iGATE Corporation (Nasdaq:IGTE), the first integrated Technology
and Operations (iTOPS) company providing Business Outcomes based
solutions under the brand iGATE Patni, today announced its
financial results for the second quarter and six months ended June
30, 2011.
Second Quarter Highlights
- Revenues for second quarter 2011 were $ 170.4 million
- $ 66.8 million in the second quarter 2010.
- Organic revenues grew 14.7 %, with acquisition adding 140.4 %
to the total revenues.
- Net Income for second quarter 2011 was $ 4.0 million
- $ 11.2 million in the second quarter 2010.
- Interest expense impacted net income by $13 million.
- Gross margin was 34.7 % for the second quarter 2011.
- 38.1 % in the second quarter 2010.
- Diluted earnings per share of $ (0.02) GAAP; $0.16
non-GAAP.
- Adjusted EBITDA was $ 28.6 million for the second quarter
2011.
- $15.4 million in the second quarter 2010.
- 21 new customers were added during the quarter including nine
Fortune 1000 and equivalent clients.
- 26,395 employees at the end of the quarter.
Highlights of six months ending June 30,
2011
- Revenues for the six months ending June 30, 2011 were $246.2
million;
- $ 124.7 million in the corresponding period in 2010.
- Organic revenues grew 22.2 %, with acquisition adding 75.2 % to
the total revenues.
- Net Income for the six months ending June 30, 2011 was $ 21.9
million;
- $ 22.8 million in the corresponding period in 2010.
- Interest expense impacted net income by $13.1 million.
- Gross margin was 36.6 % for the six months ending June 30,
2011.
- 39.0 % in the corresponding period in 2010.
- Diluted earnings per share of $0.18 GAAP; $0.37 non-GAAP.
- Adjusted EBITDA was $ 49.2 million for the six months ending
June 30, 2011.
- $29.9 million in the corresponding period in 2010.
Commenting on the Q2 performance, Phaneesh Murthy, CEO, iGATE
Patni said, "We have successfully completed the first phase
of integration, integrating the go-to market functions of both the
organizations and are well underway into the delivery and shared
services integration. We believe that the integration program is
progressing more smoothly than planned."
"We are seeing customers respond positively to our joint
value proposition and are starting to sense some larger
opportunities," he added.
Sujit Sircar, Chief Financial Officer, iGATE said, "The
blending of iGATE and Patni results and increase in salaries have
created a dip in the margins which we expect to improve over the
next few quarters and to get to iGATE's benchmark margins over the
next two years.
"iGATE continues to generate good operating cash-flow
with a cash balance of over $430 million as on June 30,
2011."
Operating Results for the second quarter and six months
ending June 30, 2011
Results for the second quarter and six months ending June 30,
2011 on a GAAP and non-GAAP basis are provided in the table
below.
|
|
|
|
Six
months |
Six
months |
|
|
Q2 |
Q2 |
|
ended |
ended |
|
|
FY'11 |
FY'10 |
Y/Y |
FY'11 |
FY'10 |
Y/Y |
Net revenue ($Millions) |
170.4 |
66.8 |
155.1% |
246.2 |
124.7 |
97.4% |
Operating margin
($Millions) |
9.7 |
11.5 |
-15.7% |
16.7 |
22.5 |
-25.8% |
GAAP net income
($Millions) |
4 |
11.2 |
-64.3% |
21.9 |
22.8 |
-3.9% |
GAAP diluted EPS ($) |
-0.02 |
0.20 |
-110.0% |
0.18 |
0.40 |
-55.0% |
Non-GAAP net income
($Millions) |
11.9 |
13.2 |
-9.8% |
27.7 |
26.2 |
5.7% |
Non-GAAP diluted EPS
($) |
0.16 |
0.23 |
-30.4% |
0.37 |
0.46 |
-19.6% |
|
|
|
|
|
|
|
New customers and projects won in the
quarter
- A German Manufacturing company has engaged with iGATE Patni to
provide product engineering services leveraging its offshore
delivery model.
- A US healthcare leader has retained us for a large scale
consulting engagement.
- A leading Forest Products Company has retained iGATE Patni to
provide infrastructure management services on an outcomes based
model.
- A leading US Financial Services firm has chosen iGATE Patni for
Eagle platform upgrade and implementation of new modules.
- iGATE Patni has been chosen by a US Manufacturing major for its
ERP implementation.
- iGATE Patni has been selected by a leading US Manufacturing
company to provide support for sales force automation.
- A leading Communications firm in the Middle East has engaged
with iGATE Patni to provide offshore support for its ERP
applications.
Awards and Recognitions in the quarter
- iGATE Patni ranked No. 1 Healthcare R&D Service Provider in
Global R&D Service Providers Rating, by Zinnov Management
Consulting.
- iGATE Patni ranked in the Leadership Zone for Overall Leading
R&D Service Providers, in Global R&D Service Providers
Rating, by Zinnov Management Consulting.
- iGATE Patni emerged in the 'Leadership Zone' in verticals like
Automotive and Computer Peripherals & Storage in Global R&D
Service Providers Rating, by Zinnov Management Consulting.
- Everest Group named iGATE Patni as a "Major Contender" in
Finance and Accounting in its FAO Research Report 2011.
- iGATE Patni was awarded the Advanced Solutions Partner status
with TIA Technology, the Copenhagen based world leader in
integrated, leading edge standard software solutions for the global
insurance industry.
Acquisition
On May 12, 2011, we completed our acquisition of a majority
stake in Patni Computers and our results for the second quarter
include Patni's results of operations since May 16, 2011.
Conference Call and Webcast
iGATE will host a telephone conference call on Friday, August 5,
2011 at 8:00 am Eastern Time to discuss the results of its second
quarter ended June 30, 2011. The live discussion can be accessed by
dialing 877-407-8037 (domestic) or 201-689-8037 (international). A
live webcast of this conference call will be available on our web
site at http://ir.igate.com/investors/. The teleconference replay
will be available until September 1, 2011 and can be accessed by
dialing 877-660-6853 (domestic) and 201-612-7415 (international),
passcode 375662 and account number 293. A replay will also be
available shortly after the live call via webcast on the iGATE
Investor Relations website at http://ir.igate.com/investors/.
About iGATE Patni
'iGATE Patni' is the common brand identity of two organizations
— iGATE Corporation and Patni Computer Systems Limited (Patni).
With iGATE having acquired a majority stake in Patni, the two
companies, under the common brand iGATE Patni, jointly provide
full-spectrum consulting, technology and business process
outsourcing, and product engineering services on a Business
Outcomes-based model. Armed with over three decades of IT Services
experience and powered by the iTOPS (Integrated Technology and
Operations) platform, iGATE Patni's multi-location global
organization with a talent pool of 26,000+ people, consistently
delivers effective solutions to over 360 Fortune 1000 clients
spanning across verticals like: banking & financial services;
insurance & healthcare; life sciences; manufacturing, retail,
distribution & logistics; media, entertainment leisure &
travel; communication, energy & utilities; public sector; and
independent software vendors. Visit: www.igatepatni.com
iGATE Corporation is listed on NASDAQ (IGTE), and Patni Computer
Systems Limited on the Bombay Stock Exchange (532517), the National
Stock Exchange of India (PATNI) and NYSE (PTI).
The iGATE Patni brand logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5150
Use of non-GAAP Financial Measures
This press release contains non-GAAP financial measures as
defined by Securities and Exchange Commission. These non-GAAP
measures are not in accordance with, or an alternative for measures
prepared in accordance with, generally accepted accounting
principles in the United States and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles. Reconciliations of these non-GAAP measures to
their comparable GAAP measures are included in the attached
financial tables.
iGATE believes that non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with iGATE's
results of operations as determined in accordance with GAAP and
that these measures should only be used to evaluate iGATE's results
of operations in conjunction with the corresponding GAAP
measures. These non-GAAP measures should be considered
supplemental in nature and should not be considered in isolation or
be construed as being more important than comparable GAAP
measures.
iGATE believes that providing EBITDA, Adjusted EBITDA and
non-GAAP net income and non-GAAP diluted earnings per share in
addition to the related GAAP measures provides investors with
greater transparency to the information used by iGATE's management
in its financial and operational decision-making. These non-GAAP
measures are also used as performance compensation programs
More specifically, the non-GAAP financial measures contained
herein exclude the following items:
- Acquisition expenses: iGATE incurs costs related to its
acquisitions, which are inconsistent in amount and frequency and
are significantly impacted by the timing and nature of iGATE's
acquisitions. iGATE believes that eliminating these expenses for
purposes of calculating these non-GAAP measures facilitates a more
meaningful evaluation of iGATE's current operating performance and
comparisons to the past operating performance.
- Forex gain: The Company entered into forward foreign exchange
contracts to mitigate the risk of changes in foreign exchange rates
on payments related to the Patni Acquisition. We also recognized
favorable foreign currency gain on remeasurement of escrow account
balance maintained for facilitating payments related to Patni
Acquisition. iGATE believes that eliminating the non-capitalized
items for purposes of calculating these non-GAAP measures
facilitates a more meaningful evaluation of iGATE's current
performance and comparisons to the past performance.
- Amortization of intangible assets: Intangible assets comprise
value of customer relationships from the recent Patni acquisition
and the previous delisting of iGATE's Indian subsidiary. iGATE
incurs charges relating to the amortization of these intangibles.
These charges are included in iGATE's GAAP presentation of earnings
from operations, operating margin, net income and diluted earnings
per share. iGATE excludes these charges for purposes of calculating
these non-GAAP measures.
- Severance Cost: As a result of acquisition of Patni, the
Company incurred severance costs in connection with the termination
of the services of some of Patni's employees.
- Stock-based compensation: Although stock-based compensation is
an important aspect of the compensation of iGATE's employees and
executives, determining the fair value of the stock-based
instruments involves a high degree of judgment and estimation and
the expense recorded may not reflect the actual value realized upon
the future exercise or termination of the related stock-based
awards. Furthermore, unlike cash compensation, the value of
stock-based compensation is determined using a complex formula that
incorporates factors, such as market volatility, that are beyond
our control. Management believes it is useful to exclude
stock-based compensation in order to better understand the
long-term performance of our core business.
From time to time in the future, there may be other items that
iGATE may exclude in presenting its financial results.
Forward-Looking Statements
Statements contained in this press release regarding the
benefits of the Patni acquisition, the business outlook, the demand
for the products and services, and all other statements in this
release other than recitation of historical facts are
forward-looking statements. Words such as "expect", "potential",
"believes", "anticipates", "plans", "intends" and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements in the press release
include, without limitation, forecasts of market growth, future
revenues, future expectations concerning growth of business, cost
competitiveness and expansion of global reach following the
acquisition, and other matters that involve known and unknown
risks, uncertainties and other factors that may cause results,
levels of activity, performance or achievements to differ
materially from results expressed or implied by this press release.
Such risk factors include, among others: difficulties encountered
in integrating business; whether certain market segments grow as
anticipated; the competitive environment in the information
technology services industry and competitive responses to our
acquisition of Patni; and whether the companies can successfully
provide services/products and the degree to which these gain market
acceptance. Furthermore, in connection with the Patni
acquisition, the Company has borrowed significant amounts,
including by issuing high yield notes, and will have to use a
significant portion of its cash flows to service such indebtedness,
as a result of which the Company might not have sufficient funds to
operate its businesses in the manner it intends or has operated in
the past. Additional risks relating to the Company are set forth in
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2010, as well as the Company's other reports filed
with the Securities and Exchange Commission. Actual results
may differ materially from those contained in the forward-looking
statements in this press release. Any forward-looking
statements are based on information currently available to the
Company and it assumes no obligation to update these statements as
circumstances change. This document does not constitute an
offer to purchase or to sell securities in any jurisdiction.
|
|
iGATE
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(Amounts in thousands, except
per share data) |
|
|
|
|
June 30, |
December 31, |
|
2011 |
2010 |
|
(unaudited) |
(audited) |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 95,938 |
$ 67,924 |
Short-term investments |
338,152 |
71,915 |
Accounts receivable,
net |
154,995 |
37,946 |
Unbilled revenues |
68,568 |
13,893 |
Prepaid expenses and other
current assets |
24,719 |
5,380 |
Foreign exchange derivative
contracts |
7,256 |
794 |
Deferred tax assets |
24,557 |
5,422 |
Receivable from Mastech
Holdings Inc. |
208 |
140 |
Prepaid income taxes |
7,332 |
-- |
Total current assets |
721,725 |
203,414 |
|
|
|
Investment in affiliate |
427 |
-- |
Deposits and other assets |
144,983 |
5,443 |
Property and equipment, net |
220,898 |
52,950 |
Deferred tax assets |
24,331 |
10,117 |
Goodwill |
628,080 |
31,741 |
Intangible assets, net |
188,135 |
1,378 |
Total assets |
$ 1,928,579 |
$ 305,043 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 8,394 |
$ 3,291 |
Accrued payroll and related
costs |
87,650 |
19,709 |
Accrued income taxes |
1,034 |
715 |
Line of credit |
45,000 |
-- |
Other accrued
liabilities |
81,067 |
31,354 |
Foreign exchange derivative
contracts |
690 |
-- |
Deferred revenue |
19,480 |
667 |
Total current
liabilities |
243,315 |
55,736 |
|
|
|
Other long-term
liabilities |
5,444 |
1,251 |
Accrued income taxes |
17,300 |
-- |
Foreign exchange derivative
contracts |
5,341 |
-- |
Deferred income taxes |
66,275 |
-- |
Senior Notes |
770,000 |
-- |
Total liabilities |
1,107,675 |
56,987 |
|
|
|
Series B Preferred stock, without par
value |
335,067 |
-- |
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common Stock, par value
$0.01 per share |
575 |
572 |
Additional paid-in
capital |
194,897 |
188,389 |
Retained earnings |
88,920 |
75,474 |
Common stock in treasury,
at cost |
(14,714) |
(14,714) |
Accumulated other
comprehensive loss |
3,796 |
(1,665) |
Total iGATE Corporation shareholders'
equity |
273,474 |
248,056 |
Non controlling
interest |
212,363 |
-- |
Total shareholders'
equity |
485,837 |
248,056 |
Total liabilities and
shareholders' equity |
$ 1,928,579 |
$ 305,043 |
|
|
iGATE
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(Amounts in
thousands) |
(unaudited) |
|
|
|
|
|
|
Three Months
ended |
Six Months
ended |
|
June
30, |
June
30, |
|
2011* |
2010 |
2011* |
2010 |
|
|
|
|
|
Revenues |
$ 170,417 |
$ 66,849 |
$ 246,215 |
$124,739 |
|
|
|
|
|
Cost of revenues (exclusive of Depreciation
and amortization) |
111,203 |
41,390 |
155,998 |
76,068 |
|
|
|
|
|
Gross margin |
59,214 |
25,459 |
90,217 |
48,671 |
|
|
|
|
|
Selling, general and administrative |
40,423 |
11,843 |
62,170 |
21,848 |
|
|
|
|
|
Depreciation and amortization |
9,058 |
2,126 |
11,365 |
4,348 |
|
|
|
|
|
Income from
operations |
9,733 |
11,490 |
16,682 |
22,475 |
|
|
|
|
|
Other (expenses) income, net |
(4,003) |
976 |
15,850 |
1,808 |
|
|
|
|
|
Income before income taxes |
5,730 |
12,466 |
32,532 |
24,283 |
|
|
|
|
|
Income tax expense |
1,244 |
1,312 |
10,107 |
1,515 |
|
|
|
|
|
Net income before noncontrolling
interest |
4,486 |
11,154 |
22,425 |
22,768 |
|
|
|
|
|
Noncontrolling interest |
487 |
-- |
487 |
-- |
|
|
|
|
|
Net income attributable to iGATE
Corporation |
3,999 |
11,154 |
21,938 |
22,768 |
|
|
|
|
|
Accretion to Preferred Stock |
115 |
-- |
130 |
-- |
Preferred dividend |
5,639 |
-- |
8,362 |
-- |
Net (loss) income attributable to iGATE
Corporation common shareholders |
$ (1,755) |
$ 11,154 |
$ 13,446 |
$ 22,768 |
|
|
|
|
|
*Includes Patni results
since May 16, 2011. |
|
|
|
|
|
|
iGATE
CORPORATION |
Earnings Per Share |
(Amounts in thousands, except
per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months Ended
June 30, |
PARTICULARS |
|
2011** |
|
2010 |
|
2011** |
|
2010 |
|
|
|
|
|
|
|
|
|
Net income attributable to iGATE common
shareholders |
|
$ (1,755) |
|
$ 11,154 |
|
$ 13,446 |
|
$ 22,768 |
Add: Dividends on Series B Preferred
Stock |
|
5,639 |
|
-- |
|
8,362 |
|
-- |
|
|
3,884 |
|
11,154 |
|
21,808 |
|
22,768 |
|
|
|
|
|
|
|
|
|
Less: Dividends paid on |
|
|
|
|
|
|
|
|
Common Stock |
$ -- |
|
$ -- |
|
$ -- |
|
$ 6,076 |
|
Unvested restricted stock |
-- |
|
-- |
|
-- |
|
60 |
|
Series B Preferred Stock |
5,639 |
5,639 |
-- |
-- |
8,362 |
8,362 |
-- |
6,136 |
Undistributed
Income |
|
$ (1,755) |
|
$ 11,154 |
|
$ 13,446 |
|
$ 16,632 |
|
|
|
|
|
|
|
|
|
Basic and Diluted
allocation of Undistributed Income |
|
|
|
|
|
|
|
Common stock |
|
(1,351) |
|
11,082 |
|
10,352 |
|
16,497 |
Unvested restricted stock |
|
(6) |
|
72 |
|
41 |
|
135 |
Series B Preferred Stock |
|
(398) |
|
-- |
|
3,053 |
|
-- |
|
|
$ (1,755) |
|
$ 11,154 |
|
$ 13,446 |
|
$ 16,632 |
|
|
|
|
|
|
|
|
|
Shares outstanding: |
|
|
|
|
|
|
|
|
Common stock |
|
56,524 |
|
55,557 |
|
56,524 |
|
55,557 |
Unvested restricted
stock |
|
222 |
|
363 |
|
222 |
|
455 |
Series B Preferred Stock |
|
16,668 |
|
-- |
|
16,668 |
|
-- |
|
|
73,414 |
|
55,920 |
|
73,414 |
|
56,012 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Common stock |
|
56,514 |
|
55,447 |
|
56,399 |
|
55,234 |
Unvested restricted
stock |
|
238 |
|
363 |
|
257 |
|
455 |
|
|
56,752 |
|
55,810 |
|
56,656 |
|
55,689 |
|
|
|
|
|
|
|
|
|
Weighted average common stock
outstanding |
|
56,752 |
|
55,447 |
|
56,399 |
|
55,234 |
Dilutive effect of stock
options and restricted shares outstanding |
-- |
|
1,670 |
|
1,483 |
|
1,707 |
Dilutive weighted average shares
outstanding |
|
56,752 |
|
57,117 |
|
57,882 |
|
56,941 |
|
|
|
|
|
|
|
|
|
Distributed earnings per
share: |
|
|
|
|
|
|
|
|
Common stock |
|
$ -- |
|
$ -- |
|
$ -- |
|
$ 0.11 |
Unvested restricted stock |
|
$ -- |
|
$ -- |
|
$ -- |
|
$ 0.11 |
|
|
|
|
|
|
|
|
|
Basic earnings per share from
operations |
|
|
|
|
|
|
|
|
Common Stock |
|
$ (0.02) |
|
$ 0.20 |
|
$ 0.18 |
|
$ 0.41 |
Unvested restricted stock |
|
$ (0.02) |
|
$ 0.20 |
|
$ 0.18 |
|
$ 0.41 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share from
operations |
|
$ (0.02) |
|
$ 0.20 |
|
$ 0.18 |
|
$ 0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The number of
outstanding participative convertible preferred stock for which the
earnings per share exceeded the earnings per share of common stock
aggregated to 16.7 million shares for the six months ended June 30,
2011. These shares were excluded from the computation of diluted
earnings per share as they were anti-dilutive. The dilutive effect
of stock options outstanding of 1.5 million shares for the three
months ended June 30, 2011 was not considered in computing diluted
earnings per share as the Company was in a net loss position.
Inclusion of such shares would have been anti-dilutive. |
|
|
|
|
|
|
|
|
|
**Includes Patni results
since May 16, 2011 |
|
|
|
|
|
|
|
|
|
|
iGATE
CORPORATION |
Reconciliation of Net income,
net of tax, to Adjusted EBITDA |
(Amounts in thousands) |
(unaudited) |
|
Three Months
ended |
Six Months
ended |
|
June
30th |
June
30th |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Net income attributable to iGATE
Corporation |
$ 3,999 |
$11,154 |
$ 21,938 |
$ 22,768 |
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
9,058 |
2,126 |
11,365 |
4,348 |
Interest expenses |
13,199 |
14 |
13,288 |
33 |
Income tax expense |
1,244 |
1,312 |
10,107 |
1,515 |
|
|
|
|
|
EBITDA |
27,500 |
14,606 |
56,698 |
28,664 |
|
|
|
|
|
Other income, net |
(3,321) |
(747) |
(4,418) |
(2,886) |
Foreign exchange (gain)/loss |
(5,875) |
(243) |
(24,720) |
1,078 |
Stock Based Compensation |
3,014 |
1,807 |
4,522 |
3,006 |
Acquisition expenses |
1,122 |
-- |
10,914 |
-- |
Severance expenses |
6,164 |
-- |
6,164 |
-- |
Adjusted EBITDA (a non-GAAP measure) |
$ 28,604 |
$15,423 |
$ 49,160 |
$ 29,862 |
|
|
|
|
|
The Company presents the
non-GAAP financial measures EBITDA and adjusted EBITDA because
management uses these measures to monitor and evaluate the
performance of the business and believe the presentation of these
measures will enhance the investors' ability to analyze trends in
the business and evaluate the Company underlying performance
relative to other companies in the industry. |
|
|
iGATE
CORPORATION |
Reconciliation of
Selected GAAP measures to Non-GAAP measures |
(Amounts in thousands,
except per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months
ended |
Six Months
ended |
|
June
30th |
June
30th |
|
2011 |
2010 |
2011 |
2010 |
GAAP Net income attributable to iGATE
Corporation |
$ 3,999 |
$ 11,154 |
$ 21,938 |
$ 22,768 |
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
Amortization of Intangible assets, net of
taxes |
1,324 |
194 |
1,520 |
386 |
Stock Based Compensation, net of taxes |
2,358 |
1,807 |
3,219 |
3,006 |
Acquisition expenses, net of taxes |
1,875 |
-- |
10,914 |
-- |
Forex gain on acquisition hedging and
remeasurement, net of taxes |
(2,008) |
-- |
(14,314) |
-- |
Severance cost, net of taxes |
4,388 |
-- |
4,388 |
-- |
|
|
|
|
|
Non-GAAP Net income |
$ 11,936 |
$ 13,155 |
$ 27,665 |
$ 26,160 |
|
|
|
|
|
Basic earnings per share from
operations |
|
|
|
|
GAAP |
$ (0.02) |
$ 0.20 |
$ 0.18 |
$ 0.41 |
Non-GAAP |
$ 0.16 |
$ 0.24 |
$ 0.38 |
$ 0.47 |
|
|
|
|
|
Diluted earnings per share from
operations |
|
|
|
|
GAAP |
$ (0.02) |
$ 0.20 |
$ 0.18 |
$ 0.40 |
Non-GAAP |
$ 0.16 |
$ 0.23 |
$ 0.37 |
$ 0.46 |
|
|
|
|
|
Weighted average shares outstanding,
Basic |
73,420* |
55,810 |
73,325* |
55,689 |
Weighted average dilutive common
equivalent shares outstanding |
73,420* |
57,117 |
74,550* |
56,941 |
|
|
|
|
|
*Includes assumed
conversion of 16.7 million shares of Series B Preferred Stock as of
January 1, 2011. |
CONTACT: Media Contact
Prabhanjan Deshpande "PD"
+91 80 4104 5006
PD@igatepatni.com
Investor Contact
Araceli Roiz
+1 510 896 3007
araceli.roiz@igatepatni.com
Igate (NASDAQ:IGTE)
Historical Stock Chart
From Apr 2024 to May 2024
Igate (NASDAQ:IGTE)
Historical Stock Chart
From May 2023 to May 2024