Virtusa Announces Second Quarter Fiscal 2011 EPS of $.15

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Virtusa Corporation
VRTU
today reported financial results for the second quarter fiscal year 2011, ended September 30, 2010. Second Quarter Fiscal 2011 Financial Results Revenue for the second quarter of fiscal 2011 was $52.7 million, an increase of 40% year-over-year and 2% sequentially. On a constant currency basis (1), second quarter fiscal 2011 revenue increased 42% year-over-year and 1% sequentially. Virtusa reported income from operations of $4.0 million for the second quarter of fiscal 2011, an increase compared to $3.2 million for the second quarter of fiscal 2010, and an increase compared to $3.1 million for the first quarter of fiscal 2011. Net income for the second quarter of fiscal 2011 increased to $3.7 million, or $0.15 per diluted share, compared to $3.0 million, or $0.12 per diluted share, for the second quarter of fiscal 2010, and $3.1 million, or $0.13 per diluted share, for the first quarter of fiscal 2011. The Company ended the second quarter of fiscal 2011 with $95.0 million of cash, cash equivalents, short-term investments and long-term investments (2). The Company generated cash from operations of $7.0 million during the second quarter of fiscal 2011.
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