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NetSol Technologies Reports Record Fiscal Fourth Quarter And Year-End Results

Stocks in this article: NTWK

Fourth Quarter Revenue Surges to $14.3 Million on Increased License Revenue; Earnings Advance Significantly to $0.25 per Diluted Share

Full Year Earnings Before and After Non-Controlling Interest Reported at $1.06 and $0.39 Respectively

Company Expects Fiscal 2013 Annual Revenue Growing to $46 million to $49 million, With Earnings per Diluted Share Advancing to $0.80 to $1.00

Conference Call Scheduled Today at 11 a.m. ET (8 a.m. PT)

CALABASAS, Calif., Sept. 4, 2012 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today reported sharply improved financial results for its fiscal 2012 fourth quarter and full fiscal year ended June 30, 2012.

Fiscal 2012 Fourth Quarter Financial Results

Fourth quarter revenue more than doubled to $14.3 million, from $6.9 million in the comparable period last year, and surpassed the company's financial guidance of between $11.6 million and $12.6 million.

"The cadence of revenue growth has been strong, amplified by higher demand for our core enterprise solutions on a global basis," said Najeeb Ghauri, CEO of NetSol. "Thus far into fiscal 2013, we are experiencing continued strong momentum that we anticipate would translate to steady growth for our business and solid returns for our shareholders."

License revenue for the fiscal 2012 fourth quarter increased to $7.3 million from $1.0 million in the comparable period and $3.0 million in the preceding third fiscal quarter.

Maintenance revenue for the fiscal 2012 fourth quarter was $1.9 million, approximately equal to that of the same period last fiscal year and the preceding third quarter.

Services revenue grew to $5.2 million from $4.0 million for the fourth quarter of fiscal 2011 and $5.8 million in the preceding third quarter of fiscal 2012.

Gross margin for the fiscal fourth quarter rose significantly to 62% from 41% as reported in the comparable period last year.

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