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May 14, 2009

Virtusa net income down in Q4 and year

Revenue down 5% on year-ago

By CBR Staff Writer

Virtusa, an IT services company, has reported a has reported a net income of $3.62m, or diluted earnings per share of $0.15, for the fourth quarter ended March 31, 2008, compared to $5.26m, or diluted earnings per share of $0.21, for the same quarter of fiscal 2008.

For the fourth quarter of fiscal 2009, revenues were $41.44m, compared to $45.04m for the same quarter of fiscal 2008.

For fiscal 2009, revenues were $172.94m, down 5% compared to $165.2m for fiscal 2008. Net income was $12.06m, or diluted earnings per share of $0.5, compared to $17.77m, or diluted earnings per share of $0.76, for fiscal 2008.

Kris Canekeratne, chairman and CEO of Virtusa, said: In the face of a challenging economic environment, we made good progress on our fiscal 2009 goals. We strengthened our client relationships, added a significant number of new clients, and maintained our high levels of client delight. Our value proposition continues to resonate well with clients due to our ability to drive down their costs and improve business outcomes.

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