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Virtusa Announces First Quarter Fiscal 2014 Consolidated Financial Results

Stocks in this article: VRTU

Virtusa Corporation (NASDAQ: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today reported consolidated financial results for the first quarter fiscal year 2014, ended June 30, 2013.

First Quarter Fiscal 2014 Consolidated Financial Results

Revenue for the first quarter of fiscal 2014 was $90.5 million, an increase of 19% year-over-year and 1% sequentially. On a constant currency basis (1), first quarter revenue increased 19% year-over-year and was flat sequentially.

Virtusa reported income from operations of $8.9 million for the first quarter of fiscal 2014, compared to $9.4 million for the fourth quarter of fiscal 2013, and an increase compared to $6.9 million for the first quarter of fiscal 2013.

Net income for the first quarter of fiscal 2014 was $7.5 million, or $0.29 per diluted share, compared to $9.1 million, or $0.35 per diluted share, for the fourth quarter of fiscal 2013, and an increase compared to $6.1 million, or $0.24 per diluted share, for the first quarter of fiscal 2013. Net income for the first quarter of fiscal 2014 included $0.4 million of foreign currency transaction gains compared to a gain of $0.2 million in the fourth quarter of fiscal 2013, and a gain of $0.4 million in the first quarter of fiscal 2013.

The Company ended the first quarter of fiscal 2014 with $89.7 million of cash, cash equivalents, and short-term and long-term investments (2). The Company used $1.8 million of cash for operating activities during the first quarter of fiscal 2014.

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased with our first quarter results. Our year-over-year growth continues to be driven by our key strengths and differentiators that generate tangible business benefits for our clients, including our IT rationalization expertise, industry leading transformational solutions, regulatory and compliance services, and leadership position in millennial enablement. We continue to have success extending our strategic role with our clients and as a result, we are increasing our market opportunity.”

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