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Virtusa 3Q revenue up 6% to $44.9m

* Third quarter revenue of $44.9 million increased 6% year-over-year; 10% in constant currency

* Third quarter diluted earnings per share of $0.27, year-over-year growth of 29%

* Cash, cash equivalents, short-term investments and long-term investments of $96.0 million

Westborough, MA - (January 28, 2009) -

Virtusa Corporation (NASDAQ: VRTU), a global information technology (IT) services company that provides IT consulting, technology implementation and application outsourcing services through an enhanced global delivery model, today reported financial results for the third quarter of fiscal year 2009, ended December 31, 2008.

Third Quarter Fiscal 2009 Financial Results

Kris Canekeratne

Revenue increased 6% year-over-year and 2% sequentially, to $44.9 million in the third quarter of fiscal 2009. On a constant currency basis, third quarter revenue increased 10% year-over-year and 5% sequentially (1). Virtusa reported income from operations of $5.4 million for the third quarter of fiscal 2009, compared to $5.9 million for the third quarter of fiscal 2008 and $0.7 million in the second quarter of fiscal 2009. Net income for the third quarter of fiscal 2009 was $6.3 million, or $0.27 per diluted share, compared to $5.3 million, or $0.21 per diluted share for the third quarter of fiscal 2008 and $1.3 million, or $0.05 per diluted share, for the second quarter of fiscal 2009.

Other Income for the third quarter of fiscal 2009 includes a $1.3 million foreign exchange transaction gain compared to a $0.1 million foreign exchange transaction loss in the third quarter of fiscal 2008 and a $0.9 million foreign exchange transaction loss for the second quarter of fiscal 2009. The Company ended the third quarter of fiscal 2009 with $96.0 million of cash and cash equivalents, short-term investments and long-term investments.

The Company generated cash from operations of $9.9 million during the third quarter of fiscal 2009.

During the third quarter of fiscal 2009, pursuant to the Company’s Share Repurchase Program, the Company repurchased 623,304 shares for $2.9 million at an average price of $4.63.

Virtusa’s Chairman and CEO Kris Canekeratne, stated “We are very pleased with our strong third quarter performance.

The challenging economic environment is precipitating clients to improve IT efficiencies within their core business processes.

Our consultative platforming approach reduces IT costs and accelerates realization of business results.

This combined with our industry-leading global delivery model and track-record of service excellence provides extraordinary value to our clients.”

MillenniumIT sets up technology platform for Indian Commodity Exchange

MillenniumIT was awarded the contract for implementing the technology platform for the Indiabulls Financial Services (IBFSL) commodity exchange.

The exchange, which has now been christened the International Multi-Commodity Exchange (IMX), has six partners promoting India’s fourth national commodity bourse and will primarily engage in commodity derivatives trading.

The exchange has as its largest shareholder IBFSL, one of the largest brokerages in India and a part of Indiabulls Group, a highly diversified listed blue-chip company and MMTC Limited, the largest commodity/metal trading importer and exporter in India.

IMX have now started operationalising the multi-commodities exchange and one of the first steps in this process was the appointment of MillenniumIT to set up and implement the technology platform for IMX.

A spokesman for MillenniumIT said the company will implement a fully integrated end-to-end solution for IMX.

“We used our unique selling points of flexibility of the system to adapt to changes in business requirements, superior performance as well as an entire portfolio of products to present an end to end solution. This gave us the edge over some leading international and Indian vendors to win the contract. We also have an in depth comprehension of the Indian market and hence the ability to cater to all regulatory and business needs.”

The MillenniumIT platform will include trading, risk management and market surveillance systems, trader front ends, CCP (Central Counterparty Clearing and Settlement) and collateral and delivery management.

An official statement released by Indiabulls says, “The exchange is expected to go live in the first quarter of the next financial year, subject to regulatory approvals.”

Initially, the commodity exchange was billed as a joint venture between IBFSL and MMTC sharing equity of 74% and 26% respectively. However, revised government guidelines proposed single shareholder limits to not exceed 40% of the equity, forcing IBFSL to search for other partners.

Trading company India Potash Limited is among the six partners.

The turnover in the commodity market surged 28% in the last year paving the way for new players to enter the fray.


Biz Tech quiz

This week Biz Tech quiz is “What is known in computers as a “Cookie”?

The winner will receivie the world’s smallest computer mouse sponsored by Sala Enterprises. Sala Enterprises has been involved in marketing IT related products for over 14 years.

You can send your answers to quiz@salaent.com or post your answers to Sala Enterprises No 445, Havelock Road Colombo 6. Please mark “Daily News Biz Tech quiz” on your answers. The winner will be announced every two weeks.



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