Virtusa 1Q results high

Revenue for the first quarter of fiscal 2012 was $ 61.0 million, an increase of 5 percent sequentially and 19 percent year-over-year.

On a constant currency basis (1), first quarter revenue increased 4 percent sequentially and 17 percent year-over-year.

Virtusa reported income from operations of $4.8 million for the first quarter of fiscal 2012, compared to $5.7 million for the fourth quarter of fiscal 2011, and compared to $3.1 million for the first quarter of fiscal 2011.

First quarter of fiscal 2012 operating income included transaction related expenses of around $375,000 for the acquisition of ALaS Consulting LLC completed on July 1, 2011.

Net income for the first quarter of fiscal 2012 was $4.0 million, or $0.16 per diluted share, compared to $5.2 million, or $0.21 per diluted share, for the fourth quarter of fiscal 2011, and compared to $3.1 million, or $0.13 per diluted share, for the first quarter of fiscal 2011. Net income for the first quarter of fiscal 2012 included $0.2 million of foreign currency transaction losses.

The company ended the first quarter of fiscal 2012 with $105.0 million of cash, cash equivalents, and short-term and long-term investments.