| COVANSYS COMPLETES ACCOUNTING REVIEW AND FILES
FORM 10-K WITH THE SEC
FARMINGTON HILLS, Mich., March 30 /PRNewswire-FirstCall/ -- Covansys
Corporation (Nasdaq: CVNS - News), a worldwide provider of information
technology services, today announced that the Company's internal
review of certain accounting matters related to a select number
of contracts is complete, and the Company's Form 10-K for the fiscal
year ended December 31, 2003, has been filed with the Securities
and Exchange Commission (SEC). As a result of this review, Covansys
has revised its previously announced financial results for the
fiscal year and quarter ended December 31, 2003, from those contained
in its press release dated February 11, 2004.
The net effect of the accounting adjustments is to decrease net
income by $0.5 million, or one cent per share, for both fiscal
year and quarter ended December 31, 2003. Revenue and gross profit
were reduced by $0.2 million and $0.8 million, respectively, in
the same period. None of these adjustments has any impact on the
Company's cash balances.
About Covansys
Covansys Corporation, (NASDAQ: CVNS), is a global consulting and
technology services company specializing in industry-specific solutions,
strategic outsourcing and integration services through a unique
onsite, off-site, offshore delivery model that helps clients achieve
rapid deployment, world-class quality and reduced costs. Founded
in 1985, Covansys has successfully delivered an array of innovative
and cost-effective business and technical solutions to leaders
in the private and public sectors. With one of the largest offshore
capabilities of any technology services provider based in the United
States, Covansys has achieved the SEI’s CMM® Level 5 quality
ratings at two of its offshore development centers in India.
AT THE COMPANY:
David Roady
Vice President
Investor Relations
248-488-2088
droady@covansys.com
AT FINANCIAL RELATIONS BOARD
George Zagoudis-General Info
gzagoudis@financialrelationsboard.com
Lisa Fortuna—Analysts
312-266-7800
lfortuna@financialrelationsboard.com
|
