CALABASAS, CA--(Marketwire - December 21, 2009) - NetSol Technologies, Inc. "NetSol" (
NASDAQ:
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 Suite™ (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 Suite™ (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 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.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (
NASDAQ:
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 Calabasas, California, NetSol Technologies has
operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and
San Pedro Sula.
To learn more about NetSol Technologies, Inc., visit
www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0
NetSol Technologies, Inc. Forward-looking Statement
This press release may contain forward-looking statements relating to the
development of the Company's products and services and future operation
results, including statements regarding the Company that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect,"
"anticipate," "intend," variations of such words, and similar expressions,
identify forward looking statements, but their absence does not mean that
the statement is not forward looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Factors that could affect the
Company's actual results include the progress and costs of the development
of products and services and the timing of the market acceptance.
Contact Information: Contacts:
Investor Relations
Christopher Chu
Grayling
Tel: +1-646-284-9426
Email: christopher.chu@us.grayling.com