iGATE Corporation (iGATE or the Company) (NASDAQ: IGTE), the first integrated Technology and Operations (iTOPS) company providing "Business Outcomes" based solutions, today announced its financial results for the fourth quarter and year ended December 31, 2013.
Fourth Quarter Highlights
· Revenues were $299.3 million
o Increased 10.2% compared with $271.6 million in the fourth quarter of 2012
o Increased 2.0% sequentially compared with $293.4 million in the third quarter of 2013
· Net Income attributable to iGATE Corporation was $33.1 million
o Compared with $30.8 million in the fourth quarter of 2012
o Compared with $31.9 million in the third quarter of 2013
· Gross margin was 39.8%
o Compared with 40.6% in the fourth quarter of 2012
o Compared with 41.4% in the third quarter of 2013
· Diluted earnings per share were $0.30 GAAP and $0.49 non-GAAP
o Compared with $0.30 GAAP and $0.45 non-GAAP in the fourth quarter of 2012
o Compared with $0.30 GAAP and $0.46 non-GAAP in the third quarter of 2013
· Adjusted EBITDA was $74.7 million
o Compared with $71.2 million in the fourth quarter of 2012
o Compared with $78.4 million in the third quarter of 2013
· The Company added nine new customers during the fourth quarter, including five Fortune 1000 companies
· As of December 31, 2013, the Company had 29,733 employees with a net addition of 1,450.
Full Year Highlights for the year ended December 31, 2013
Revenues for the year were $1,150.9 million
Compared with $1,073.9 million for the year ended December 31, 2012
Net Income attributable to iGATE Corporation was $129.8 million
Compared with $95.8 million for the year ended December 31, 2012
Gross margin was 39.3%
Compared with 39.5% for the year ended December 31, 2012
Diluted earnings per share were $1.21 GAAP and $ 1.88 non-GAAP
Compared with $0.85 GAAP and $1.56 non-GAAP for the year ended December 31, 2012
Adjusted EBITDA was $284.8 million
Compared with $271.4 million for the year ended December 31, 2012
Ashok Vemuri, President and Chief Executive Officer, iGATE, said, “I am happy with the Company’s performance in 2013 and particularly pleased with the nature of large deals signed during the year. We have successfully finished regrouping the organization into vertical-based business units that bring in more industry knowledge and solutions, move us closer to the customer, and increase the depth and accountability to the business. I am confident that we are poised for a faster pace of growth in 2014.”
Sujit Sircar, Chief Financial Officer, iGATE, said, “I am pleased with our growth in net income in 2013 while we continue to deliver strong earnings per share. In order to better position us to create more shareholder value, we entered into a credit agreement during the fourth quarter and expect this to lower our debt servicing cost and therefore better our earnings and profitability from 2014.”
Fourth Quarter Highlights
· Revenues were $299.3 million
o Increased 10.2% compared with $271.6 million in the fourth quarter of 2012
o Increased 2.0% sequentially compared with $293.4 million in the third quarter of 2013
· Net Income attributable to iGATE Corporation was $33.1 million
o Compared with $30.8 million in the fourth quarter of 2012
o Compared with $31.9 million in the third quarter of 2013
· Gross margin was 39.8%
o Compared with 40.6% in the fourth quarter of 2012
o Compared with 41.4% in the third quarter of 2013
· Diluted earnings per share were $0.30 GAAP and $0.49 non-GAAP
o Compared with $0.30 GAAP and $0.45 non-GAAP in the fourth quarter of 2012
o Compared with $0.30 GAAP and $0.46 non-GAAP in the third quarter of 2013
· Adjusted EBITDA was $74.7 million
o Compared with $71.2 million in the fourth quarter of 2012
o Compared with $78.4 million in the third quarter of 2013
· The Company added nine new customers during the fourth quarter, including five Fortune 1000 companies
· As of December 31, 2013, the Company had 29,733 employees with a net addition of 1,450.
Full Year Highlights for the year ended December 31, 2013
Revenues for the year were $1,150.9 million
Compared with $1,073.9 million for the year ended December 31, 2012
Net Income attributable to iGATE Corporation was $129.8 million
Compared with $95.8 million for the year ended December 31, 2012
Gross margin was 39.3%
Compared with 39.5% for the year ended December 31, 2012
Diluted earnings per share were $1.21 GAAP and $ 1.88 non-GAAP
Compared with $0.85 GAAP and $1.56 non-GAAP for the year ended December 31, 2012
Adjusted EBITDA was $284.8 million
Compared with $271.4 million for the year ended December 31, 2012
Ashok Vemuri, President and Chief Executive Officer, iGATE, said, “I am happy with the Company’s performance in 2013 and particularly pleased with the nature of large deals signed during the year. We have successfully finished regrouping the organization into vertical-based business units that bring in more industry knowledge and solutions, move us closer to the customer, and increase the depth and accountability to the business. I am confident that we are poised for a faster pace of growth in 2014.”
Sujit Sircar, Chief Financial Officer, iGATE, said, “I am pleased with our growth in net income in 2013 while we continue to deliver strong earnings per share. In order to better position us to create more shareholder value, we entered into a credit agreement during the fourth quarter and expect this to lower our debt servicing cost and therefore better our earnings and profitability from 2014.”
