Robust Market

Dell

California-based Dell reported healthy performance for fourth and final
quarter ended January 2004. The computer maker reported revenues of $11.5
billion and net income of $749 million in the last quarter of the fiscal.
Revenues were up 18% y-o-y and 8% q-o-q with net income also up 24% y-o-y and
11% q-o-q. Dell’s total product shipments rose 33% in the fourth quarter with
strong growth in server and storage systems. Moreover, its key global market,
Asia-Pacific and Japan, continued to witness robust growth with the company
witnessing 34% growth in Asia Pacific & Japan, and 20% growth in Europe,
Middle East and Africa. US remained the largest market and contributed to 67% of
the total revenues. Revenues from Europe constituted 22% of total revenues in
the last quarter and Asia Pacific and Japan formed 11% of total revenues. Sale
of Desktops contributed 52% of the revenues in the fourth quarter followed by
sale of notebooks and other businesses contributing 27% and 21% of the revenues
respectively. Recently Dell announced that it would expand its imaging line
through new technology partnerships with Fuji Xerox Company Limited, Eastman
Kodak Company and Samsung Electronics Company. Dell trades at $34.7 per share.

PalmSource

PalmSource Incorporated reported a 29% sequential jump in revenues to $21.6
million whereas y-o-y the company’s revenues declined 18% for the third
quarter ended February 2004. Net profit during the same quarter stood at $0.6
million compared to a loss of $0.9 million incurred sequentially. The company’s
net profit declined by 19% as compared to $0.7 million earned in the same
quarter of the previous fiscal. PalmSource and Research In Motion Inc. entered
into a joint software development agreement to create a BlackBerry connectivity
solution for Palm OS licensees and anticipate negotiating a technology
distribution agreement for the BlackBerry connectivity solution on Palm OS at a
later date. During the third quarter, PalmSource introduced Palm OS Cobalt. In
addition, the company also announced Palm OS Garnet designed to accelerate the
development of Palm Powered handhelds and smart phones. For the fourth and final
quarter of the current fiscal, revenues are expected to be in the range of $17
million and net loss of in the range of $4 million to $7 million. PalmSource’s
share is currently traded at $21.3.

Cognizant

New Jersey-based Cognizant Technology Solutions Corporation reported
impressive results for the fourth quarter ended December 2003. Revenues amounted
to $108.2 million, a 10% growth as compared to $98.1 million in the immediate
previous quarter and a year-on-year growth of 74% as compared to $62.2 million.
The company is a provider of applications and infrastructure management
solutions in addition to providing enterprise consulting, technology
architecture and program management through its onsite and offshore outsourcing
model. Cognizant’s net income stood at $17.7 million, up 11% as compared to
$16 million, sequentially. During the quarter, the company entered into a five
year agreement with Credit Suisse as its offshore outsourcing partner to develop
and maintain Credit Suisse’s new online retail banking solution. Recently,
Cognizant acquired Pune based SAP services provider, Ygyan Consulting who was
recently selected as a channel partner of SAP India for the mySAP All-in-One
solutions. It claims that the reason for this acquisition was due to increased
demand from its customers for many SAP services, including upgrading and
enhancing their SAP applications. The share of the company trades at $48.1.

Synopsys Inc

Founded in 1986, California-based Synopsys Incorporated develops
semiconductor design software and sells its products to computer,
communications, consumer electronics, semiconductor, aerospace and other
companies that develop electronic products. In the first quarter ended January
2004, Synopsys reported revenues of $285.3 million, up 6% over the corresponding
period of last year, which was $268.1 million. Net income stood at $32.2 million
compared to $34.4 million in the same quarter of last year, declining 6%.
Services revenues amounted to $55.2 million, a decline of 24% y-o-y, whereas
time based license revenues jumped 21% y-o-y to $170.6 million and sale of
upfront licenses increased 9% y-o-y to $59.5 million. During the quarter, the
company announced two acquisitions to aid in expanding its IP portfolio.
Synopsys acquired Monolithic System Technology Incorporated, a provider of
high-density systems-on-chips embedded memory solutions, for a cash and stock
transaction amounting to approximately $432 million. In addition, Synopsys also
acquired Accelerant Networks, a provider of technology for high-speed serial
interfaces. The company claims that these acquisitions will help deliver the
on-chip building blocks designers need to build the complex systems-on-chips
used in latest consumer products, storage and network infrastructure markets.
California-based Synopsys has more than 60 offices located throughout North
America, Europe, Japan and Asia and its share trades at $30.6.

Comverse Technology

Comverse Technology, a provider of software and systems enabling network based
multimedia communications services announced improved fourth quarter results for
the period ended January 2004. Founded in 1984, the company reported revenues of
$203 million compared to $176.0 million in the corresponding period last year,
up 15% and $193 million in the immediately preceding quarter, up 5%. Net income
for the same period was $4.9 million as compared to a loss of $3.4 million and
$30.1 million respectively. Comverse’s develops software and systems for
wireless and wireline networks and its clients that include 400 telecom
companies in 100 countries. During the quarter, the company bagged a deal from
an Israeli cellular company, Pelephone Communications Limited to implement
Comverse InSight to handle call answering traffic and provide the ability for
third party communication and infotainment services. Comverse InSight is based
on a modular, open IP architecture, new generation platform that enables data
services with an enhanced multimedia user experience. Comverse’s listed
subsidiaries too reported improved performance during the fourth quarter.
Comverse’s listed subsidiary Ulticom, Inc., offers

service enabling signaling software for wireless, wireline and Internet
communications. The share of the company is currently traded at $19.1.

Cisco

Cisco, a manufacturer, developer and provider of hardware and software
products and services, reported revenues for the quarter ended January 2004 that
amounted to $4.6 billion, up 6% as compared to $4.3 billion sequentially and up
15% compared to $3.9 billion earned in the same quarter of the previous fiscal
year. Sale of products contributed 84% of the total revenues earned during the
quarter and the balance 16% were due to services rendered. Within the product
segment, sale of switches amounted to $2.1 billion contributing 39% of the total
revenues followed by routers amounting to $1.4 billion contributing 26%. Sale of
advanced technology and other products amounted to $829 million and $213
million, contributing 15% and 4% respectively. Net income for the same period
stood at $260 million, registering an increase of 88% as compared to $138
million sequentially. During the second quarter of fiscal 2004, Cisco completed
the acquisition of Latitude Communications Incorporated, a provider of
enterprise conferencing products and meeting place audio and web conferencing
solutions. The company spent approximately $86 million for the acquisition and
claims that this acquisition will help them

develop a strong media conferencing system, which will combine voice, video and
web conferencing to the Cisco architecture for voice, video and integrated data
product portfolio. Cisco’s share is currently traded at $24.4.