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Cambridge Solutions Ltd. Announces 2005/06 Financial Results
Bangalore, India – June 21, 2006: Cambridge Solutions Limited (“ Cambridge ”) formerly known as Scandent Solutions Corporation Limited announced today its results of operations for the financial year ended March 31 st 2006 . Total revenue for the financial year, 2006 was US$266.7 million (Rs11,807 million), up 393% compared to total revenues of $54.2 million (Rs2,432 million) for the previous financial year ending March 31 st 2005. (Calculated at an Rs to US$ conversion of 44.85). Total operating income was US$25.0 million (Rs1,107 million), up 229% before extraordinary items and one time charges for the financial year 2005/06, compared to total operating income of US$7.6 million (Rs340 million) for the previous financial year ended March 31st, 2005. One time (non-recurring) charges amounting to US$7.2 million (Rs 319 million) were incurred in 2005/06 related to merger expenses and US GAAP to Indian GAAP adjustments. These were pertaining to the merger with Cambridge Services Holdings, LLC. Total adjusted operating income was US$17.8 million (Rs788 million) up 134% (after extraordinary items and one time charges) for the financial year 2005/06 compared to total operating income of US$7.6 million (Rs340 million) for the previous financial year ending March 31st, 2005. Total profit after tax was US$6.1 million (Rs 270 million), up 53%, before extraordinary items and one time charges for the financial year 2006 compared to total profit after tax of US$4.0 million (Rs182 million) for the previous financial year ended March 31st, 2005. The net loss for the year was US$4.2 million (Rs 186 million) after the application of extraordinary items and one time charges for the financial year 2005/06. The company's IT operations contributed 27% of the revenues and its BPO operations the balance, 73%. The company's three core verticals, Banking, Financial Services and Insurance (BFSI), Government and Manufacturing & Logistics, contributed 79.6%, 6.7% and 13.7% of revenues respectively. The company's top 10 clients contributed 34% of the firm's revenues. The number of clients who were at a run rate of greater than US$1 million (Rs 46 million) per year was 49. Chris Sinclair, Chairman and CEO of Cambridge, said, “The past year represented a period of enormous change, learning and building. Having dealt with significant integration, structural and operating issues in each of the business units, the company ended the year with much stronger capabilities and a sharper focus. The firm established a strong foundation for growth.” Guidance for Q1 2006/07 The company's revenue guidance for the Q1 (ending June 30 th , 2006 ) is between US$76.0 million and US$80.0 million (or Rs3,496 million and Rs3,680 million) with a profit after tax between US$3.5 million and US$4.0 million (or Rs161 million to Rs184 million). (2006/07 forex conversion at Rs to US$ of 46). About Cambridge Solutions Limited (“ Cambridge ”)
With offices in the USA , UK , India Singapore, and Australia , Cambridge serves Fortune 500 firms and international financial services companies. Cambridge was named one of the top three performing BPO companies by Global Services media and neoIT, a leading offshore outsourcing advisory firm, in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)'s “2006 Global Outsourcing 100” list, that appeared in a special advertising section in Fortune Magazine. For more information, visit: www.cambridgesolutionsltd.com Safe Harbor Media Contacts: Melissa Arulappan Cambridge Solutions Ltd. Cambridge Solutions Ltd. |
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