This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs