Virtusa Continues Climb With Record Revenue
Westborough-based IT consulting, technology and outsourcing provider Virtusa Corp. continues to ride a wave of positive results, reporting increased revenue and profits for its fourth quarter and full year fiscal 2013, which ended March 31.
Revenue for the fourth quarter was up 21 percent over last year, at $89.9 million. Net income rose to $9.1 million, or 35 cents per share, compared to $5.8 million, or 23 cents, in 2012.
For the full year, revenue was up 20 percent, hitting a record $333.2 million, compared to $277.8 million in 2012. Net income increased to $28.4 million, or $1.11 per share, from $20 million, or 79 cents.
As of March 31, Virtusa had $95 million in cash, equivalents and long-and short-term investments such as government agency bonds and municipal and corporate bonds.
"Our industry leading growth was driven by our ability to provide thought leadership at the intersection of business and technology in the industries we serve," said Chairman and CEO Kris Canekeratne. "Our leadership position in millennial enablement, regulatory and compliance services, transformational solutions and IT rationalization has been at the core of winning larger engagements and expanding client relationships."
For its first quarter of fiscal 2014, Virtusa said it expects revenue between $89.5 million and $91.5 million with earnings per share of 26 cents to 30 cents. Full-year revenue is expected to be $376 million to $392 million with earnings between $1.22 and $1.38 per share.
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