Read Larry Connors' blog – Short Term Trading Strategies
NetSol Technologies, Inc. (NTWK) announced its financial results for the fourth quarter and fiscal year ended June 30, 2009.
The Company reported consolidated revenues of $6.9 million for the fourth quarter of fiscal year 2009, representing a 35% decline as compared to the $10.5 million in revenues reported for the same period a year ago. Net loss for the fourth quarter of fiscal year 2009 was approximately $0.9 million, or a loss of $0.03 per diluted share, which compares to net income of $1.3 million, or $0.05 per diluted share, in the same period of fiscal year 2008. This beat analysts' estimates for a loss of $0.05 per share.
Revenues for fiscal year 2009 totaled $26.4 million, down 28% year-over-year. Full year net loss was $8.2 million, or a loss of $0.30 per fully diluted share, compared to net income of $4.8 million, or $0.19 per fully diluted share, in the year ago period.
Najeeb Ghauri, Chairman and CEO of NetSol Technologies, commented in a conference call today, "We have begun to make the turn towards sequential top line growth and improved bottom line performance. Our Q4 revenues exceeded the high end of our sequential growth range projection, rising 36%, driven by increased license demand and IT services sales. While our full year results reflect the challenges of the global economic downturn compared to a 2008 period which was the strongest in our history, NetSol's Q4 results provide clear evidence that our offerings are gaining fresh momentum. Sales activity in China during Q4 was especially strong."
He said, "We maintained our long term goal of maintaining a high level of cash, as cash rose $2 million sequentially. Changes driving our sequential performance gains include streamlining our global corporate structure, cutting expenses and restoring margins."
Boo-Ali Siddiqui, CFO of NetSol Technologies, noted, "We see signs of customers opening their pocketbooks again."
Mr. Ghauri explained, "We expect continued improvements in FY10 revenues, bottom line GAAP and EBITDA. This includes a strict focus on returning to GAAP profitability."
He added, "We enter the new fiscal year with a significantly stronger revenue backlog and pipeline. We are also seeing excellent new opportunities in the Goverment and Defense sectors."
KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC.
ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.
If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com
Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
