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Virtusa Announces Second Quarter Fiscal 2015 Consolidated Financial Results

  • Second quarter fiscal 2015 revenue increased 5% sequentially and 25% year-over-year to $117.7 million.
  • Second quarter fiscal 2015 operating income increased 9% sequentially and 25% year-over-year to $12.2 million.
  • Generated $21.7 million of cash from operating activities during the second quarter of fiscal 2015. 
  • Second quarter fiscal 2015 diluted EPS increased to $0.34, compared to diluted EPS of $0.31 in the prior quarter and $0.28 in the year ago period.
  • Added six new clients during the second quarter of fiscal 2015. 

Bangalore, India – (November 3, 2014) – Virtusa Corporation(NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today reported consolidated financial results for the second quarter fiscal year 2015, ended September 30, 2014.

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 31, 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).  The passcode is 2317896. A replay of this conference call will be available through November 6, 2014 at 877-870-5176(domestic) or 858-384-5517 (international).  The replay passcode is 231789.  A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.virtusa.com), and a replay will be archived on the website as well.

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