Virtusa reports $ 47.8 m revenue in Q4

Virtusa announced yesterday that revenue for the fourth quarter of fiscal 2010 was $47.8 million, an increase of 15 percent sequentially and year-over-year.

On a constant currency basis fourth quarter revenue increased 16 percent sequentially and 14 percent year-over-year.

Virtusa reported income from operations of $3.2 million for the fourth quarter of fiscal 2010, a decrease compared to $3.4 million for the third quarter of fiscal 2010, and a decrease compared to $3.9 million for the fourth quarter of fiscal 2009.

Income from operations for the fourth quarter of fiscal 2010 includes transaction and integration costs associated with the acquisition of ConVista Consulting.

Net income for the fourth quarter of fiscal 2010 was $3.6 million, or $0.15 per diluted share, an increase compared to $2.9 million, or $0.12 per diluted share, for the third quarter of fiscal 2010 and was unchanged from the fourth quarter of fiscal 2009. The company ended the fourth quarter of fiscal 2010 with $96.0 million of cash, cash equivalents, short-term investments and long-term investments (2), net of $24.8 million used for the acquisition of ConVista Consulting and $0.5 million related to contingent, earn-out consideration for the InSource acquisition.

For the fiscal year ended March 31, 2010, revenue decreased 5 percent, to $164.4 million, compared to the fiscal year ended March 31, 2009.

On a constant currency basis (1), fiscal year 2010 revenue decreased 4% year-over-year.

Virtusa reported income from operations of $12.9 million for fiscal year 2010, an increase compared to $10.0 million for fiscal year 2009.

Fiscal year 2010 income from operations includes transaction and integration costs associated with the acquisitions of InSource and ConVista Consulting.

Virtusa’s Chairman and CEO Kris Canekeratne, said the overall business environment improved during the fourth quarter as companies returned to investing in support of their strategic initiatives.

“We will continue to enable business transformation for our clients through IT platforming and application rationalization.

We enter the 2011 fiscal year with a high quality client base, expanded solutions offerings and enhanced IT consulting capabilities, strengthening our ability to capture growth.”