Virtusa marks another strong quarter
Virtusa’s momentum showed no signs of slowing down as the business consulting and IT outsourcing company continued to report strong growth in its third quarter.
The Westborough-based firm said revenue for the quarter that ended Dec. 31 was $101 million, up 17 percent over the same quarter in 2012. Income from operations was $11.2 million, rising 22 percent year over year.
Meanwhile, net income was $9.3 million, or 35 cents per share, in the third quarter. That’s up from $7.4 million, or 29 cents per share over the same quarter a year earlier.
Virtusa said it ended the third quarter with $142.3 million in cash, cash equivalants and short- and- long-term investments, in spite of a $20-million credit drawdown on Dec. 31 that the company’s used to acquire Swedish firm TradeTech Consulting. Virtusa said it repaid the loan in full on Jan. 14 with the $86.2 million of net proceeds from its recent public offering of more than 2.6 million shares of its stock.
“We are pleased with our third-quarter results, our differentiated value proposition and the progress we have made against our strategic goals,” chairman and CEO, Kris Canekeratne, said in a statement. “Overall, we are pleased with the progress we have made in winning new clients, expanding our existing client relationships, capturing larger programs, extending our global presence, and crossing over $100 million in quarterly revenue.”
Virtusa said it expects fourth-quarter revenue to land between $110.3 million and $112.3 million, with fiscal year 2014 revenue between $396.2 million and $398.2 million. Last year, the company saw a 20-percent revenue jump over 2012 with full-year revenue at a record $333.2 million.
WBJ Web Partners
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