Virtusa reports addition of 4 clients in Q1 Fiscal Year 2014
Virtusa Corporation has reported its consolidated financial results for the first quarter fiscal year 2014, ended June 30, 2013. Revenue for the first quarter of fiscal 2014 was $90.5 million, an increase of 19% year-over-year and 1% sequentially. The first-quarter revenue increased 19% year over year and was flat sequentially.
The company also reported income from operations of $8.9 million for the first quarter of fiscal 2014, compared to $9.4 million for the fourth quarter of fiscal 2013, and an increase compared to $6.9 million for the first quarter of fiscal 2013.
Net income for the first quarter of fiscal 2014 was $7.5 million, or $0.29 per diluted share, compared to $9.1 million, or $0.35 per diluted share, for the fourth quarter of fiscal 2013, and an increase compared to $6.1 million, or $0.24 per diluted share, for the first quarter of fiscal 2013. Net income for the first quarter of fiscal 2014 included $0.4 million of foreign currency transaction gains compared to a gain of $0.2 million in the fourth quarter of fiscal 2013, and a gain of $0.4 million in the first quarter of fiscal 2013.
Ranjan Kalia, CFO, Virtusa Corporation, said, Our first quarter played out as expected, setting the foundation for strong sequential revenue growth rates throughout the remainder of the fiscal year. We remain well positioned to drive above market growth rates in the fiscal year 2014 while delivering on our stated objective of meaningful operating margin expansion.
The company ended the first quarter of fiscal 2014 with $89.7 million of cash, cash equivalents, and short-term and long-term investments.
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