August 7, 2009
Virtusa To Buy Back Shares
By Matthew L. Brown
Virtusa Corp., a Westborough-based IT firm, plans to repurchase $15 million of the company's common stock over the next 12 months.
The company said it would pay for the repurchase program with its cash reserves and cash generated from operations. The company may make purchases on the open market or in private transactions.
At the end of the second quarter, the company had $64 million in cash, operating income of $3.1 million and had turned a profit of $2.6 million. Revenue for the second quarter was $37 million.
Virtusa has offices in the Unites States, the United Kingdom and India.
WBJ Web Partners
Most Recent
Most Recent
0 Comments