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Virtusa Announces Second Quarter Fiscal 2014 Consolidated Financial Results

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 second quarter of fiscal year 2014, ended September 30, 2013.

Second Quarter Fiscal 2014 Consolidated Financial Results

Revenue for the second quarter of fiscal 2014 was $94.3 million, an increase of 17% year-over-year and 4% sequentially in both reported and constant currency (1).

Virtusa reported income from operations of $9.8 million for the second quarter of fiscal 2014, an increase of 9% compared to $8.9 million for the first quarter of fiscal 2014, and an increase of 32% compared to $7.4 million for the second quarter of fiscal 2013.

Net income for the second quarter of fiscal 2014 was $7.5 million, or $0.28 per diluted share, compared to $7.5 million, or $0.29 per diluted share, for the first quarter of fiscal 2014, and an increase compared to $5.8 million, or $0.23 per diluted share, for the second quarter of fiscal 2013. Net income for the second quarter of fiscal 2014 included ($1.0) million of foreign currency transaction losses compared to a gain of $0.4 million in the first quarter of fiscal 2014, and a loss of ($0.5) million in the second quarter of fiscal 2013.

The Company ended the second quarter of fiscal 2014 with $110.4 million of cash, cash equivalents, and short-term and long-term investments (2). The Company generated $23.7 million of cash from operating activities during the second quarter of fiscal 2014.

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased with our second quarter results. Our strong year-over-year performance continues to be driven by the three components of our growth platform, specifically our leadership position in helping our clients build a millennial experience for their customers and employees, our industry leading transformational solutions, and our IT rationalization capabilities. We continue to have success extending our differentiation in these areas, and as a result, we are expanding our market opportunity and taking on larger programs.”

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