- Outsourcing News
- Outsourcing Press-Releases
- Outsourcing Events
- Outsourcing Analytics
Revenues of $94.4 million, up 30% over first quarter 2011, led by strong growth in Europe of 62%;
Reports GAAP EPS growth of 50% and Non-GAAP EPS growth of 29% over first quarter 2011
EPAM Systems, Inc. (NYSE: EPAM), a leading software engineering and IT outsourcing (ITO) provider with development centers across Central and Eastern Europe (CEE), today reported the following financial results for its quarter ended March 31, 2012:
“We are very pleased with our consistently strong performance and successful start to the year,” said Arkadiy Dobkin, CEO and President of EPAM Systems. “We continue to see strong demand for our expertise in delivering high quality software-engineering services and complex, mission-critical industry solutions. We are pleased with the trends we are seeing in structural growth in IT outsourcing in Europe, and are gaining traction with clients that are diversifying their risk profile by expanding global delivery to Central and Eastern Europe.”
The Company used $4.7 million in cash from operations in the first quarter of 2012, compared to generating $0.4 million in the first quarter of 2011. As of March 31, 2012 the Company had cash and cash equivalents of $112.7 million.
Conference Call Information
The Company will hold a conference call to discuss its first quarter results at 8:00 a.m. Eastern this morning. A live webcast of the call may be accessed over the Internet from the Company’s Investor Relations website at investors.epam.com. Participants should follow the instructions provided on the website to download and install the necessary audio applications. The conference call also is available by dialing 877-941-4774 (domestic) or 1-480-629-9760 (international) and entering passcode 4533967. Participants should ask for the EPAM Systems first quarter earnings conference call.
A replay of the live conference call will be available approximately one hour after the call. The replay will be available on the Company’s website or by dialing 1-877-870-5176 (domestic) or 1- 858-384-5517 (international) and entering the replay passcode 4533967. The telephonic replay will be available until Tuesday, May 15, 2012.
About EPAM Systems
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 7,300 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 and Poland.