iGATE Corporation (NASDAQ:IGTE), the first integrated Technology and Operations Company providing Business Outcomes- based solutions, today announced its financial results for the second quarter and six months ended June 30, 2013.
Second Quarter Highlights
Revenues increased by 6% year-over-year and 3% sequentially
o $283.3 million in Q2, 2013 compared to $ 268.0 million in Q2, 2012 and $274.9 million in Q1, 2013
· Net Income attributable to iGATE Corporation increased by 136%
o $ 30.0million in Q2, 2013, which includes $3 million attributable to the forfeiture of vested stock options compared to$12.7 million in Q2, 2012
· Gross margin was 37.9%,an increase compared to 37.4 % in the corresponding quarter of 2012
· GAAP diluted EPS increased by 300%
o $ 0.28 per share in Q2, 2013 compared to$ 0.07 per share in Q2, 2012
· Non GAAP diluted EPS increased by 57%
o $ 0.44 per share in Q2, 2013 compared to$ 0.28 per share in Q2, 2012
· iGATE added 11 new customers during the quarter including two Fortune 1000 companies
· The company ended the second quarter of 2013 with over 28,300 employees
Gerhard Watzinger, CEO, iGATE said, “I am pleased with our performance in the second quarter with revenue growing 3% sequentially. We booked orders worth over $600 million including three significant multi-year contracts each valued at $100 million or greater. I am happy to see that the Business Outcomes proposition is resonating well with our customers and markets.”
“We are seeing more positive signs related to offshore IT services spending and stability in the overall business environment, with clients spending to their budgets,” he added.
Sujit Sircar, CFO, iGATE said, “I am happy with the margin growth seen in the quarter as we absorbed our annual wage hikes which were offset largely by operational efficiencies and to an extent the depreciation of the Indian Rupee. Our profits increasedand the cash flow position looks good. The diluted earnings per share increased by 57% on a non GAAP basis, which is another positive.”
On the currency fluctuation, Sircar said, “The tailwinds provided by the rupee fluctuation against the U.S. dollar appear to be short-lived with the operating costs going up in the medium to long term.”
About iGATE
iGATE Corporation is the first integrated technology and operations (iTOPS) company providing full-spectrum consulting, technology and business process outsourcing, and product and engineering solutions on a Business Outcomes-based model. Armed with over three decades of IT Services experience and powered by the iTOPS platform, iGATE’s multi-location global organization has a talent pool of over 28,300 employees and consistently delivers effective solutions to over 360 Fortune 1000 clients spanning verticals such as: banking and financial services; insurance and healthcare; life sciences; manufacturing, retail, distribution and logistics; media, entertainment, leisure and travel; communication, energy and utilities; public sector; and independent software vendors. Please visit www.igate.com for more information.
iGATE Corporation is listed on NASDAQ under the symbol "IGTE."
