TROY ? Global IT consultant Syntel posted a half percent gain in its net income for fiscal 2004 on a 4 percent increase in revenues. But fourth quarter net income fell 1 cent a share from the same three months a year ago.
Syntel’s global headcount grew 17 percent in 2004 to 4,527, compared to 3,861 at the end of 2003. The company finished the year with cash and short-term investments of $168.04 million, an increase of over $31.2 million from the close of 2003.
Syntel anticipates 2005 revenue in the range of $198 million to $210 million and earnings per share of $0.92-$1.01.
“While we continue to focus on accelerating our revenue momentum, we are encouraged that we achieved our highest quarterly and annual revenue performance in Syntel’s 25-year-history during the fourth quarter and full year 2004,” said Bharat Desai, Syntel Chairman and CEO.
Syntel Chief Operating Officer Keshav Murugesh said the company made significant investments in its business, while maintaining solid financial performance.
“We focused on expanding our sales and marketing organization, breadth and depth of service offerings and the expansion and enhancement of our infrastructure in India,?? she said. ?In fact, Syntel added 75,000-square-feet of new facility space and more than 800 seats by January 2005.”
