Virtusa sees profit below Wall St. estimates

Westborough information technology firm Virtusa Corp. today issued preliminary fiscal first-quarter results below analysts' expectations after work on projects from one of its largest clients was unfunded.

Virtusa said fiscal first-quarter financial results will range between break even and earnings of 3 cents per share.

Analysts polled by Thomson Financial, on average, forecast earnings of 15 cents per share for the quarter ended June 30 on revenue of $45.5 million.

Virtusa expects revenue to range between $42 million and $42.5 million during the quarter.

Virtusa's relationship with client British Telecommunications PLC hurt quarterly profit, Kris Canekeratne, the company's chairman and chief executive said in a statement. Virtusa began work on projects for British Telecommunications, and the budget allocations for the work were not approved.

Rising expenses for outside contractors and foreign currency transaction losses also affected first-quarter earnings.

Virtusa is scheduled to release its full results July 30. (AP)