Virtusa's revenue drops by 12 percent

By SiliconIndia   |   Friday, 31 July 2009, 11:06 Hrs
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Bangalore: Kris Canekeratne founded Virtusa Corporation, a global IT services company has announced that its revenue for the first quarter of fiscal 2010 dropped by 12 percent year-on-year to reach $37.4 million, which was down 10 percent sequentially. Virtusa reported income from operations of $3.1 million for the first quarter of fiscal 2010, compared to $11,000 for the first quarter of fiscal 2009 and $3.9 million for the fourth quarter of fiscal 2009.

Canekeratne, the company's Chairman and CEO, stated, "Even in a challenging business environment, we started work with six new clients during the June quarter, continued to execute well against newer client expansion programs, and efficiently managed operations." The Company ended the first quarter of fiscal 2010 with $116.7 million of cash, cash equivalents, short-term investments and long-term investments. The Company generated cash from operations of $4.1 million during the first quarter of fiscal 2010.

According to the company, the second quarter 2010 revenue is expected to be in the range of $36.4 to $37.8 million, with diluted earnings per share (EPS) of $0.08 to $0.11. For fiscal year 2010, the company expects the revenue to be in the range of $154 to $162 million, with diluted EPS of $0.46 to $0.56.

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