Third Quarter Revenue Advances to Record $12.8 Million
Company Expanding Rapidly in APAC to Meet Growing Market Need for NetSol's Finance and Leasing Solution
Expects Total Annual Revenue in Range of Approximately $47.5 Million to $49 MillionCALABASAS, Calif., May 9, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today reported strong financial results for its fiscal 2013 third quarter ended March 31, 2013. Total revenue for the third quarter rose to $12.8 million, the highest third quarter in the company's history. This compares with $10.6 million in the third quarter of fiscal 2012. Third quarter license revenue increased to $4.8 million from $3.0 million in the comparable period in fiscal 2012. Maintenance revenue improved to $2.5 million from $1.8 million last year. Service revenue was $5.5 million from $5.8 million in the third quarter of fiscal 2012. "Our performance over the quarter demonstrated continued momentum in our strategic initiative to grow the company by focusing on emerging opportunities and providing customers with an unmatched level of support wherever they do business," said Najeeb Ghauri, CEO of NetSol. "Throughout the world, we are rapidly building out our team to capture market share and fully leverage what we have created with the NetSol Financial Suite, the industry's most robust end-to-end finance and leasing solution. With favorable market trends and additional products and services, we have set the stage for sustainable long-term growth." Click here to watch a video of Najeeb Ghauri discussing the third quarter and the trends that are driving NetSol's growth or visit http://youtu.be/Mb0CfrDED-0 Total cost of revenue for the fiscal 2013 third quarter increased to $6.3 million from $4.9 million last year, reflecting an increase in staffing and new business activities, as well as an increase in depreciation and amortization, a non-cash expense.