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NetSol Technologies Unveils Fiscal 2013 Outlook On Increased Deal Flow; Completes 1-for-10 Reverse Stock Split

Stocks in this article: NTWK

NetSol Expects Fiscal Year 2013 Revenue of $46 Million to $49 Million and EPS on a Split-Adjusted Basis of $0.80 to $1.00

Company to Report Fiscal 2012 Financial Results on September 4

CALABASAS, Calif., Aug. 13, 2012 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today provided its outlook for its 2013 fiscal year which began on July 1, 2012 and announced the completion of a 1-for-10 reverse stock split.

Fiscal 2013 Outlook

"By many measures, fiscal 2012 was a year of great transformation for NetSol, evidenced by sequential quarters of revenue growth as well as earnings appreciation," said Najeeb Ghauri, CEO of NetSol. "Demand for our products has never been higher and I am fully confident in our teams' ability to lift NetSol to its next chapter of execution as fiscal 2013 gets under way."

In July, NetSol previewed its financial results for the fiscal fourth quarter and year ended June 30, 2012, which underscored its strongest year ever. Based on preliminary estimates, NetSol said it anticipated total revenue for the fiscal fourth quarter of approximately $11.6 to $12.6 million, and earnings per diluted share in the range of approximately $0.02 to $0.03. For the full fiscal year, the company anticipates total revenue in the range of $37 million to $38 million, translating to earnings per diluted share of $0.03 to $0.04.  On a split-adjusted basis, as discussed below, this translates to earnings per diluted share of $0.30 to $0.40.  NetSol plans to report its complete fiscal 2012 financial results on September 4, 2012.

Looking forward and based on projects currently underway, combined with a steady base of recurring revenue, and robust demand for the core NFS solution, particularly in the APAC region, among other ongoing initiatives, NetSol anticipates growing total annual revenue in the range of approximately $46 million to $49 million for fiscal 2013.  On a split-adjusted basis as discussed below, the company also expects earnings per diluted share of $0.80 to $1.00 for the year, translating into earnings per diluted share growth of more than 100%.

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