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Virtusa Announces Fourth Quarter Fiscal Year 2012 Consolidated Financial Results And Share Repurchase Plan

Stocks in this article: VRTU

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 fourth quarter and fiscal year 2012, ended March 31, 2012.

Fourth Quarter Fiscal 2012 Consolidated Financial Results

Revenue for the fourth quarter of fiscal 2012 was $74.2 million, an increase of 3% sequentially and 27% year-over-year in reported currency. On a constant currency basis, (1) fourth quarter revenue increased 3% sequentially and 28% year-over-year.

Virtusa reported income from operations of $7.1 million for the fourth quarter of fiscal 2012, an increase compared to $6.6 million for the third quarter of fiscal 2012, and an increase compared to $5.7 million for the fourth quarter of fiscal 2011.

Net income for the fourth quarter of fiscal 2012 was $5.8 million, or $0.23 per diluted share, an increase compared to $5.6 million, or $0.22 per diluted share, for the third quarter of fiscal 2012, and an increase compared to $5.2 million, or $0.21 per diluted share, for the fourth quarter of fiscal 2011.

Fiscal Year 2012 Consolidated Financial Results

For the fiscal year ended March 31, 2012, revenue increased 27% both in reported as well as in constant currency, to a record $277.8 million, compared to $218.0 million for the fiscal year ended March 31, 2011.

Virtusa reported income from operations of $23.9 million for fiscal year 2012, an increase compared to $17.8 million for fiscal year 2011.

Net income for fiscal year 2012 was $20.0 million, or $0.79 per diluted share, an increase compared to $16.2 million, or $0.66 per diluted share, for fiscal 2011.

The Company ended fiscal 2012 with $85.4 million of cash, cash equivalents, and short-term and long-term investments. (2) Cash generated from operations was $20.9 million for fiscal year 2012.

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We had a solid fourth quarter capping off a strong year. We have made great strides in building a sustainable growth platform by diversifying our client base, further strengthening our business consulting teams, deepening our industry expertise and expanding our solutions offerings. The result was broad-based growth across industries and geographies and the best client foundation in our history from which to drive future revenue growth.”

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