Exhibit 99.1

 

Virtusa Announces Fourth Quarter and Fiscal Year 2010 Consolidated Financial Results

 

·                  Fourth quarter 2010 revenue of $47.8 million increased 15% year-over-year and 14% in constant currency.  Fourth quarter EPS of $0.15.

·                  Full year 2010 revenue of $164.4 million decreased 5% year-over-year and 4% in constant currency.  Full year 2010 EPS of $0.50.

·                  Added 11 new clients during the fourth quarter; ended the fiscal year with 68 active clients.

 

Westborough, MA — (May 12, 2010)

— Virtusa Corporation (NASDAQ: VRTU), a global information technology (IT) services company that provides IT consulting, technology implementation and application outsourcing services through an enhanced global delivery model, today reported consolidated financial results for the fourth quarter and fiscal year ended March 31, 2010, inclusive of the acquisitions of InSource, LLC and ConVista Consulting, LLC which were completed on November 4, 2009 and February 1, 2010 respectively.

 

Fourth Quarter Fiscal 2010 Consolidated Financial Results

 

Revenue for the fourth quarter of fiscal 2010 was $47.8 million, an increase of 15% sequentially and year-over-year. On a constant currency basis (1), fourth quarter revenue increased 16% sequentially and 14% year-over-year.

 

Virtusa reported income from operations of $3.2 million for the fourth quarter of fiscal 2010, a decrease compared to $3.4 million for the third quarter of fiscal 2010, and a decrease compared to $3.9 million for the fourth quarter of fiscal 2009. Income from operations for the fourth quarter of fiscal 2010 includes transaction and integration costs associated with the acquisition of ConVista Consulting.

 

Net income for the fourth quarter of fiscal 2010 was $3.6 million, or $0.15 per diluted share, an increase compared to $2.9 million, or $0.12 per diluted share, for the third quarter of fiscal 2010 and was unchanged from the fourth quarter of fiscal 2009.

 

The Company ended the fourth quarter of fiscal 2010 with $96.0 million of cash, cash equivalents, short-term investments and long-term investments (2), net of $24.8 million used for the acquisition of ConVista Consulting and $0.5 million related to contingent, earn-out consideration for the InSource acquisition.

 

Fiscal Year 2010 Consolidated Financial Results

 

For the fiscal year ended March 31, 2010, revenue decreased 5%, to $164.4 million, compared to the fiscal year ended March 31, 2009.  On a constant currency basis (1), fiscal year 2010 revenue decreased 4% year-over-year.

 

Virtusa reported income from operations of $12.9 million for fiscal year 2010, an increase compared to $10.0 million for fiscal year 2009.  Fiscal year 2010 income from operations includes transaction and integration costs associated with the acquisitions of InSource and ConVista Consulting.

 

Net income for fiscal year 2010 was $12.1 million, or $0.50 per diluted share, both unchanged from fiscal year 2009.

 

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “The overall business environment improved during the fourth quarter as companies returned to investing in support of their strategic initiatives.  In fiscal year 2011, we will continue to enable business transformation for our clients through IT platforming and application rationalization. We enter the 2011

 


The following information was filed by Virtusa Corp (VRTU) on Wednesday, May 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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