Virtusa Announces Third Quarter Fiscal 2013 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 third quarter fiscal year 2013, ended December 31, 2012.

Third Quarter Fiscal 2013 Consolidated Financial Results

Revenue for the third quarter of fiscal 2013 was $86.5 million, an increase of 7% sequentially on both a reported and constant currency basis(1). Year-over-year revenue increased 20% on a reported basis and 19% on a constant currency basis (1).

Virtusa reported income from operations of $9.1 million or 10.6% of revenue for the third quarter of fiscal 2013, an increase of 23% compared to $7.4 million or 9.2% of revenue for the second quarter of fiscal 2013, and an increase of 39% compared to $6.6 million or 9.1% of revenue for the third quarter of fiscal 2012.

Net income for the third quarter of fiscal 2013 was $7.4 million, or $0.29 per diluted share, an increase compared to $5.8 million, or $0.23 per diluted share, for the second quarter of fiscal 2013, and an increase compared to $5.6 million, or $0.22 per diluted share, for the third quarter of fiscal 2012. Net income for the third quarter of fiscal 2013 included ($0.2) million of foreign currency transaction losses compared to ($0.5) million of foreign currency transaction losses in the second quarter of fiscal 2013, and a gain of $0.2 million in the third quarter of fiscal 2012.

The Company ended the third quarter of fiscal 2013 with $97.0 million of cash, cash equivalents, and short-term and long-term investments (2), compared to $80.0 million at September 30, 2012. Cash flow from operations for the third quarter of fiscal 2013 was $20.9 million, compared to $8.5 million for the third quarter of fiscal 2012.

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