Virtusa Corp., which provides information technology services, said its net income stayed flat during the fiscal fourth quarter, as higher costs canceled out a boost in revenue.

But the company said the business environment improved in the quarter and offered an outlook for 2011 that met analysts' expectations.

The company said it made $3.6 million, or 15 cents per share, during the three months ended March 31. The figure was unchanged from last year. Revenue rose 15 percent to $47.8 million, but was weighed down by higher costs and foreign currency losses.

Analysts surveyed by Thomson Reuters expected 13 cents per share on $47.9 million in revenue.

For the full year, net income was also flat at $12.1 million, or 50 cents per share, as revenue fell 5 percent to $164.4 million.

For the first quarter of fiscal 2011, the company projected earnings of 10 cents to 14 cents per share on revenue between $49.8 million and $52.3 million. Analysts expect 14 cents per share on $48.1 million in revenue.

For the full year, the company expects 57 cents to 73 cents per share in net income, with revenue between $201 million to $215 million. Wall Street is calling for 69 cents per share on $203.2 million in revenue.

Shares of Virtusa closed Wednesday at $9.93 after rising 35 cents, or 3.7 percent.