Virtusa, an IT services company, has reported a net income of $6.3m, or $0.27 per diluted share, for the third quarter of fiscal 2009 ended December 31, 2008, compared to a net income of $5.25m, or $0.21 per diluted share, for the quarter ended December 31, 2007.
For the third quarter of fiscal 2009, revenue was $44.94m, an increase of 6%, compared to $42.45m for the same quarter of fiscal 2008.
For the first nine months of fiscal 2009, revenue was $131.5m, compared to $120.15m for the same period of fiscal 2008. Net income was $8.44m, or $0.35 per diluted share, compared to a net income of $12.51m, or $0.55 per diluted share, for the same period of fiscal 2008.
Kris Canekeratne, chairman and CEO of Virtusa, said: We are very pleased with our strong third quarter performance. The challenging economic environment is precipitating clients to improve IT efficiencies within their core business processes. Our consultative platforming approach reduces IT costs and accelerates realization of business results.
During the third quarter of fiscal 2009, pursuant to the Company’s Share Repurchase Program, the Company repurchased 623,304 shares for $2.9m at an average price of $4.63.
