Virtusa 3 Q Fiscal 2010 consolidated financial results
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, reported consolidated financial results for the
third quarter of fiscal year 2010, ended December 31, 2009, inclusive of
the acquisition of InSource, LLC completed on November 4, 2009.
Revenue for the third quarter of fiscal 2010 was $41.7 million, an
increase of 11 percent sequentially and a decrease of 7 percent
year-over-year.
* Third
quarter fiscal 2010 revenue of $41.7 million, 11 percent
sequential growth
* Third quarter fiscal 2010 EPS of $0.12
* Virtusa extends enterprise application services with
acquisition of ConVista Consulting, LLC |
On a constant currency basis (1), third quarter revenue increased 11
percent sequentially and decreased 8 percent year-over-year.
Virtusa reported income from operations of $3.4 million for the third
quarter of fiscal 2010, an increase compared to $3.2 million for the
second quarter of fiscal 2010, and a decrease compared to $5.4 million
for the third quarter of fiscal 2009.
Net income for the third quarter of fiscal 2010 was $2.9 million, or
$0.12 per diluted share, compared to $3.0 million, or $0.12 per diluted
share, for the second quarter of fiscal 2010 and a decrease, compared to
$6.3 million, or $0.27 per diluted share, for the third quarter of
fiscal 2009.
Net income for the third quarter of fiscal 2010 included $0.4 million
of foreign exchange losses compared to $0.3 million of foreign exchange
losses for the second quarter of fiscal 2010 and a $1.3 million foreign
exchange gain in the third quarter of fiscal 2009.
The company ended the third quarter of fiscal 2010 with $122.7
million of cash, cash equivalents, short-term investments and long-term
investments (2) net of $7.3 million in cash consideration paid in
connection with the acquisition of InSource.
The Company generated cash from operations of $6.0 million during the
third quarter of fiscal 2010.
Virtusa Chairman and CEO, Kris Canekeratne said, “We are pleased with
the results of our third quarter which, as expected, saw a return to
sequential growth across all industry groups and geographies.
Our sequential growth was driven by our underlying business momentum,
the investments we have been making in business development, our
expanded portfolio of services and consistent execution.”
Chief Financial Officer Ranjan Kalia, said, “Our revenue growth this
quarter was broad based including more meaningful contribution from the
clients added over the last 18 months.”
Kalia added, “In the fourth fiscal quarter, we continue to expect
sequential and year-over-year revenue growth both organically and
inclusive of recent acquisitions. In addition, we continue to expect to
realize full fiscal year operating margin expansion over fiscal year
2009.” |
