e-Volve Technologies (Pvt) Ltd. has been appointed as sole agent to distribute F-Secure Internet and Mobile security products in the Sri Lanka. Abans Plc. are the authorized reseller, making the products are available at Abans showrooms and retail outlets island wide.
For the first time in Sri Lanka Hashra (Pvt) Ltd has recently introduced wide range of power and money saving electrical equipments to the local market, including extension leads and energy saving power meter, design in Uk under the brand name of 'MASDA'.
Impressive growth of 62% smartphone shipments YOY with total consumer device shipment of 64.21 million.
Official-looking images of the next Motorola handset have appeared online, adding substance to rumours that Motorola will be replacing the Moto X at its 4 September event.
Luxury Swiss watch brand Maurice Lacroix has named South Korean actor and musician Jang Dong Gun as its new brand ambassador as it seeks to expand in the all-important Asian market.
Furthering the cause of innovation in Sri Lanka, local angel community Lankan Angel Network has signed a Memorandum of Understanding (MOU) with the Yarl IT Hub, a community dedicated to elevating Jaffna into a Silicon Valley type centre.
Digital technology leader, Samsung Electronics recently introduced its Joy Plus TV range which enables users to capture sound and pictures when watching TV.
Premium, Sleek and Portable tablet provides most advanced and immersive visual experience.
First quarter fiscal 2015 revenue of $112.3 million increased 1% sequentially and 24% year-over-year. First quarter fiscal 2015 operating income increased 26% year-over-year to $11.2 million. First quarter fiscal 2015 diluted EPS was $0.31, compared to diluted EPS of $0.29 in the year ago period.
Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today reported consolidated financial results for the first quarter fiscal year 2015, ended June 30, 2014.
First Quarter Fiscal 2015 Consolidated Financial Results
Revenue for the first quarter of fiscal 2015 was $112.3 million, an increase of 1% sequentially and 24% year-over-year in reported currency. On a constant currency basis,(1) first quarter revenue increased 1% sequentially and 22% year-over-year.
Virtusa reported income from operations of $11.2 million for the first quarter of fiscal 2015, compared to $12.5 million for the fourth quarter of fiscal 2014, and $8.9 million for the first quarter of fiscal 2014.
Net income for the first quarter of fiscal 2015 was $9.0 million, or $0.31 per diluted share, compared to $10.0 million, or $0.35 per diluted share, for the fourth quarter of fiscal 2014, and compared to $7.5 million, or $0.29 per diluted share, for the first quarter of fiscal 2014.
The Company ended the first quarter of fiscal 2015 with $194.8 million of cash, cash equivalents, and short-term and long-term investments.(2) Cash used for operations for the first quarter of fiscal 2015 was $2.5 million.
Kris Canekeratne, Virtusa's Chairman and CEO, stated, "This was another strong quarter driven by our differentiated value proposition which enables our clients to expand their addressable market through digital channels and improves their BAU operation through industry leading transformational solutions. We continue to deepen our relationships across our blue chip client base, diversifying geographically and growing our non-Top 10 clients at a faster rate, further strengthening our growth platform."
Ranjan Kalia, Chief Financial Officer, said, “We are pleased with our first quarter results, and we are positioned well for strong sequential growth throughout the fiscal year.” Mr. Kalia added, “During the quarter, we made investments in sales and marketing, business development, and billable head count in order to position ourselves to capture the large market opportunity we see for our differentiated solutions.”
Financial Outlook
Virtusa management provided the following current financial guidance:
Second quarter fiscal year 2015 revenue is expected to be in the range of $116.0 to $118.0 million, with diluted EPS of $0.33 to $0.35.
Fiscal year 2015 revenue is expected to be in the range of $474.0 to $486.0 million, with diluted EPS of $1.46 to $1.58.
The Company’s second quarter and full fiscal year 2015 diluted EPS estimates assume an average share count of approximately 29.3 million and 29.4 million respectively, (assuming no further exercises of stock-based awards) and assume a stock price of $31.80, which was derived from the average closing price of the Company’s stock over the five trading days ended on August 4, 2014. Deviations from this stock price may cause actual EPS to vary based on share dilution from Virtusa’s stock options and stock appreciation rights.
Kris Canekeratne, Chairman and CEO, Virtusa
Micromax, India’s largest mobile handset company and among the top global handset manufactures, recently felicitated local dealers and distributors at a gala event in Colombo.
