Follow on Google News News By Tag Industry News Country(s) Industry News
Follow on Google News | Virtusa Announces Second Quarter Fiscal 2015 Consolidated Financial ResultsBy: Virtusa Second Quarter Fiscal 2015 Consolidated Financial Results Revenue for the second quarter of fiscal 2015 was $117.7 million, an increase of 5% sequentially and 25% year-over-year in reported currency. On a constant currency basis,(1) second quarter revenue increased 5% sequentially and 23% year-over-year. Income from operations increased to $12.2 million for the second quarter of fiscal 2015, compared to $11.2 million for the first quarter of fiscal 2015, and $9.8 million for the second quarter of fiscal 2014. Net income for the second quarter of fiscal 2015 increased to $10.1 million, or $0.34 per diluted share, compared to $9.0 million, or $0.31 per diluted share, for the first quarter of fiscal 2015, and compared to $7.5 million, or $0.28 per diluted share, for the second quarter of fiscal 2014. The Company ended the second quarter of fiscal 2015 with $215.2 million of cash, cash equivalents, and short-term and long-term investments.(2) Cash flow from operations for the second quarter of fiscal 2015 was $21.7 million. Kris Canekeratne, Virtusa's Chairman and CEO, stated, "This was another strong quarter for Virtusa. We are realizing the benefits of the investments we have been making in business development, our service offerings and delivery excellence. Our Millennial and transformational solutions are driving our growth and increasingly being embraced by our clients as they look to Virtusa as a partner that can meet the needs of their larger and lengthier programs.” Ranjan Kalia, Chief Financial Officer, said, “During our second quarter, broad-based demand across our verticals, geographies and client portfolio enabled us to record revenue at the high end of our guidance. We are also pleased with our ability to achieve double digit sequential and year-over-year EPS growth.” Financial Outlook Virtusa management provided the following current financial guidance: Third quarter fiscal year 2015 revenue is expected to be in the range of $121.8 to $123.8 million, with diluted EPS of $0.39 to $0.41. Fiscal year 2015 revenue is expected to be in the range of $477.0 to $483.0 million, with diluted EPS of $1.47 to $1.53. The Company’s third quarter and full fiscal year 2015 diluted EPS estimates assume an average share count of approximately 29.6 million and 29.5 million respectively, (assuming no further exercises of stock-based awards) and assume a stock price of $36.62, which was derived from the average closing price of the Company’s stock over the five trading days ended on October 29, 2014. Deviations from this stock price may cause actual EPS to vary based on share dilution from Virtusa’s stock options and stock appreciation rights. Conference Call and Webcast Virtusa will host a conference call today, October 30, 2014 at 5:00 pm Eastern time to discuss the Company’s second fiscal quarter 2015 financial results, current financial guidance, and other corporate developments. To access this call, please dial 866-675-4790 (domestic) or 913-312-0726 (international) About Virtusa Virtusa provides end-to-end information technology (IT) services to Global 2000 companies. These services, which include IT consulting, application maintenance, development, systems integration and managed services, leverage a unique Platforming methodology that transforms clients’ businesses through IT rationalization. Virtusa helps customers accelerate business outcomes by consolidating, rationalizing, and modernizing their core customer-facing processes into one or more core systems. Virtusa delivers cost-effective solutions through a global delivery model, applying advanced methods such as Agile and Accelerated Solution Design to ensure that its solutions meet the clients’ requirements. As a result, its clients simultaneously reduce their IT operations cost while increasing their ability to meet changing business needs. Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia. © 2011 - 2014 Virtusa Corporation. All rights reserved. Virtusa, Accelerating Business Outcomes, BPM Test Drive and Productization are registered trademarks of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders End
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number