GAAP net income was $96.2 million, or $0.32 per diluted share, compared to $61.0 million, or $0.20 per diluted share, in the third quarter of 2006. Diluted earnings per share on a non-GAAP basis were $0.34. GAAP operating margin for the quarter was 18.1%. Excluding stock based compensation expense of $9.2 million, non-GAAP operating margin was 19.7%, at the upper end of the company’s targeted 19-20% range. The results include a one-time tax benefit of $2.8 million and a pre-tax foreign exchange gain of $2.6 million.
Francisco D’Souza, president and CEO of Cognizant, said: We are very pleased with our third quarter financial performance, which was driven by strong organic revenue growth across our diverse platform of industries, service offerings and geographies.
