HiSoft (HSFT) Updates on Costs Associated with Japan Earthquake; Lowers FY11 Outlook
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HiSoft Technology International Limited (Nasdaq: HSFT) updates on the impact of the March 11th earthquake in Japan.
HiSoft will incur expenses with relocation of 200 employees and their families, which began on March 14th.
As a result, in the first quarter of 2011, HiSoft experienced additional operating expenses of approximately $0.7 million, or approximately $0.02 per non-GAAP diluted earnings per American depositary share, and loss of revenue from work interruptions of approximately $0.6 million, or approximately $0.02 per non-GAAP diluted earnings per ADS. The additional operating expenses and revenue reduction totaled approximately $0.04 per non-GAAP diluted earnings per ADS in the first quarter of 2011 based on 32.3 million weighted average ADSs outstanding.
The Company expects FY11 net revenues to be reduced by less than 2% from its previously announced forecast.
The Company has updated its full year 2011 net revenues forecast to be at least $194.5 million, with non-GAAP diluted earnings per ADS expected to be in the estimated range of $0.76 to $0.80. Consensus sees revs of $199.47 million and EPS of $0.85.
HiSoft will incur expenses with relocation of 200 employees and their families, which began on March 14th.
As a result, in the first quarter of 2011, HiSoft experienced additional operating expenses of approximately $0.7 million, or approximately $0.02 per non-GAAP diluted earnings per American depositary share, and loss of revenue from work interruptions of approximately $0.6 million, or approximately $0.02 per non-GAAP diluted earnings per ADS. The additional operating expenses and revenue reduction totaled approximately $0.04 per non-GAAP diluted earnings per ADS in the first quarter of 2011 based on 32.3 million weighted average ADSs outstanding.
The Company expects FY11 net revenues to be reduced by less than 2% from its previously announced forecast.
The Company has updated its full year 2011 net revenues forecast to be at least $194.5 million, with non-GAAP diluted earnings per ADS expected to be in the estimated range of $0.76 to $0.80. Consensus sees revs of $199.47 million and EPS of $0.85.
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