Virtusa posts $ 134.8m revenue
Westborough, MA: Virtusa Corporation, a global business consulting
and IT outsourcing company that combines innovation, technology
leadership and industry solutions to transform the customer experience,
reported consolidated financial results for the first quarter fiscal
year 2016, ended June 30, 2015.
Revenue for the first quarter of fiscal 2016 was $134.8 million, an
increase of 7% sequentially and 20% year-over-year, including
contribution from the acquisition of Apparatus Inc. which closed on
April 1, 2015. On a constant currency basis, first quarter revenue
increased 7% sequentially and 22% year-over-year.
Virtusa reported GAAP income from operations of $12.4 million for the
first quarter of fiscal 2016, compared to $14.5 million for the fourth
quarter of fiscal 2015, and an increase compared to $11.2 million for
the first quarter of fiscal 2015.
On a GAAP basis, net income for the first quarter of fiscal 2016 was
$10.1million, or $0.34per diluted share, compared to $11.6 million, or
$0.39per diluted share, for the fourth quarter of fiscal 2015, and an
increase from $9.0 million, or $0.31per diluted share, for the first
quarter of fiscal 2015.
Non-GAAP income from operations, which excludes stock-based
compensation expense and acquisition related expenses, was $18.2 million
for the first quarter of fiscal 2016, compared to $19.2 million for the
fourth quarter of fiscal 2015, and an increase compared to $14.0 million
for the first quarter of fiscal 2015.
Chairman and CEO, Virtusa, Kris Canekeratne said, "The first quarter
was a strong start to fiscal year 2016.
Our growth continues to be driven by our differentiated value
proposition, which enables our clients to improve operating efficiencies
and reduce costs through our industry-leading solutions.
Simultaneously, we help clients re-imagine their business and expand
their addressable market through our transformational digital
solutions." |