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DateLine Sunday, 9 September 2007

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Virtusa revenue grows 46% to $37.4 million in 1Q, 2007

Virtusa's revenue increased 46.1% year-over-year and 6.2% sequentially, to $37.4 million in the first quarter of fiscal 2008 ended June 30, 2007.

Virtusa reported first quarter income from operations of $3.2 million or 8.5% of revenue, an increase of 37.8% compared to $2.3 million for the first quarter of fiscal 2007.

Total other income, which comprises primarily of foreign currency transaction gains (losses) and interest income, decreased by approximately $0.5 million year-over-year, to $0.2 million in the first quarter of fiscal 2008 from $0.7 million in the first quarter of fiscal 2007.

Foreign currency transaction loss in the first quarter of fiscal 2008 was $0.3 million, compared to a gain of $0.4 million in the first quarter of fiscal 2007.

Interest income was $0.5 million in the first quarter of fiscal 2008, an increase compared to $0.3 million in the first quarter of fiscal 2007.

The provision for income taxes increased approximately $0.6 million year-over-year to $0.7 million in the first quarter of fiscal 2008 from $0.1 million in the first quarter of fiscal 2007.

The Company's effective tax rate increased from 3.6% in the first quarter of fiscal 2007 to 20.4% in the first quarter of fiscal 2008 because the Company is no longer recognising an income statement benefit from the use of its deferred tax assets due to the release of the tax valuation allowance in fiscal 2007.

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