrastructure and human resources to capture emerging opportunities in the marketplace.''
Financial results will be posted on the Company's web site by noon today at: www.syntelinc.com on the ''Investor Relations'' page. |
