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Virtusa Corp Issues Q1, FY 2013 Guidance In Line With Analysts' Estimates; Announces Share Repurchase Plan


Wednesday, 9 May 2012 04:05pm EDT 

Virtusa Corp announced that for first quarter of 2013, it expects revenue to be in the range of $75.0 to $77.0 million with diluted earnings per share (EPS) of $0.20 to $0.24. For fiscal 2013, it expects revenue to be in the range of $314.0 to $330.0 million with diluted EPS of $0.95 to $1.11. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $77 million and EPS of $0.23 for first quarter of 2013; revenue of $327 million and EPS of $1.06 for fiscal 2013. The Company also announced that its Board of Directors authorized a share repurchase program of up to $15 million of the Company’s common stock over the next twelve months. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act of 1934. While the board of directors has approved the share purchasing guidelines, the timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the Company’s management, at its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time. 

Company Quote

33.43
0.78 +2.39%
17 Apr 2014