iGate 4th quarter profit falls on higher cost – appoints new CFO
SOURCE: Forbes
DATE: March 10th, 2008
Mohit Soapbox:
iGate had also recently announced changes in their senior management structure. Is this the real picture on how
the mid markets companies have to deal with in the slowing economies.
Cofounder of iGate seeks new challenges (Feb 28th, 2008)
iGate signs an ERP deal with cummins (Jan 22nd, 2008)
ARTICLE
Business outsourcing company iGate Corp. said Monday its fourth-quarter profit fell 25 percent on higher stock compensation and other costs.
Net profit fell to $4.9 million or 9 cents per share from $6.5 million or 12 cents per share in the 2006 fourth quarter.
Selling, general and administrative costs rose to $18.6 million from $17.7 million on higher marketing, deferred stock compensation and consulting costs.
Sales rose 7 percent to $79.6 million from $74.6 million in 2006.
Analysts polled by Thomson Financial expected profit of 8 cents per shares on sales of $77.3 million. Analysts typically exclude one-time costs.
For the 2007 fiscal year, the company’s net profit rose to $15.6 million or 29 cents per share from $8.7 million or 16 cents per share in 2006. Sales rose 8 percent to $307.3 million from $283.6 million
Additional news on iGate
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iGate announces new CFO
SOURCE: Associated Press
DATE: March 10th, 2008
ARTICLE
Business outsourcing company iGate Corp. said Monday that Ramachandran Natesan, the current chief financial officer of subsidiary iGate Global Solutions, has also been appointed chief financial officer of the entire company, effective April 1.
Ramachandran will replace Michael J. Zugay, who will retire after 13 years with iGate.
In addition, as previously announced, Phaneesh Murthy has been appointed chief executive effective April 1. Phaneesh will take over the role from Sunil Wadhwani, CEO since the company’s founding in 1987.
Phaneesh has served as CEO of iGate Global Solutions since 2003 and was previously head of global sales and marketing for Infosys Technologies.
The company announced the appointment dates after it said its fourth-quarter profit fell 24.6 percent on higher stock compensation and other costs.
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