Virtusa Revenue, Profits Up By Double Digits
Technology services provider Virtusa Corp. of Westborough reported a 25-percent increase in revenue and a 55-percent jump in profits for the first quarter of its 2013 fiscal cycle.
During the quarter, which ended June 30, Virtusa took in $76.2 million, up from $61 million in the same quarter in 2011. Its net income for the period was $6.1 million, compared with $3.96 million in the second quarter of last year.
The company ended the quarter with $78.4 million in cash, cash equivalents, and short- and long-term investments, down from $105 million during the same period last year. During the quarter, the company repurchased $1.4 million of its common stock.
Kris Canekeratne, Virtusa’s chairman and CEO, said the company is seeing continued growth in spite of a “challenging” environment.
WBJ Web Partners
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