| COVANSYS SCHEDULES FIRST QUARTER
2004 EARNINGS ANNOUNCEMENT AND CONFERENCE CALL FOR MAY 10, 2004
FARMINGTON HILLS, MI, May 4, 2004 – Covansys
Corporation (NASDAQ: CVNS), a worldwide provider of information technology
services, today announced that the Company will host a conference
call on Monday, May 10, 2004 at 10:00 a.m. Eastern Time to discuss
its financial results for the first quarter ended March 31, 2004.
As a part of the Company’s ongoing efforts to strengthen its
internal accounting controls, the Company conducted an inventory
of certain fixed assets and a useful life analysis in the first quarter
of 2004. The analysis included a reevaluation of the useful life
estimates of its hardware and software assets from five to three
years. Concurrent with this exercise, the Company has enhanced its
internal processes in this area. This analysis prompted a delay of
the Company’s first quarter earnings announcement. The Company
estimates that any charges resulting from this analysis will be non-cash
and non-recurring.
Covansys anticipates that it will file its Form 10-Q on May 10,
2004.
Interested parties may access the call by dialing 877-407-8033
(201-689-8033) from outside North America). The call may also be
accessed via the Internet at the company's website, www.covansys.com.
A replay of the call will be available beginning at approximately
1:00 p.m. on May 10th through midnight on May 17th by dialing 877-660-6853
or 201-612-7415 and referencing account number 1628 and conference
ID 104256. The replay will also be available on the company's website,
www.covansys.com, for 90 days.
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.
Safe Harbor Statement
With the exception of statements regarding historical matters and
statements concerning our current status, certain matters discussed
herein are forward-looking statements that involve substantial
risks and uncertainties. Such forward-looking statements may
be identified by the words "anticipate," "believe," "estimate," "expect" or "intend" and
similar expressions. Our actual results, performance or achievements
could differ materially from these forward-looking statements.
Factors that could cause or contribute to such material differences
include general economic conditions and conditions in the IT
industry such as the demand for IT services, public sector government
budgetary constraints, potential cost overruns on fixed-price
projects, effective application of the percentage of completion
method of accounting for fixed priced contracts, risks related
to merger, acquisition and strategic investment strategy, variability
of operating results, government regulation of immigration, exposure
to regulatory, political and economic conditions in India and
Asia, competition in the IT services industry, the short-term
nature and termination provisions of contracts, economic conditions
unique to clients in specific industries and limited protection
of intellectual property rights. These and other factors are
described in the Company’s filings with the U.S. Securities
and Exchange Commission.
Contacts
Investors:
David Roady
Tel: (248) 848-2221
Email: droady@covansys.com
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