NetSol announces 2010 Expectations

12/01/2010

 

NetSol Technologies, Inc. has improved financial guidance expectations for the company's full year fiscal 2010, period ending June 30, 2010. Based on current business activities, and preliminary unaudited results, the company currently forecasts:

- Revenues for fiscal year 2010 are projected to be between $33 million and $35 million, representing full year revenue growth of between 25 percent and 32 percent versus fiscal year 2009.

- A return to GAAP net income for fiscal year 2010, versus a GAAP net loss of 30 cents per share for fiscal year 2009.

- License revenues for fiscal year 2010 are projected to increase more than 100 percent versus fiscal year 2009.

Increased sales and pipeline activity driving improved financial performance, including rising demand for NetSol Financial Suite, particularly in key markets such as China and North America.

Najeeb Ghauri, chairman and chief executive officer, said, “We are pleased to report our fiscal year 2010 expectations for a significant double-digit improvement in annual revenue growth and most importantly a return to GAAP profitability as demand for our core NetSol Financial Suite financial enterprise software business continues to improve. Renewed strength in our licensing sales reflects the ramping of new purchasing decisions among existing as well as new customers, with particular strength coming from the Asia Pacific region, especially China.

“With a return to profitability in sight, we believe NetSol is extremely well positioned to gain market share and unlock the value we see in our premier global software and IT business platform.”

 

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