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Netsol Technologies Reports Fiscal 2014 Third Quarter Results

Stocks in this article: NTWK

Qualified Bid and Proposal Pipeline Continues to Build; Hires More than 50 Software Engineers During the Third Quarter

Company Generates More than $15 Million in Cash from Operations for First Nine Months –

Completes Sale of Vroozi Division –

Conference Call Scheduled Today at 5 p.m. ET (2 p.m. PT)

CALABASAS, Calif., May 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 third quarter ended March 31, 2014.

Fiscal 2014 Third Quarter Financial Results

The following comparison refers to results for the fiscal 2014 third quarter versus the fiscal 2013 third quarter.

Total net revenues were $9.4 million, compared with $12.6 million last fiscal year, reflecting, as expected, lower license sales during the transition to NetSol's next-generation financing and leasing solution, NFS Ascent™.

  • License revenue was $2.1 million, versus $4.8 million in the same period last year;
  • Maintenance revenue increased to $2.6 million from $2.5 million last year; and,
  • Service revenue was $4.7 million, versus $5.3 million in the same period last year.

"During the quarter, we made progress with the rollout of our next-generation finance and leasing solution, NFS Ascent, while continuing to invest in our infrastructure to build an engine of growth," said Najeeb Ghauri, CEO. "The investment in personnel to support our pipeline and cater to each client's unique needs, wherever they do business, is an absolute necessity to support the long term growth of the company. The visibility we have into our pipeline in the U.S., Europe, and Asia, and with what we believe to be a superior financing and leasing platform, gives us the confidence to make this strategic investment to strongly position us for the future."

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