Tag - NTWK

Information technology solutions provider NetSol Technologies Inc. (Nasdaq:NTWK) has gained 7% in today’s trading after issuing its 2009 fiscal-year guidance ahead of the opening. For the year ending June 30, 2009, the company expects year-over-year growth of 30% to 35%. NetSol also said it expects earnings per share of $0.40 to $0.45. For 2009’s fiscal year, Wall Street is expecting earnings per share of $0.37.

“We anticipate a strong financial performance in fiscal 2009 based on the combined strength of NetSol's global operating divisions. The main impetus driving this robust outlook for revenue and profitability growth remains our strong new business pipeline and contract backlog,” said Najeeb Ghauri, chairman and CEO, in a statement.

In today’s trading, shares are up $0.21 at $3.35. The stock has ranged from $1.41 to $4.64 during the past year.

NetSol Technologies Inc. (Nasdaq:NTWK) CFO Tina Gilger said the technology company is on track to achieve its 2008 earnings and revenue goals because of strong third-quarter results. Gilger made the comments during a midday Tuesday conference call.

In an early Tuesday press release, NetSol reaffirmed its fiscal 2008 earnings guidance ranging from $0.28 to $0.32 per share. Revenue for the year is expected to be between $36.6 million and $38.1 million, which would represent growth of 25% to 30% compared with 2007.

“We are optimistic in our outlook for the remainder of the fiscal year,” Gilger said.

CEO Najeeb Ghauri said North American expansion is “critical” to NetSol’s future growth. During the recently ended third quarter, NetSol appointed a new head of sales and a fresh senior vice president of marketing. The firm is investing in North American sales, marketing and infrastructure, Ghauri said.

NetSol is expanding through contracts and new business wins, the CEO said. The Calabasas, Calif.-based company, which provides technology consulting . . .

Shares of NetSol Technologies Inc. (Nasdaq: NTWK) are rocketing in pre-market trading after the multinational provider of IT services and enterprise software reported that it swung to a profit in its fiscal first quarter 2008 and booked record revenues. 

For the first three months ended Sept. 30, the Calabasas, Calif.-based company recorded GAAP net income of $1.8 million, or $0.08 per share, compared with a GAAP net loss of $1.3 million, or $0.08 per share, in the first quarter of fiscal 2007. An analyst polled by Thomson Financial was forecasting EPS of $0.03 for the quarter.

NetSol booked record revenues of $8.7 million, representing a 48% increase over the $5.9 million in revenues reported for the same period in fiscal 2007. An analyst polled by Thomson Financial was estimating revenues of $8.55 million.

The company said results were driven by robust double digit growth in services, license sales and maintenance fees. NetSol noted growth in its IT consulting services business was exceptionally strong as the company expanded into the market for Hospital Management Systems with a new contract with a major public sector hospital.

Shares of NetSol Technologies (NTWK) jumped 25.68%, or $0.95, to $4.65 in pre-market trading. Shares of NetSol Technologies have been trading in the range of $1.27 to $4.61 for the past 52 weeks.

NetSol Technologies Inc. (Nasdaq: NTWK) CEO Najeeb Ghauri said the company expects fiscal 2008 revenue growth in the range of 30% to 40%, or between $38 million and $41 million, from $29.3 million in fiscal 2007 ended June 30. The IT consulting company’s chief executive made the comments during a midday conference call.

The revenue growth will come organically, he said, but the company will continue to pursue partnerships, joint ventures and acquisition targets.

“We believe the 30% to 40% annual growth is an appropriate target range as we are quickly approaching the end of our fiscal first quarter of 2008 [ending September 30],” Ghauri said. He said the fourth quarter is the company’s strongest and the first quarter is traditionally NetSol’s weakest. The firm will update guidance during its first quarter conference call, which takes place in early November, he said.

He said NetSol is “one of the leading candidates” for a major e-government project that will be realized in 2008. The company also signed seven new contracts for its LeaseSoft financial software during the fourth quarter. The chief executive noted during the call that no one NetSol customer accounts for more than 10% of revenue.

NetSol is the leading IT company in Pakistan, Ghauri said, and the company expects to see continued strong growth. Responding to an investor’s concerns about Pakistan’s volatile political situation, Ghauri said Pakistani revenues from the fourth quarter were the highest ever and occurred during a turbulent presidential election.

“At the end of the day, we deliver and customers keep coming to us despite of what happens geopolitically,” Ghauri said. “It was a record quarter in the midst of the worst timing in Pakistan. We have basically beaten the condition there.”

Business expenditures in Pakistan have weighed down gross margins, CFO Tina Gilger said.

“This investment in our business units has been a factor in our lower gross margins,” she said. “Going forward, we would expect gross margins in the high-50% to 60% range.”

The company’s third-quarter gross margin was 48% and 62% during the fourth quarter.

The CEO said the company is also in the middle of re-branding its operating units under a continent-distinct NetSol brand.

A new version of the company’s sales software, LeasePak, is scheduled for release in October, Ghauri said. The new version will include extended asset tracking functions.

Before the opening, NetSol reported record fourth-quarter revenue of $8.6 million, above analyst expectations of $8.3 million and an 84% increase from $4.7 million a year earlier. The firm’s net income increased 176% to $1.3 million, or $0.07 a share, for the three months ended June 30, above Wall Street expectations of flat earnings and compared with a loss of $1.7 million, or $0.11 a share, during the same period of 2006.

While net income and revenue increased substantially, NetSol’s operating expenses increased only 13% to $3.4 million, from $3 million in the year-ago period. The Calabasas, Calif.-based company’s selling and marketing expenses during the fourth quarter increased around 33% to $0.8 million, from $0.6 million a year earlier.

A list of the company’s main competitors and a breakdown of revenue by geography and segment will be available in NetSol’s annual report, which Ghauri said will soon be filed with regulators.

In midday trading, NTWK shares are soaring near a year high—up 41.42%, or $0.70, at $2.39. Over the last 52 weeks, NetSol shares have ranged from $1.27 to $2.95.

Shares of NetSol Technologies Inc. (Nasdaq: NTWK) are soaring in pre-market trading today after the multinational provider of enterprise software and IT services said it swung to a profit in its fiscal fourth quarter.

For the three months ended June 30, the Calabasas, Calif.-based firm recorded GAAP net income of $1.3 million, or $0.07 per share, compared with a GAAP net loss of $1.7 million, or $0.11 per share, in the fourth quarter of 2006.

NetSol’s revenues increased 84% to $8.6 million from $4.7 million in the same period last year.

Shares of NetSol (NTWK) surged 33.14%, or $0.56, to $2.25 in pre-market trading.

NetSol Technologies Inc. (NASDAQ: NTWK)
Calabasas, CA 91302
http://www.netsoltek.com/

52-week low / high: $1.27 / $2.15
Shares Outstanding:  19.66 million
Market Capitalization:  $34.0 million

NetSol Technologies, Inc. is an international IT and business consulting company serving the lease and finance, banking and financial services industries worldwide. The company operates from offices in China, Europe, East Asia and the United States. NetSol specializes in enterprise solutions; its chief products (and target industries) are LeaseSoft Suite (leasing and financing) and InBanking Suite (banking and other financial operations).

In the fiscal third quarter ended March 31, 2007, NetSol reported revenues of $7.6 million, up 51% from $5.0 million in the year-ago quarter. For the nine months ended in March, revenues were up 47% to $20.7 million, from $14.0 million. NetSol’s average gross margin the last three quarters was 50%.

Established in the United States in 1997, NetSol entered the Chinese and European markets during 2004/2005. In June 2006, NetSol acquired Burlingame, California-based McCue Systems Inc., a provider of lease and loan portfolio management software for banks, leasing companies and manufacturers.   The deal was for approximately $8.5 million.

On August 1, 2007, NetSol was awarded a contract for the development and implementation of a Motor Vehicle Registration System from the Province of Punjab, Pakistan which comprises 34 sub-districts.  Under terms of the agreement, the value of the deal will not be disclosed.

In July, NetSol announced the licensing and training of its premier product, LeaseSoft, to a major Hong Kong-based vehicle finance operator. The contract is estimated at over $1 million.  

NetSol Technologies Inc. (NASDAQ: NTWK)
Calabasas, CA 91302
http://www.netsoltek.com/

52-week low / high: $1.27 / $2.15
Shares Outstanding:  19.66 million
Market Capitalization:  $34.0 million

NetSol Technologies, Inc. is an international IT and business consulting company serving the lease and finance, banking and financial services industries worldwide. The company operates from offices in China, Europe, East Asia and the United States. NetSol specializes in enterprise solutions; its chief products (and target industries) are LeaseSoft Suite (leasing and financing) and InBanking Suite (banking and other financial operations).

In the fiscal third quarter ended March 31, 2007, NetSol reported revenues of $7.6 million, up 51% from $5.0 million in the year-ago quarter. For the nine months ended in March, revenues were up 47% to $20.7 million, from $14.0 million. NetSol’s average gross margin the last three quarters was 50%.

Established in the United States in 1997, NetSol entered the Chinese and European markets during 2004/2005. In June 2006, NetSol acquired Burlingame, California-based McCue Systems Inc., a provider of lease and loan portfolio management software for banks, leasing companies and manufacturers.   The deal was for approximately $8.5 million.

On August 1, 2007, NetSol was awarded a contract for the development and implementation of a Motor Vehicle Registration System from the Province of Punjab, Pakistan which comprises 34 sub-districts.  Under terms of the agreement, the value of the deal will not be disclosed.

In July, NetSol announced the licensing and training of its premier product, LeaseSoft, to a major Hong Kong-based vehicle finance operator. The contract is estimated at over $1 million.