Virtusa Corporation has recorded a $227.3 million revenue for the first quarter of fiscal 2018, an increase of 0.6% sequentially and 10.6% year-over-year.
Virtusa also reported GAAP income from operations of $6.1million for the first quarter of fiscal 2018, compared to income from operations of $10.2 million for the fourth quarter of fiscal 2017 and a loss from operations of $1.8 million for the first quarter of fiscal 2017.
On a GAAP basis, net income available to common shareholders for the first quarter of fiscal 2018 was $3 million, or $0.10per diluted share, compared to $10.5 million, or $0.34per diluted share, for the fourth quarter of fiscal 2017, and a net loss of $6.3 million, or $(0.21)per diluted share, for the first quarter of fiscal 2017.
The Company ended the first quarter of fiscal 2018 with $235.1million of cash, cash equivalents, and short-term and long-term investments.
Cash flow from operations was $1.1million for the first quarter of fiscal 2018. In the first quarter of fiscal 2018; Virtusa repurchased 947,706 shares of its common stock at an average price of $28.80 for a total of $27.3 million.
Kris Canekeratne, Virtusa’s Chairman and CEO, said, “We are pleased with our first quarter fiscal 2018 results and the momentum we are building in our business. We are announcing key changes to our organizational model that will help us further position Virtusa for above-industry growth.”
Ranjan Kalia, Chief Financial Officer, said, “FY 2018 is off to a solid start aswe delivered Q1 revenue at the high end of our guidance range and operating margins at the midpoint ofour expectations.”
Add new comment