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Virtusa Announces Second 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 second quarter fiscal year 2013, ended September 30, 2012.

Second Quarter Fiscal 2013 Consolidated Financial Results

Revenue for the second quarter of fiscal 2013 was $80.5 million, an increase of 6% sequentially and 15% year-over-year on both a reported and constant currency basis(1).

Virtusa reported income from operations of $7.4 million or 9.2% of revenue for the second quarter of fiscal 2013, an increase compared to $6.9 million or 9% of revenue for the first quarter of fiscal 2013, and an increase compared to $5.5 million or 7.8% of revenue for the second quarter of fiscal 2012.

Net income for the second quarter of fiscal 2013 was $5.8 million, or $0.23 per diluted share, compared to $6.1 million, or $0.24 per diluted share, for the first quarter of fiscal 2013, and an increase compared to $4.7 million, or $0.18 per diluted share, for the second quarter of fiscal 2012. Net income for the second quarter of fiscal 2013 included ($0.5) million of foreign currency transaction losses compared to a gain of $0.4 million in the first quarter of fiscal 2013, and a loss of ($0.1) million in the second quarter of fiscal 2012.

The Company ended the second quarter of fiscal 2013 with $80.0 million of cash, cash equivalents, and short-term and long-term investments (2), compared to $78.4 million as of June 30, 2012.

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “This was a very solid quarter for Virtusa, and we have strong momentum entering the second half of the fiscal year. We have steadily expanded client relationships, added more sources of recurring revenue and established Virtusa as a thought leader on transformational programs and millennial enterprise readiness. Our targeted solutions and services are increasing the value we provide to our clients and helping us to navigate the macroeconomic challenges more effectively.” Mr. Canekeratne continued, “I also wanted to congratulate Ranjan on his promotion to Executive Vice President. Ranjan’s dedication and hard work are exemplary and I am very pleased with the contributions he has made towards building a sustainable and predictable growth platform, as well as leading a world-class finance organization.”

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