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Virtusa Announces Q3 Fiscal 2012 Consolidated Financial Results
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Thursday, February 02, 2012:
Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad range of information technology services, including IT consulting, technology implementation and application outsourcing services, today reported consolidated financial results for the third quarter fiscal year 2012, ended December 31, 2011.
Third Quarter Fiscal 2012 Consolidated Financial Results
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(1).
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Virtusa 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.(2) Cash generated from operations was $8.5 million during the third quarter of fiscal 2012.
Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “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.” Mr. Kalia added, “Our fourth quarter guidance reflects ongoing customer commitments which are driving our expected sequential growth.”
Financial Outlook
Virtusa management provided the following current financial guidance:
Fourth quarter fiscal 2012 revenue is expected to be in the range of $73.5 to $75.5 million, with diluted EPS of $0.21 to $0.25.
Fiscal year 2012 revenue is expected to be in the range of $277.0 to $279.0 million, with diluted EPS of $0.77 to $0.81.
The Company’s fourth quarter and fiscal year 2012 diluted EPS estimates assume an average share count of approximately 25.6 million and 25.4 million respectively, (assuming no further exercises of stock-based awards) and assume a stock price of $15.93, which was derived from the average closing price of the Company’s stock over the five trading days ended on January 30, 2012. Deviations from this stock price may cause actual EPS to vary based on share dilution from Virtusa’s stock options and stock appreciation rights.
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