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NetSol Technologies Reports Fiscal 2014 First Quarter Results

Stocks in this article: NTWK

Company Adding up to 150 Employees to Support Growth Strategy, Global Launch of NFS Ascent and Backlog

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

CALABASAS, Calif., Nov. 8, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today reported financial results for its fiscal 2014 first quarter ended September 30, 2013.

Fiscal 2014 First Quarter Financial Results

Total first quarter revenue amounted to $9.1 million, compared with $11.1 million in the same period last fiscal year, reflecting lower license revenue attributable to timing on the closing of certain new business transactions, as well as the company's transition to its next-generation financing and leasing solution, NFS Ascent TM.

License revenue for the fiscal 2014 first quarter was $2.3 million, versus $3.2 million in the same period last year. Maintenance revenue for the fiscal 2014 first quarter increased to $2.4 million from $2.0 million last fiscal year, reflecting the completion of NFS TM implementations. Services revenue decreased to $4.4 million from $5.8 million for the first quarter of fiscal 2013, reflecting fewer license sales in the quarter.

"Results this quarter reflected a slowing of license sales for the first-generation of NFS, as new clients embrace our new, next-generation NFS Ascent platform. In the enterprise software segment, companies typically experience a phase of contraction in the sales of prior products, while next-generation platforms start to gain traction," said Najeeb Ghauri, CEO. "We are excited to have officially introduced our next-generation solution, NFS Ascent, which we believe will be a game-changer for NetSol, and is the result of more than four years of development. NFS Ascent represents the most advanced solution available in the marketplace, allowing us to leapfrog the competition. Early response from customers has been outstanding, and we are very confident in our market opportunity moving forward, with discussions well underway with potential new global customers, including in North America and Europe.

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