Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Netsol Tech issues financial guidance for FY 2010  Join our daily free Newsletter

MENAFN Press - 24/12/2009

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) NetSol Technologies, Inc. NetSol(NASDAQ CM:NTWK) (NASDAQ DUBAI:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced improved financial guidance expectations for the companys full year fiscal 2010, period ending June 30, 2010.

Based on current business activities, and preliminary unaudited results, the company currently forecasts:

Revenues for fiscal year 2010 are projected to be between 33.0 million and 35.0 million, representing full year revenue growth of between 25% and 32% versus fiscal year 2009.

A return to GAAP net income for fiscal year 2010, versus a GAAP net loss of 0.30 per diluted share for fiscal year 2009.

License revenues for fiscal year 2010 are projected to increase more that 100% versus fiscal year 2009.

Increased sales and pipeline activity driving improved financial performance, including rising demand for NetSol Financial SuiteTM (NFS), particularly in key markets such as China and North America.

Cost efficiency measures and corporate restructuring activities completed in recent quarters improving gross and net margins.

Any potential positive future impacts related to the previously disclosed large governmental contract opportunities the company is currently pursuing would be incremental to the aforementioned guidance.

Najeeb Ghauri, NetSol Technologies chairman and chief executive officer, stated, We are pleased to report our fiscal year 2010 expectations for a significant double-digit improvement in annual revenue growth and most importantly a return to GAAP profitability as demand for our core NetSol Financial SuiteTM (NFS) financial enterprise software business continues to improve. Renewed strength in our licensing sales reflects the ramping of new purchasing decisions among existing as well as new customers, with particular strength coming from the Asia Pacific region, especially China. Rising sales, combined with our streamlined operating structure, are creating excellent leverage which is reflected in our new projections for GAAP net income. With a return to profitability in sight, we believe NetSol is extremely well positioned to gain market share and unlock the value we see in our premier global software and IT business platform.

In line with the companys regular reporting practices, the fiscal second quarter 2010 reporting date as well as investor conference call and web cast details will be announced in advance via a public press release.


About NetSol Technologies
NetSol Technologies, Inc. (NASDAQ CM: NTWK) (NASDAQ DUBAI: NTWK) is a worldwide provider of global business services and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring’ practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Healthcare, Insurance, Energy, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and San Pedro Sula.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help