07-08-2012 11:13 Belarus
Epam Systems quarterly profit grows 10%
Based at Belarus’ High Tech Park, Software developer EPAM Systems, the largest supplier of software products and IT services in Central and Eastern Europe, reported the following financial results for the quarter ended June 30, 2012.
Quarterly revenues increased to $103.8 million, up 10% over first quarter 2012 and 29.5% compared to the year-ago quarter.
GAAP income from operations was $16.8 million, an increase of 54.7% compared to $10.9 million in the second quarter of 2011.
Non-GAAP income from operations increased to $19.1 million, an increase of 39.5% compared to $13.7 million in the second quarter of 2011.
Quarterly diluted earnings per share (EPS) on a GAAP basis was $0.29, compared to $(0.41) in the year-ago quarter.
Quarterly diluted EPS on a non-GAAP basis was $0.37, compared to $0.26 in the year-ago quarter, or a 42.3% increase.
Headcount for IT Professionals increased 25.7% to 7,750 as of June 30, 2012 from 6,166 as of June 30, 2011.
"We are pleased with another strong quarter. We saw strong growth in Europe and the US, as well as across most of our key verticals." said Arkadiy Dobkin, CEO and President of EPAM Systems. "Although the macroeconomic environment remains uncertain and customers' decision times are longer, we remain confident in our ability to identify and provide differentiated solutions that address our customers' mission critical needs."
The Company generated $1.6 million in cash from operations during the first six months of 2012. As of June 30, 2012, the Company had cash and cash equivalents of $104.9 million.
Established in 1993, EPAM Systems, Inc. (NYSE: EPAM) is a leading global IT services provider with delivery centers throughout Central and Eastern Europe. Headquartered in the United States, EPAM employs over 7,700 IT professionals and provides services to clients worldwide using a global delivery model through its client management and delivery operations in the United States, Belarus, Hungary, Russia, Ukraine, UK, Germany, Kazakhstan, Sweden, Switzerland, Poland and Canada.