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Cambridge Solutions Ltd. Posts Strong Results in its First Quarter, 2007
Bangalore, India – July 28, 2006: Cambridge Solutions Ltd. (“Cambridge”), formerly known as Scandent Solutions Corporation Ltd today announced its results of operations for the first quarter ending June 30, 2006. Total revenues for the first quarter were INR 3,645 (US$ 80.2 Million). Total EBITDA for the first quarter were INR 479 Million (US$ 10.4 Million). Total Profit after Tax was INR 161 Million (US$ 3.5 Million) – this is after charges applicable due to changes in the accounting policy (AS15) effective April 1, 2006. Without these changes, the Profit after Tax would have been INR 178 Million (US$ 3.9 Million). On a pro forma basis, the current quarter’s revenues grew 27% over the same quarter of the previous year, while Profit after Tax grew 71% versus a year ago. In the first quarter, the Company’s BPO operations contributed 72.3% of the revenues and its IT operations, 27.7%. The top ten clients contributed 38% of the firm’s revenues. The number of clients who were at an annualized run rate of greater than INR 45.5 Million (US$ 1 Million) per year was 50. Chris Sinclair, Chairman & CEO of Cambridge said, “I am pleased with the progress we are making. In addition to the strong top line performance, we were delighted to see continued improvement in operating margins and profitability. On the IT side, our Manufacturing Division closed an INR 613 Million (US$ 13.5 Million) deal with a SAP client and we signed a memorandum of understanding to develop a real estate suite in conjunction with Cushman & Wakefield and BIGeREALESTATE, Inc. At the same time, the BPO Division expanded its current business with Arrowpoint Capital and Wal-mart and added important clients such as Alea Insurance and Beverly Enterprise. We added depth to our Board with the addition of Jan Verplancke, Global CIO of Standard Chartered Bank, plc, and strengthened our partnership with SCOPE, the back office operations of the bank. Looking forward, the Company expects continued strong performance. In the second quarter (July 06 to Sept 06) the company’s top line is expected to be similar to the first quarter (due to revenue seasonality of our Australia BPO) while Profit after Tax is expected to grow 15% over the first quarter. Furthermore based on the visible pipeline, we expect top and bottom line performance in the second half of the year to accelerate over the first half of the year. About Cambridge Solutions Ltd.
The Company employs over 3,600 professionals serving customers on 4 continents through over 70 locations worldwide. With offices in the USA, UK, India Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world. The company’s BPO subsidiary was named one of the top three performing BPO companies by Global Services media and neoIT 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. The Company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker “CAMBRIDGE”. For more information, visit: www.cambridgeworldwide.com. Safe Harbor Media Contacts: Melissa Arulappan Cambridge Solutions Ltd. Cambridge Solutions Ltd. |
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