(MENAFNEditorial) NetSol Technologies, Inc. “NetSolâ€(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 company’s 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.â€
In line with the company’s 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.
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