IGATE Corporation (“IGATE” or a “Company”) (NASDAQ: IGTE), a New Jersey-headquartered integrated record and operations solutions provider, currently announced a financial regulation for a second entertain and 6 months finished Jun 30, 2014.
Ashok Vemuri, President and CEO, IGATE (Photo: Business Wire)
Second Quarter Highlights
Ashok Vemuri, President and Chief Executive Officer, IGATE said, “I am vehement with a traction my group is creation in a market. We had a clever entertain in income expansion and we continue to make solid swell on vast bargain pursuits. The partnership that we entered with a North American word vital this entertain is testimony to a ability to be a transformational actor and validates a stability investment in building industry-leading solutions.”
“Our new code temperament and redesigned value tender has resonated good with all a stakeholders. We continue to deposit in record and routine capabilities with specific concentration on a Digital Practice. The verticalization plan we implemented during a commencement of a year has started agreeable dividends with altogether expansion opposite attention segments.” he added.
Sujit Sircar, Chief Financial Officer, IGATE said, “We successfully refinanced a high produce holds placed in 2011 during a many revoke seductiveness cost successive to a rating upgrades from SP and Moody’s. This has enabled us to revoke some-more than $50 million in seductiveness cost annually on a Q1 run rate basis.”
“We are happy to have confirmed a domain levels notwithstanding a income boost this quarter; however we are closely examination a forex headwinds with a appreciation of a Rupee opposite a U.S. Dollar,” he added.
Second Quarter 2014 Operating Results
Results for a 3 and 6 months finished Jun 30, 2014 and 2013 respectively, on a GAAP and non-GAAP basement are supposing in a list below.
Key contracts won during a Second Quarter
Key Highlights and Recognitions during a Second Quarter
Conference Call and Webcast
IGATE has scheduled a Earnings Conference Call on Wednesday, Jul 16, 2014 to plead a regulation of a second entertain finished Jun 30, 2014. Senior government of a association will plead a financial opening for a entertain and answer participants’ questions during a call.
The call will be webcast live on IGATE’s website (www.igate.com) on a Investor Relations page underneath a ‘Events’ section. Participants are requested to record in 10 mins before to a start of a webcast. The on-demand chronicle of a webcast will be accessible on a IGATE website shortly after a call.
Investors, intensity investors, shareholders and bond holders can entrance a telephonic replay by dialing 877-660-6853 (toll free) or 201-612-7415 (toll) and entering discussion series 13585487. The telephonic replay will be accessible until Jul 30, 2014.
About IGATE
IGATE is a tellurian personality in providing integrated record and operations-based solutions, headquartered in Bridgewater, New Jersey. As a devoted partner to companies in North America, Europe and Asia Pacific, IGATE provides solutions to clients’ business hurdles by leveraging a record and routine capabilities, underwritten by an bargain of domain and attention imperatives. With revenues over US$1.1 billion, and a tellurian worker talent collateral of over 32,000, IGATE offers productized applications and platforms that yield a required rival and creation corner to clients opposite industries, by a multiple of speed, lively and imagination. IGATE is listed on NASDAQ underneath a pitch IGTE.
Follow IGATE on Twitter: @IGATE_Corp
IGATE on Facebook: www.facebook.comigateofficial
Use of non-GAAP Financial Measures
This press recover contains non-GAAP financial measures as tangible by a Securities and Exchange Commission. These non-GAAP measures are not in suitability with, or an choice for, measures prepared in suitability with, generally supposed accounting beliefs in a United States (“GAAP”) and competence be opposite from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not formed on any extensive set of accounting manners or principles. Reconciliations of these non-GAAP measures to their allied GAAP measures are enclosed in a trustworthy financial tables.
IGATE believes that non-GAAP measures have stipulations in that they do not simulate all of a amounts compared with IGATE’s regulation of operations as dynamic in suitability with GAAP and that these measures should usually be used to weigh IGATE’s regulation of operations in and with a analogous GAAP measures. These non-GAAP measures should be deliberate supplemental in inlet and should not be deliberate in siege or be construed as being some-more critical than allied GAAP measures.
IGATE believes that providing Adjusted EBITDA and non-GAAP net income and non-GAAP diluted advantage per share in further to a associated GAAP measures provides investors with larger clarity to a information used by IGATE’s government in a financial and operational decision-making. These non-GAAP measures are also used by a Management in tie with IGATE’s opening remuneration programs.
More specifically, a non-GAAP financial measures contained herein bar a following items:
From time to time in a future, there competence be other apparatus that IGATE competence bar in presenting a financial results.
Forward-Looking Statements
This news recover contains forward-looking statements that engage risks, uncertainties and assumptions. If a risks or uncertainties ever manifest or a assumptions infer incorrect, a regulation of a Company competence differ materially from those voiced or pragmatic by such forward-looking statements and assumptions. All statements per a business outlook, a approaching opening of a Company’s products and services for a clients, and all other statements in this recover other than statements of chronological fact are statements that could be deemed forward-looking statements. Words such as “expect”, “potential”, “believes”, “anticipates”, “plans”, “intends” and other identical expressions are dictated to brand such forward-looking statements. Forward-looking statements in a press recover include, but limitation, statements per a business outlook, and a approaching opening of a Company’s products and services for a clients, and other matters that engage famous and different risks, uncertainties and other factors that competence means results, levels of activity, opening or achievements to differ materially from regulation voiced or pragmatic by this press release. Such risk factors include, among others: capricious tellurian mercantile conditions, strong revenues, new organizational and operational strategies, continued pricing pressures and a poignant indebtedness that will use a poignant apportionment of a money flows to use such indebtedness, as a outcome of that a Company competence not have sufficient supports to work a businesses in a demeanour it intends or has operated in a past. Additional risks relating to a Company are set onward in a Company’s Annual Report on Form 10-K for a mercantile year finished Dec 31, 2013, a Company’s Quarterly Report on Form 10-Q for a mercantile entertain finished Mar 31, 2014 as good as a Company’s other reports filed with a Securities and Exchange Commission. As in before periods, a financial information set onward in this release, including tax-related items, reflects estimates formed on information accessible during this time. While a Company believes these estimates to be accurate, tangible regulation competence differ materially from those contained in a forward-looking statements in this press release. These amounts could also differ materially from tangible reported amounts in a Company’s quarterly Report on Form 10-Q for a entertain finished Jun 30, 2014. The Company assumes no requirement and does not intend to refurbish these forward-looking statements as resources change. This request does not consecrate an offer to squeeze or to sell bonds in any jurisdiction.
Non-GAAP Disclosure of Adjusted EBITDA
IGATE presents Adjusted EBITDA as a supplemental magnitude of a performance. We conclude Adjusted EBITDA as net income and (i) debasement and amortization, (ii) seductiveness expense, (iii) income taxation expense, reduction (iv) other income, net and (v) unfamiliar sell (gain)/loss, (vi) stock-based remuneration (vii) delisting expenses, (viii) partnership and reorder losses and (ix) detriment on extinguishment of debt. We separated a impact of a above as we do not cruise them as demonstrative of a ongoing handling performance. These adjustments are itemized below. You are speedy to weigh these adjustments and a reasons we cruise them suitable for supplemental analysis. In evaluating Adjusted EBITDA, we should be wakeful that in a destiny we competence catch losses that are a same as or identical to some of a adjustments in this presentation. Our display of Adjusted EBITDA should not be construed as an deduction that a destiny regulation will be unblushing by surprising or non-recurring items.
We benefaction Adjusted EBITDA since we trust it assists investors and analysts in comparing a opening opposite stating durations on a unchanging basement by incompatible apparatus that we do not trust are demonstrative of a core handling performance. In addition, we use Adjusted EBITDA: (i) as a cause in evaluating management’s opening when last inducement compensation, (ii) to weigh a efficacy of a business strategies and (iii) since a credit agreement and a indent use measures identical to Adjusted EBITDA to magnitude a correspondence with certain covenants.
Adjusted EBITDA has stipulations as an methodical tool. Some of these stipulations are:
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Communication Coordinates
Investor Contact
Salil Ravindran, +1 510 298 8400
Salil.Ravindran@IGATE.com
or
Media Contact
Prabhanjan Deshpande “PD”, +91 80 4104 5006
PD@IGATE.com
or
Regional Media Contacts
North America
Gutenberg Communications
Meagan Ostrowski, +1 (212) 810-4394
Meagan@gutenbergpr.com
or
Europe
Gutenberg Communications
Olivia Benjamin, +44-78-2499-7666
Olivia@gutenbergpr.com
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