Virtusa announce preliminary 1st quarter fiscal 2009 financial results
SOURCE: Press Release
DATE: July 7th, 2008
Virtusa Corporation (NASDAQ: VRTU), a global information technology (IT) services company that provides IT consulting, technology implementation and application outsourcing services through an enhanced global delivery model, today announced preliminary financial results for the first quarter of fiscal year 2009, ended June 30, 2008.
Virtusa currently expects to report revenue in the range of $42.0 to $42.5 million and GAAP net earnings per diluted share of approximately $0.00 to $0.03. First quarter preliminary results are subject to change based on the completion of the Company’s normal quarter-end review process.
Kris Canekeratne, Virtusa’s Chairman and CEO stated, “The principal reason for our revenue and earnings shortfall is that our business at British Telecommunications plc (BT) was negatively impacted late in the quarter. We had reason to believe that we would obtain budgetary allocation for certain engagements at BT and, therefore, we commenced work on these projects. However, the budget allocations for these projects were not approved. Virtusa remains a strategic IT services provider to BT, our largest client, and we continue to maintain a strong relationship with them.” Canekeratne continued, “Our platforming approach and differentiated service offerings continue to be well received in the marketplace.”
Increased expenses for onsite contractors and foreign currency transaction losses were also contributing factors impacting the preliminary financial results for the first quarter of fiscal 2009.
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