Biztech

Virtusa 4Q, Fiscal Year 2009 Financial Results

Virtusa Corporation, a global information technology (IT) services company that provides IT consulting, technology implementation and application outsourcing services through an enhanced global delivery model, reported financial results for the fourth quarter and fiscal year 2009, ended March 31, 2009.

Fourth Quarter Fiscal 2009 Financial Results

Revenue for the fourth quarter of fiscal 2009 was $41.4 million, a decrease of 8 percent year-over-year and sequentially. On a constant currency basis, fourth quarter revenue was flat year-over-year and decreased 4 percent sequentially.

Virtusa reported income from operations of $3.9 million for the fourth quarter of fiscal 2009, compared to $5.6 million for the fourth quarter of fiscal 2008 and $5.4 million in the third quarter of fiscal 2009.

Net income for the fourth quarter of fiscal 2009 was $3.6 million, or $0.15 per diluted share, compared to $5.3 million, or $0.21 per diluted share for the fourth quarter of fiscal 2008 and $6.3 million, or $0.27 per diluted share, for the third quarter of fiscal 2009.

The company ended the fourth quarter of fiscal 2009 with $107.1 million of cash and cash equivalents, short-term investments and long-term investments. The company generated cash from operations of $10.9 million during the fourth quarter of fiscal 2009. Pursuant to the Company’s share repurchase program, the Company repurchased 259,800 shares for $1.5 million at an average price of $5.77 during the fourth quarter of fiscal 2009.

Full Year Fiscal 2009 Financial Results

For the fiscal year ended March 31, 2009, revenue increased 5 percent, to $172.9 million, compared to the fiscal year ended March 31, 2008. On a constant currency basis, fiscal year 2009 revenue increased 10 percent year-over-year.

Virtusa reported income from operations of $10.0 million for the fiscal year 2009, compared to $19.4 million for the fiscal year 2008.

Net income for fiscal year 2009 was $12.1 million, or $0.50 per diluted share, compared to $17.8 million, or $0.76 per diluted share, for fiscal year 2008.

Virtusa’s Chairman and CEO, Kris Canekeratne said, “In the face of a challenging economic environment, we made good progress on our fiscal 2009 goals. We strengthened our client relationships, added a significant number of new clients, and maintained our high levels of client delight.” “Our value proposition continues to resonate well with clients due to our ability to drive down their costs and improve business outcomes,” Canekeratne said.

Chief Financial Officer Ranjan Kalia said, “Our quarterly fiscal year 2009 results demonstrate our focus on improving operational effectiveness as evidenced by increased utilization, enhanced offshore effort mix and ongoing cost efficiencies.

We continued to maintain a strong balance sheet and increased our cash position to $107.1 million.” “As we look forward to fiscal 2010, we expect our clients’ budgets to remain under pressure near term, but we will stay focused on operational efficiencies and maintaining profit margins for the full fiscal year,” Kalia said.

Sala wins Fida International award

Prolink Annual Partner conference 2009 organized by Fida International was held recently in Kota Kinabalu, Malaysia for the fifth consecutive year and at the award ceremony Sala Enterprises, Sri Lanka won the best sales award for the online range of Uninterrupted power Supply (UPS). The other participating countries were Pakistan, Mauritius, Nepal, Vietnam, Cambodia, Bangladesh, Indonesia and Malaysia, Brunei, Fiji, Myanmar, Madagascar, Singapore, Thailand and USA.

Fida International presented the partners with the roadmap of 2009 with Prolink’s new range of IT and Communication range of products which are to be launched in the near future. Emphasis was on communication products such as ADSL and HSDPA, IP base solutions and a new range of LCD Monitors with power saving features.

The conference was a two day event. The main topic was “how to Endure, Survive and Even Thrive in turbulent times”. The CEO of Prolink, Jack Huang, said that Prolink has done well, although an economic crisis prevails and stressed on the need to reduce unwanted costs by utilizing new technology.

Huang said that Prolink’s success was mainly due to being a leader in introducing the latest technology to the customer and having a very dedicated, supportive dealer network.

The conference also, gave the partners an opportunity to share and exchange insights into marketing strategies in overcoming the prevailing economic crisis. Fida International said that, as in the past it will continue to support and strengthen the bond between the partners and hope to expand its horizon to other parts of the world.

Sala Enterprises are the sole distributors for Prolink Products in Sri Lanka and are ranked among the best in the computer field, representing world renowned brands such as Delux, Divoom, Seiko Instruments, Gaoxinqi, Kedacom, iTel and Hasee.

International Science and Engineering Fair 2009:

Sri Lankan students’ projects to be showcased in US

The winners of the Sri Lanka Science and Engineering Fair (SLSEF) 2008 Chandula Padmasiri of Ananda College, Colombo, Yenushka Madusanka Dissanayake of Gnanodaya Maha Vidyalaya, Kalutara, and a three-member team comprising Nishadi Ekanayake, Chaturika Sithumini and Nazeela Mazahim, of Southlands College, Galle will represent Sri Lanka at the annual Intel International Science and Engineering Fair in Reno, Nevada, USA from May 10-15. They will be competing for nearly $4 million in awards and scholarships.

SLSEF 2008 featured the top ten projects of the Science Research Project Competition (SRPC) 2008 of the National Science Foundation and the IESL Junior Inventor of the Year 2008 competition. Innovative ideas to be showcased by the Sri Lankan contingent at this year’s ISEF include:

* A portable microscope by Padmasiri which when attached to mobile phone cameras provides researchers with the ability to examine their specimens on-site

* A dual base bulb holder by Dissanayake that resolves the compatibility issues faced with the two types of bulbs and the unique holders required for them

* A low cost environment-friendly method to remove the remaining thin layer of spilt oil after removing the thick layer from the surface of the sea using natural absorbents by Ekanayake, Sithumini and Mazahim.

As the world’s largest pre-college science fair, and the only global science competition for students in grades 9-12, the Intel International Science and Engineering Fair, a program of Society for Science and the Public, encourages students to tackle challenging scientific questions and solve the problems of tomorrow.

This year, a record number of 1,563 high school students from over 50 countries representing 1,226 projects will be competing at the event.

Bharti Airtel crosses 100 million customers mark

Bharti Airtel, recently announced that it has crossed the 100 million customers mark. This milestone makes the company the third largest single country mobile services operator and sixth largest in-country integrated telecom operator in the world.

“The Indian Telecom sector, seen as providing the most affordable services in the world, has grown by leaps and bounds in the last decade. We are proud to have led the telecom revolution that made a positive impact on the lives of people in every corner of the country as well as the Indian economy.

This remarkable journey to 100 million customers is a testament to the vision and commitment of a company that benchmarks itself with the best in the world”, said Chairman and Group CEO, Bharti Enterprises Sunil Bharti Mittal. “We dedicate this achievement to the nation.

This milestone reiterates the emergence of India as one of the world’s top telecom markets and we are delighted to be at the forefront of its growth.

On this occasion, we would like to thank all our customers, partners and the Government of India for their constant support,” he said. The company had crossed the 75 million customer mark in August 2008 and the 50 million mark in October 2007, making it one of the fastest growing telcos in the world. The first 25 million was achieved in July 2006.

Bharti Airtel announced a series of network augmentation and customer service initiatives. On the network front, Airtel will roll out 100,000 BTS sites by this year end to set up wider and deeper network coverage across the country.

This will improve network quality and resilience; build redundancies and business continuity, to ensure that Airtel customers continue to experience a world-class seamless network for voice and data services.

The company is planning to transform its entire fixed line network to IP/Broadband over a phased manner. This transformation will enable Bharti Airtel’s transformation to Next Generation Networks, offering advanced services like High-speed internet, Triple Play, Media-rich VAS, MPLS, VPN for both Retail and Business customers.