Virtusa increases fourth quarter revenue
Virtusa Corporation has reported consolidated financial results for
the fourth quarter and fiscal year ended March 31, 2011.
Revenue for the fourth quarter of fiscal 2011 was $58.3 million, an
increase of 5 percent sequentially and 22 percent year-over-year.
On a constant currency basis (1), fourth quarter revenue increased 4
percent sequentially and 21 percent year-over-year.
For the fiscal year ended March 31, 2011, revenue increased 33
percent, to a record $218 million, compared to the fiscal year ended
March 31, 2010. On a constant currency basis (1), fiscal year 2011
revenue increased 33 percent year-over-year.
Virtusa reported income from operations of $17.8 million for fiscal
year 2011, an increase compared to $12.9 million for fiscal year 2010.
Net income for fiscal year 2011 was $16.2 million, or $0.66 per diluted
share, an increase compared to $12.1 million, or $0.50 per diluted
share, for fiscal 2010.
The company generated cash from operations of $19.8 million for
fiscal year 2011.
Virtusa's Chairman and CEO Kris Canekeratne said they are pleased
with the performance in the fourth quarter and fiscal year 2011.
Our differentiated value proposition, combined with the investments
we have been making in strengthening our business consulting, industry
specialization and solutions offerings, is resonating particularly well
within the marketplace. As we enter fiscal 2012, we have the strongest
client base in our history, and we will remain focused on reducing our
clients' total cost of ownership, accelerating their time-to-market and
improving their customer experience." he said.