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. |