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Virtusa Announces First Quarter Fiscal 2013 Consolidated Financial Results

Stocks in this article: VRTU

Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad spectrum of business consulting and outsourcing services, including IT consulting, technology implementation and application outsourcing services, today reported consolidated financial results for the first quarter fiscal year 2013, ended June 30, 2012.

First Quarter Fiscal 2013 Consolidated Financial Results

Revenue for the first quarter of fiscal 2013 was $76.2 million, an increase of 3% sequentially and 25% year-over-year. On a constant currency basis (1), first quarter revenue increased 3% sequentially and 26% year-over-year.

Virtusa reported income from operations of $6.9 million for the first quarter of fiscal 2013, compared to $7.1 million for the fourth quarter of fiscal 2012, and compared to $4.8 million for the first quarter of fiscal 2012.

Net income for the first quarter of fiscal 2013 was $6.1 million, or $0.24 per diluted share, compared to $5.8 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2012, and compared to $4.0 million, or $0.16 per diluted share, for the first quarter of fiscal 2012. Net income for the first quarter of fiscal 2013 included $0.4 million of foreign currency transaction gains compared to a gain of $0.3 million in the fourth quarter of fiscal 2012, and a loss of ($0.2) million in the first quarter of fiscal 2012.

The Company ended the first quarter of fiscal 2013 with $78.4 million of cash, cash equivalents, and short-term and long-term investments (2). The Company generated cash from operations of $2.4 million during the first quarter of fiscal 2013. During the first quarter of 2013, the Company repurchased $1.4 million of its common stock under its stock repurchase program.

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased with our first quarter performance. While the macroeconomic environment is challenging, we are seeing continued growth, including solid performance from BFSI. Our heritage of building innovative solution sets and embracing change is being recognized by companies who realize that they must effectively compete in the Millennial Enterprise by adopting emerging technologies.”

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