Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad range of information technology services, including IT consulting, technology implementation and application outsourcing services, today reported consolidated financial results for the third quarter fiscal year 2012, ended December 31, 2011.
Third Quarter Fiscal 2012 Consolidated Financial Results
Revenue for the third quarter of fiscal 2012 was $72.2 million, an increase of 3% sequentially and 30% year-over-year on both a reported and constant currency basis (1).
Virtusa reported income from operations of $6.6 million for the third quarter of fiscal 2012, an increase compared to $5.5 million for the second quarter of fiscal 2012, and an increase compared to $5.0 million for the third quarter of fiscal 2011.Net income for the third quarter of fiscal 2012 was $5.6 million, or $0.22 per diluted share, an increase compared to $4.7 million, or $0.18 per diluted share, for the second quarter of fiscal 2012, and an increase compared to $4.2 million, or $0.17 per diluted share, for the third quarter of fiscal 2011. Net income for the third quarter of fiscal 2012 included $0.2 million of foreign currency transaction gains. The Company ended the third quarter of fiscal 2012 with $79.0 million of cash, cash equivalents, and short-term and long-term investments. (2) Cash generated from operations was $8.5 million during the third quarter of fiscal 2012. Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “Our third quarter results were solid, particularly in the face of continued volatility in the global economy. We have reached a size and scale that, combined with our industry focus and best in class solution offerings, are enabling us to take on larger transformational programs.” Ranjan Kalia, Chief Financial Officer, said, “During the quarter, we were pleased with our ability to drive operating efficiencies and deliver double digit percentage earnings per share growth.” Mr. Kalia added, “Our fourth quarter guidance reflects ongoing customer commitments which are driving our expected sequential growth.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV