Virtusa reports Q3 Fiscal 2012 Consolidated Financial results

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Virtusa reports Q3 Fiscal 2012 Consolidated Financial results

Virtusa Corporation has reported consolidated financial results for the third quarter fiscal year 2012, ended December 31, 2011. Revenue for the third quarter of fiscal 2012 was $72.2 million, an increase of 3% sequentially and 30% year-over-year on both a reported and constant currency basis.

Virtusa has reported income from operations of $6.6 million for the third quarter of fiscal 2012, an increase compared to $5.5 million for the second quarter of fiscal 2012, and an increase compared to $5.0 million for the third quarter of fiscal 2011. Net income for the third quarter of fiscal 2012 was $5.6 million, or $0.22 per diluted share, an increase compared to $4.7 million, or $0.18 per diluted share, for the second quarter of fiscal 2012, and an increase compared to $4.2 million, or $0.17 per diluted share, for the third quarter of fiscal 2011. Net income for the third quarter of fiscal 2012 included $0.2 million of foreign currency transaction gains.

The Company ended the third quarter of fiscal 2012 with $79.0 million of cash, cash equivalents, and short-term and long-term investments. Cash generated from operations was $8.5 million during the third quarter of fiscal 2012.

Kris Canekeratne, Chairman & CEO, Virtusa said, "Our third quarter results were solid, particularly in the face of continued volatility in the global economy. We have reached a size and scale that, combined with our industry focus and best in class solution offerings, are enabling us to take on larger transformational programs."

Ranjan Kalia, Chief Financial Officer said, "During the quarter, we were pleased with our ability to drive operating efficiencies and deliver double digit percentage earnings per share growth." . Kalia added, "Our fourth quarter guidance reflects ongoing customer commitments which are driving our expected sequential growth."


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