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NetSol Technologies Reports Fiscal 2014 Second Quarter Results

Stocks in this article: NTWK

-- Company Generates More Than $12 Million in Cash From Operations for First Six Months --

-- Continues Training and Hiring Push to Support Growing New Business Pipeline for NFS Ascent TM and Increased Joint Venture Technical Support Requirements --

-- Conference Call Scheduled Today at 9 a.m. ET (6 a.m. PT) --

CALABASAS, Calif., Feb. 13, 2014 (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 second quarter ended December 31, 2013.

Fiscal 2014 Second Quarter Financial Results

Total second quarter revenue amounted to $8.7 million, compared with $11.8 million in the same period last fiscal year, reflecting, as expected, lower license sales during the transition to NetSol's next-generation financing and leasing solution, NFS Ascent TM.

License revenue for the fiscal 2014 second quarter was $456,000, versus $3.5 million in the same period last year. Maintenance revenue for the fiscal 2014 second quarter increased to $2.9 million from $2.7 million last year, reflecting the completion of certain projects. Service revenue remained consistent at $5.4 million, principally attributable to the first-generation NFS platform and additional service and change requests from customers. Service revenue in the second quarter of fiscal 2013 was $5.6 million.

"As we discussed in our outlook last quarter, results for the second fiscal quarter reflected the anticipated contraction in license revenue during the transition from our first-generation NFS product to the next-generation NFS Ascent platform, which we officially launched in the quarter," said Najeeb Ghauri, CEO. "The launch of NFS Ascent is progressing, particularly in North America and Europe where we have developed a strong new business pipeline with potential new customers and with current customers that we support in other regions throughout the world.

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