NETSOL Technologies, Inc. (NTWK) News http://ir.netsoltech.com/rss The latest news released by NETSOL Technologies, Inc. (NTWK) en-us Equisolve Investor Relations Suite http://content.stockpr.com/netsoltech/files/logo.png NETSOL Technologies, Inc. (NTWK) News http://ir.netsoltech.com/rss 88 31 NETSOL Technologies Announces Fiscal 2017 Third Quarter Financial Results http://ir.netsoltech.com/news/detail/3045/netsol-technologies-announces-fiscal-2017-third-quarter-financial-results Mon, 22 May 2017 07:00:00 -0400 http://ir.netsoltech.com/news/detail/3045/netsol-technologies-announces-fiscal-2017-third-quarter-financial-results

Third Quarter Total Net Revenues increased 12.4% year-over-year to a Q3 Record of $17.9 million
Third Quarter Net Income of $0.7 million and Diluted EPS of $0.06
Third Quarter Adjusted EBITDA of $2.3 million

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

CALABASAS, Calif., May 22, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced financial results for the fiscal 2017 third quarter ended March 31, 2017. 

Fiscal 2017 Third Quarter Financial Results

Total net revenues for the third quarter of fiscal 2017 were $17.9 million, an increase of 12.4% from the prior year period. 

  • Total license fees were $5.7 million, an increase of 210.9% from $1.8 million in the prior year period.
  • Total maintenance fees were $3.6 million, an increase of 5.1% from $3.4 million in the prior year period.
  • Total services revenues were $8.6 million, a decrease of 19.5% from $10.7 million in the prior year period.
  • On-track to deliver record revenues in fiscal year 2017.

Gross profit for the third quarter of fiscal 2017 was $9.0 million, or 50.1% of net revenues, an increase of 21.7% from $7.4 million, or 46.3% of net revenues, in the third quarter of fiscal 2016.  

Net income attributable to NETSOL for the third quarter of fiscal 2017 was $0.7 million, or $0.06 per diluted share, compared with $0.8 million, or $0.08 per diluted share, in the third quarter of fiscal 2016.

Adjusted EBITDA1 for the third quarter of fiscal 2017 was $2.3 million, representing Adjusted EBITDA per diluted share of $0.21, compared with Adjusted EBITDA of $2.3 million, or Adjusted EBITDA per diluted share of $0.21, in the third quarter of fiscal 2016.

At March 31, 2017, cash and cash equivalents were $8.5 million, compared with $11.6 million at June 30, 2016 and $11.9 million at March 31, 2016.

_____________________

[1] The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release. Beginning with the fourth quarter of fiscal 2016, NETSOL has revised its calculation of Adjusted EBITDA to exclude the portion of Adjusted EBITDA that is attributable to its subsidiaries that have a minority interest.

Management Commentary
“We are pleased to deliver solid revenue growth and margin improvement in the fiscal third quarter,” said Najeeb Ghauri, Founder, Chairman and Chief Executive Officer of NETSOL. “We had a strong quarter for NFS Ascent license and services revenue, and for the first time, Ascent revenue exceeded fees from our legacy NFS solution suite. Conversely, our legacy NFS-related revenue was lower-than-expected in the fiscal third quarter, driven by a slowdown in new license and services fees as several of our NFS clients are beginning to explore with us a migration path to our next-generation NFS Ascent platform. Looking ahead, we view this inflection point in our revenue growth mix as a long-term positive for NETSOL and believe we are well-positioned to continue to build off this solid foundation. Nevertheless, we expect this tactical shift in our clients’ demand will continue to impact our results in the fourth quarter. In addition, the non-conversion of some new client contracts also impacted our fiscal third quarter results. We have reduced our fiscal year 2017 guidance to reflect these factors. Despite our tempered outlook for fiscal 2017, the strong fundamental drivers of our business remain unchanged, and we remain very optimistic about NETSOL’s future growth potential. Finally, I am pleased with the progress we have made on our recently announced costs reduction initiatives, as this helped us to improve our bottom-line in the quarter. We are on track to deliver $1.5 million of cost savings in the second half of fiscal 2017 and $4 million on an annualized basis beginning in fiscal 2018.”

Naeem Ghauri, President of NETSOL Global Sales and Marketing, provided additional color on the Company’s sales pipeline, “We have a robust global pipeline of new business opportunities, including our NFS Ascent pipeline which continues to expand across the Americas, Europe and Asia Pacific. Ascent has become referenceable for new clients as several of the implementations are now live and being used by thousands of users across our APAC region. Our pipeline includes both upgrades from legacy NFS to NFS Ascent as well as organic opportunities from new prospects. Many of these potential opportunities represent multi-country, multi-million dollar implementations.” Naeem Ghauri continued, “While we are highly encouraged by the growth of our NFS Ascent pipeline, we are also experiencing elongated sales cycles that require in-depth evaluation and stringent procurement processes within tier-one organizations. However, we have extensive experience working within these processes, and expect to come out on the other end with positive outcomes.”

Fiscal 2017 Financial Outlook
The Company has revised its financial outlook for the fiscal year ending June 30, 2017 as follows:

  • Total net revenues of $66 to $67 million for fiscal 2017. 
  • Non-GAAP Adjusted EBITDA, net, of $5 to $6 million for fiscal 2017.

Revision to Prior Period Financial Statements
During the preparation of the Company’s Form 10-Q for the nine months ended March 31, 2017, misstatements were identified regarding the timing of revenue recognition for the complex 12-country NFS Ascent contract. NETSOL will amend its financial statements for the quarters ended September 30, 2015, December 31, 2015, September 30, 2016 and December 31, 2016. The cumulative impact to the Company’s financial results from the amendment is immaterial for the fiscal year ended June 30, 2016 and the nine months ended March 31, 2017. The Company has disclosed further in detail in its Form 10-Q for the period ended March 31, 2017, which will be filed today with the Securities Exchange Commission.

Fiscal 2017 Third Quarter Conference Call

     
When:   Monday, May 22, 2017
Time:   9:00 a.m. Eastern Time
Phone:   1-844-868-9327 (domestic)
    1-412-317-6595 (international)
Note:   Once connected, please ask to be joined into the NETSOL Technologies call.
     

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10106843. The replay will be available through Monday, May 29, 2017.

A live webcast will be available online within the investor relations section of NETSOL’s website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

About NetSol Technologies
NetSol Technologies, Inc. (NASDAQ:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

Certain statements in this press release are forward-looking in nature, including, but not limited to, expected net revenue, EBITDA, and adjusted EPS amounts for the full fiscal year and the growing market need for NFS Ascent, and accordingly, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words expects, anticipates, variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact

ICR
William Maina
(646) 277-1236
investors@netsoltech.com 

 

 
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
           
       As of March 31,     As of June 30, 
  ASSETS    2017         2016   
Current assets:      
  Cash and cash equivalents $   8,450,115     $   11,557,527  
  Accounts receivable, net of allowance of $494,011  and $492,498      10,301,949         9,691,229  
  Accounts receivable, net - related party     4,414,635         5,691,178  
  Revenues in excess of billings     20,893,955         10,493,096  
  Revenues in excess of billings - related party     94,685         804,168  
  Other current assets     3,040,774         2,214,628  
    Total current assets     47,196,113         40,451,826  
Restricted cash     90,000         90,000  
Property and equipment, net     21,205,976         22,774,435  
Other assets     2,549,858         842,553  
Intangible assets, net     17,662,773         19,674,033  
Goodwill     9,516,568         9,516,568  
    Total assets $   98,221,288     $   93,349,415  
           
  LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
  Accounts payable and accrued expenses $   7,404,181     $   5,962,770  
  Current portion of loans and obligations under capitalized leases     5,650,475         4,440,084  
  Unearned revenues     4,025,642         4,739,214  
  Common stock to be issued     88,324         88,324  
    Total current liabilities     17,168,622         15,230,392  
Long term loans and obligations under capitalized leases; less current maturities     499,515         477,692  
    Total liabilities     17,668,137         15,708,084  
Commitments and contingencies      
Stockholders' equity:      
  Preferred stock, $.01 par value; 500,000 shares authorized;      -         -  
  Common stock, $.01 par value; 14,500,000 shares authorized;      
    11,132,349 shares issued and 11,097,570  outstanding as of March 31, 2017 and      
    10,713,372 shares issued and 10,686,093  outstanding as of June 30, 2016     111,324         107,134  
  Additional paid-in-capital     123,693,569         121,448,946  
  Treasury stock (34,779 shares and 27,279 shares)     (454,310 )       (415,425 )
  Accumulated deficit     (39,177,897 )       (37,323,360 )
  Stock subscription receivable     (359,070 )       (783,172 )
  Other comprehensive loss     (18,797,496 )       (18,730,494 )
    Total NetSol stockholders' equity     65,016,120         64,303,629  
  Non-controlling interest     15,537,031         13,337,702  
    Total stockholders' equity     80,553,151         77,641,331  
    Total liabilities and stockholders' equity $   98,221,288     $   93,349,415  

 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
 
       For the Three Months     For the Nine Months 
       Ended March 31,     Ended March 31, 
        2017       2016       2017       2016  
Net Revenues:              
  License fees $   5,730,222     $   1,358,469     $   14,953,574     $   3,076,541  
  Maintenance fees     3,538,996         3,388,526         10,651,692         9,826,209  
  Services     7,004,272         8,159,490         19,795,073         24,487,467  
  License fees - related party     -         484,644         246,957         484,644  
  Maintenance fees - related party     51,698         28,423         233,674         218,409  
  Services - related party     1,624,132         2,554,347         5,003,605         7,377,430  
    Total net revenues      17,949,320         15,973,899         50,884,575         45,470,700  
                   
Cost of revenues:              
   Salaries and consultants      6,161,110         5,691,530         18,034,263         15,936,191  
   Travel      764,867         543,672         2,313,002         1,779,134  
   Depreciation and amortization      1,340,188         1,483,695         3,989,824         4,419,396  
   Other      686,950         860,868         2,725,015         2,822,347  
    Total cost of revenues     8,953,115         8,579,765         27,062,104         24,957,068  
                   
Gross profit     8,996,205         7,394,134         23,822,471         20,513,632  
                   
Operating expenses:              
  Selling and marketing     2,439,948         1,896,295         7,497,464         5,597,689  
  Depreciation and amortization     284,642         321,230         825,224         898,018  
  General and administrative     4,329,798         3,808,327         12,882,407         10,391,844  
  Research and development cost     101,193         132,123         285,732         362,117  
    Total operating expenses     7,155,581         6,157,975         21,490,827         17,249,668  
                   
Income (loss) from operations     1,840,624         1,236,159         2,331,644         3,263,964  
                   
Other income and (expenses)              
  Gain (loss) on sale of assets     1,647         14,848         (33,095 )       642  
  Interest expense     (60,357 )       (56,070 )       (176,959 )       (196,399 )
  Interest income     27,229         29,673         81,085         117,084  
  Gain (loss) on foreign currency exchange transactions     390,897         12,955         (645,886 )       (235,291 )
  Other income (expense)     (219 )       25,258         28,164         200,256  
    Total other income (expenses)     359,197         26,664         (746,691 )       (113,708 )
                   
Net income (loss) before  income taxes     2,199,821         1,262,823         1,584,953         3,150,256  
Income tax provision     (61,604 )       (106,209 )       (440,363 )       (454,707 )
Net income (loss)     2,138,217         1,156,614         1,144,590         2,695,549  
  Non-controlling interest     (1,438,249 )       (307,135 )       (2,999,127 )       (1,382,033 )
Net income (loss) attributable to NetSol $   699,968     $   849,479     $   (1,854,537 )   $   1,313,516  
                   
                   
                   
Net income (loss) per share:              
  Net income (loss) per common share              
    Basic $   0.06     $   0.08     $   (0.17 )   $   0.13  
    Diluted $   0.06     $   0.08     $   (0.17 )   $   0.12  
                   
Weighted average number of shares outstanding              
  Basic     10,987,214         10,427,664         10,850,538         10,338,740  
  Diluted     11,121,620         10,643,479         10,850,538         10,554,555  

 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
 
         For the Nine Months   
         Ended March 31,   
          2017       2016    
 Cash flows from operating activities:         
   Net income  $   1,144,590     $   2,695,549    
   Adjustments to reconcile net income         
     to net cash provided by (used in) operating activities:         
   Depreciation and amortization      4,815,048         5,317,414    
   Provision for bad debts      732         49,605    
   (Gain) Loss on sale of assets      33,095         (642 )  
   Stock issued for services      1,998,968         694,693    
   Fair market value of warrants and stock options granted      26,956         145,716    
   Changes in operating assets and liabilities:         
     Accounts receivable      (649,776 )       115,428    
     Accounts receivable - related party      405,009         (3,111,316 )  
     Revenues in excess of billing      (10,388,695 )       (3,078,655 )  
     Revenues in excess of billing - related party      553,767         15,507    
     Other current assets      419,704         (838,913 )  
     Accounts payable and accrued expenses      337,890         617,112    
     Unearned revenue      (715,880 )       (1,490,697 )  
   Net cash provided by (used in) operating activities      (2,018,592 )       1,130,801    
               
 Cash flows from investing activities:         
   Purchases of property and equipment      (1,315,922 )       (2,523,865 )  
   Sales of property and equipment      149,430         556,280    
   Purchase of treasury stock      (38,885 )       -    
   Investment      (905,555 )       (555,556 )  
   Purchase of subsidiary shares from open market      -         (767,397 )  
   Net cash used in investing activities      (2,110,932 )       (3,290,538 )  
               
 Cash flows from financing activities:         
   Proceeds from sale of common stock      -         64,931    
   Proceeds from the exercise of stock options and warrants      785,479         728,699    
   Proceeds from exercise of subsidiary options      54,377         16,744    
   Dividend paid by subsidiary to non-controlling interest      (968,657 )       -    
   Proceeds from bank loans      1,484,162         1,334,285    
   Payments on capital lease obligations and loans - net      (251,040 )       (736,405 )  
   Net cash provided by financing activities      1,104,321         1,408,254    
 Effect of exchange rate changes      (82,209 )       (1,536,315 )  
 Net decrease in cash and cash equivalents      (3,107,412 )       (2,287,798 )  
 Cash and cash equivalents, beginning of the period      11,557,527         14,168,957    
 Cash and cash equivalents, end of period  $   8,450,115     $   11,881,159    

 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
 
  Three Months   Three Months   Nine Months   Nine Months
  Ended   Ended   Ended   Ended
  March 31, 2017   March 31, 2016   March 31, 2017   March 31, 2016
               
 Net Income (loss) before preferred dividend, per GAAP  $   699,968     $   849,479     $   (1,854,537 )   $   1,313,516  
 Non-controlling interest      1,438,249         307,135         2,999,127         1,382,033  
 Income taxes      61,604         106,209         440,363         454,707  
 Depreciation and amortization      1,624,830         1,804,925         4,815,048         5,317,414  
 Interest expense      60,357         56,070         176,959         196,399  
 Interest (income)      (27,229 )       (29,673 )       (81,085 )       (117,084 )
 EBITDA  $   3,857,779     $   3,094,145     $   6,495,875     $   8,546,985  
 Add back:               
 Non-cash stock-based compensation      478,345         368,674         2,025,924         840,409  
 Adjusted EBITDA, gross  $   4,336,124     $   3,462,819     $   8,521,799     $   9,387,394  
 Less non-controlling interest (a)      (2,045,028 )       (1,186,132 )       (4,860,826 )       (3,884,124 )
 Adjusted EBITDA, net  $   2,291,096     $   2,276,687     $   3,660,973     $   5,503,270  
               
               
 Weighted Average number of shares outstanding               
 Basic      10,987,214         10,427,664         10,850,538         10,338,740  
 Diluted      11,121,620         10,643,479         10,984,944         10,554,555  
               
 Basic adjusted EBITDA  $   0.21     $   0.22     $   0.34     $   0.53  
 Diluted adjusted EBITDA  $   0.21     $   0.21     $   0.33     $   0.52  
               
               
(a)The reconciliation of adjusted EBITDA of non-controlling interest              
to net income attributable to non-controlling interest is as follows              
               
Net Income attributable to non-controlling interest $   1,438,249     $   307,135     $   2,999,127     $   1,382,033  
 Income Taxes      10,871         36,569         71,916         74,350  
 Depreciation and amortization      538,118         790,065         1,587,412         2,346,603  
 Interest expense      17,502         9,416         53,918         40,749  
 Interest (income)      (10,610 )       (31,715 )       (27,702 )       (83,112 )
 EBITDA  $   1,994,130     $   1,111,470     $   4,684,671     $   3,760,623  
 Add back:               
 Non-cash stock-based compensation      50,898         74,662         176,155         123,501  
 Adjusted EBITDA of non-controlling interest  $   2,045,028     $   1,186,132     $   4,860,826     $   3,884,124  
               

 

From time to time, NETSOL may refer to Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-based Compensation) and “non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share” in its conference calls and discussions with investors and analysts in connection with the company’s reported historical financial results.  Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles (“GAAP”), is not derived in accordance with GAAP and should not be considered by the reader as an alternative to net income (the most comparable GAAP financial measure to Adjusted EBITDA).  Non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share is not derived in accordance with GAAP and should not be considered by the reader as an alternative to reported GAAP diluted EPS.  The reconciliation of GAAP and non-GAAP financial measures for the three and nine month periods ended March 31, 2017 and 2016 are included in the above table.  NETSOL’s management believes that Adjusted EBITDA and Adjusted EBITDA per diluted share are helpful as an indicator of the current financial performance of the company. NETSOL also adjusts for non-cash items, such as stock-based compensation as we believe excluding these costs provide a useful metric by which to compare performance from period to period. Management strongly encourages investors to review the company’s consolidated financial statements in their entirety and to not rely on any single financial measure in evaluating the company.

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NETSOL Technologies to Report Fiscal 2017 Third Quarter Results on May 22, 2017 http://ir.netsoltech.com/news/detail/3044/netsol-technologies-to-report-fiscal-2017-third-quarter-results-on-may-22-2017 Thu, 18 May 2017 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3044/netsol-technologies-to-report-fiscal-2017-third-quarter-results-on-may-22-2017

CALABASAS, Calif., May 18, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced it will now report its fiscal 2017 third quarter results before the market opens on May 22, 2017. The company will also host a conference call that same day at 9:00 a.m. Eastern Time/6:00 a.m. Pacific Time to discuss the company’s financial results and operations. Details follow:

Fiscal 2017 Third Quarter Conference Call  
When: Monday, May 22, 2017  
Time: 9:00 a.m. Eastern Time  
Phone: 1-844-868-9327 (domestic)   
  1-412-317-6595 (international)  
Note: Once connected, please ask to be joined into the NETSOL Technologies call.

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10106843. The replay will be available through Monday, May 29, 2017.

A live webcast will be available online within the investor relations section of NETSOL's website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

About NETSOL Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies Announces Postponement of its Fiscal Third Quarter Earnings Release and Conference Call http://ir.netsoltech.com/news/detail/3043/netsol-technologies-announces-postponement-of-its-fiscal-third-quarter-earnings-release-and-conference-call Sun, 14 May 2017 12:14:00 -0400 http://ir.netsoltech.com/news/detail/3043/netsol-technologies-announces-postponement-of-its-fiscal-third-quarter-earnings-release-and-conference-call

New Earnings Release and Conference Call Date is May 22, 2017

CALABASAS, Calif., May 14, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK) (“NETSOL” or the “Company”), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced that it has postponed its fiscal 2017 third quarter earnings announcement and conference call originally scheduled for Monday, May 15, 2017.  The Company now plans to report its fiscal 2017 third quarter results on Monday, May 22, 2017.  NETSOL's delay in announcing its results is due to the additional time the Company’s new Independent Auditor needs to finalize its review of the Company’s fiscal third quarter and nine months ended March 31, 2017 financial results. The Company does not anticipate this delay will lead to any adverse change in its financial results. NETSOL will issue a press release with the full details of the new earnings call date as soon as possible.

NETSOL’s quarterly report on Form 10-Q for its fiscal third quarter ended March 31, 2017 will also not be timely filed, and the Company plans to file with the Securities and Exchange Commission (the “SEC”) a notification of late filing on Form 10b-25.

About NETSOL Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies to Report Fiscal 2017 Third Quarter Results on May 15, 2017 http://ir.netsoltech.com/news/detail/3042/netsol-technologies-to-report-fiscal-2017-third-quarter-results-on-may-15-2017 Wed, 03 May 2017 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3042/netsol-technologies-to-report-fiscal-2017-third-quarter-results-on-may-15-2017

CALABASAS, Calif., May 03, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), leading global provider of enterprise application solutions and business services to the finance and leasing industry, will report its fiscal 2017 third quarter results before the market opens on May 15, 2017. The company will also host a conference call that same day at 9:00 a.m. Eastern Time/6:00 a.m. Pacific Time to discuss the company’s financial results and operations. Details follow:

Fiscal 2017 Third Quarter Conference Call  
   
When:   Monday, May 15, 2017  
       
Time:   9:00 a.m. Eastern Time  
       
Phone:   1-844-868-9327 (domestic)   
       
    1-412-317-6595 (international)  
       
Note:   Once connected, please ask to be joined into the NETSOL Technologies call.

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10106843. The replay will be available through Monday, May 22, 2017.

A live webcast will be available online within the investor relations section of NETSOL's website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

About NETSOL Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies Announces Appointment of Squar Milner as its New Independent Auditor http://ir.netsoltech.com/news/detail/3041/netsol-technologies-announces-appointment-of-squar-milner-as-its-new-independent-auditor Thu, 13 Apr 2017 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3041/netsol-technologies-announces-appointment-of-squar-milner-as-its-new-independent-auditor

CALABASAS, Calif., April 13, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK) (“NETSOL” or the “Company”), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced that its Audit Committee and Board of Directors has approved the appointment of Squar Milner LLP (“Squar Milner”) to serve as the Company’s independent registered public accounting firm, effective April 12, 2017, for the quarter ending March 31, 2017 and the year ending June 30, 2017. The Company’s shareholders will be asked to ratify this appointment at the next Annual Meeting of the Company’s shareholders.

Squar Milner is one of the nation’s 70 largest accounting firms as well as one of the largest independent accounting and advisory firms in California. With a combined operating experience of over 75 years, Squar Milner has offices in Los Angeles, Newport Beach, San Diego, and the Cayman Islands.

Najeeb Ghauri, Founder, Chairman & Chief Executive Officer of NETSOL stated, “We are pleased to appoint Squar Milner as our new independent auditor. Squar Milner has both the expertise and scale to efficiently meet NETSOL’s audit requirements as we continue to grow our business.”

Squar Milner succeeds Kabani & Company, Inc. as the Company’s independent public accounting firm. The decision to change auditors was not the result of any disagreement between the Company and Kabani & Company, Inc. on any matter of accounting principle or practice, financial statement disclosures, or auditing scope or procedure.

About NETSOL Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:

William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies to deploy its cutting edge mobile origination and approval systems for PT. Mizuho Balimor Finance, Indonesia http://ir.netsoltech.com/news/detail/3040/netsol-technologies-to-deploy-its-cutting-edge-mobile-origination-and-approval-systems-for-pt-mizuho-balimor-finance-indonesia Wed, 15 Mar 2017 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3040/netsol-technologies-to-deploy-its-cutting-edge-mobile-origination-and-approval-systems-for-pt-mizuho-balimor-finance-indonesia

CALABASAS, Calif., March 15, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, has signed an agreement for its mobile origination (point of sale) system with PT. Mizuho Balimor Finance (MBF) in Indonesia. NETSOL has been announced as MBF’s preferred vendor in the region. The contract includes product license, a five year maintenance agreement and agreed customizations rates for both applications.

PT Mizuho Balimor Finance (MBF) is one of Indonesia’s foremost multi-finance companies, especially excelling in the auto financing domain.

The application being deployed will be used by field teams (salesman/dealers) to initiate credit applications and provide a quick approval & turnaround to customers seeking finance and lease products from MBF. The mobile application will subsequently enable processing of more applications in lesser time.

“Our solution will increase operational efficiencies for PT. Mizuho Balimor Finance and bring concrete results in terms of costs and reduced contract conversion times. Mizuho Balimor is a pioneering company which turned towards the latest, next-generation technologies for future growth and progression. We are glad to work with them and implement our ground-breaking solution,” said Najeeb Ghauri, Founder, Chairman & Chief Executive Officer, NETSOL Technologies. “We look forward to further creating business value for them and fostering this relationship in the coming years.”

mPOS (Mobile Point of Sale) is a complete origination and conversion solution which handles all related tasks, including menu selling, quick credit origination, deals and promotions, customer engagement and dynamic reporting enabling field teams to request, capture, check, validate customer information and communicate all relevant information with back office to assist in converting a contract application. To find out more log onto http://netsoltech.com

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM, Mobile Applications – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies becomes a member of the Indonesia Financial Services Association http://ir.netsoltech.com/news/detail/3039/netsol-technologies-becomes-a-member-of-the-indonesia-financial-services-association Thu, 09 Mar 2017 08:00:00 -0500 http://ir.netsoltech.com/news/detail/3039/netsol-technologies-becomes-a-member-of-the-indonesia-financial-services-association

CALABASAS, Calif., March 09, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced its membership in Asosiasi Perusahaan Pembiayaan Indonesia (APPI). APPI is Indonesia’s financial services association and the country’s foremost body in the finance and leasing industry.

NETSOL Technologies entered the Indonesian market in September of 2015. In the same year, the company signed an NFS AscentTM deal worth over $15 million with a major Japanese financial institution operating in Indonesia, which is currently under implementation. Indonesia is classified as one of the emerging market economies of the world and is amongst the largest economies of Southeast Asia. As a member of the G-20 major economies, it is categorized as a newly industrialized country. Indonesia has a rapidly growing finance and leasing industry propelled by the general growth of the economy, strong foreign direct investment, and a high demand for transportation and infrastructural development. As the country industrializes in the years to come, finance and leasing activity is expected to expand and with it associated industries and sectors.

APPI is the principal financial services association in Indonesia bringing together all stakeholders of the finance and leasing industry in the country. There are over 180 finance and leasing companies in Indonesia and APPI is the chief portal to any company looking to enter the market. NETSOL has already delivered two keynotes at APPI hosted events, enabling NETSOL to not only showcase their thought leadership in the industry but also interact with industry notables and authorities. This alliance has helped NETSOL build a healthy pipeline for the future.

“Indonesia is proving to be a very receptive country in terms of finance and leasing technology and we are the largest and most advanced player in the Asia Pacific region in that domain,” said Najeeb Ghauri, Founder, Chairman & Chief Executive Officer. “Our experience and expertise are paying off in the country and further strengthening our foothold in the region.” 

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle."

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
WFS Ascent Goes Live for a Global German Auto Manufacturing Giant in Australia http://ir.netsoltech.com/news/detail/3038/wfs-ascent-goes-live-for-a-global-german-auto-manufacturing-giant-in-australia Mon, 27 Feb 2017 16:05:00 -0500 http://ir.netsoltech.com/news/detail/3038/wfs-ascent-goes-live-for-a-global-german-auto-manufacturing-giant-in-australia

CALABASAS, Calif., Feb. 27, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a leading global provider of enterprise application solutions and business services to the finance and leasing industry, today announced it successfully implemented its next generation wholesale finance system, WFS Ascent, for a notable German Auto Manufacturing giant in Australia. The wholesale system went live on the February 6, 2017.

The systems implementation in Australia is part of a previously announced contract between NETSOL and the German Auto manufacturer signed on December 21, 2015. The contract includes implementations, license, maintenance, services and expected customization fees for the Ascent platform across 12 Asia Pacific countries. The implementation in Australia is the second country to go live after New Zealand in the deployment roll out plan.

“I am pleased to say that NETSOL successfully completed this deployment for our largest customer on a very impressive timeline,” said Najeeb Ghauri, Founder, Chairman & Chief Executive Officer NETSOL Technologies. “We constantly push our own limits and capabilities for continued improvement, which enables us to provide more value to our business partners, each and every time.

Ghauri added, “We have worked closely with this business partner for decades and developed an understanding at an institutional level. This mutual understanding enables us to deliver successful implementations and create value for each other through innovation.”   

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle."

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies to Present at Cantor Fitzgerald’s 4th Annual Internet & Technology Services Conference http://ir.netsoltech.com/news/detail/3037/netsol-technologies-to-present-at-cantor-fitzgeralds-4th-annual-internet-technology-services-conference Thu, 16 Feb 2017 16:05:00 -0500 http://ir.netsoltech.com/news/detail/3037/netsol-technologies-to-present-at-cantor-fitzgeralds-4th-annual-internet-technology-services-conference

CALABASAS, Calif., Feb. 16, 2017 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a leading global provider of business services and enterprise application solutions to the finance and leasing industry for 20 years, today announced its participation at Cantor Fitzgerald’s 4th Annual Internet & Technology Services Conference on Thursday, February 23, 2017. Chief Financial Officer, Roger Almond, and President NETSOL Americas, Jeff Bilbrey, are scheduled to present at 2:00 pm Eastern Time.

A live webcast of the presentation will be available online within the investor relations section of NETSOL’s website at http://www.netsoltech.com and will be archived for one year.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies Announces Fiscal 2017 Second Quarter Financial Results http://ir.netsoltech.com/news/detail/3036/netsol-technologies-announces-fiscal-2017-second-quarter-financial-results Tue, 14 Feb 2017 07:00:00 -0500 http://ir.netsoltech.com/news/detail/3036/netsol-technologies-announces-fiscal-2017-second-quarter-financial-results

Second Quarter Total Net Revenues of $17.6 million
Second Quarter GAAP Diluted EPS of $(0.09)
Second Quarter Adjusted EBITDA of $1.0 million

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

CALABASAS, Calif., Feb. 14, 2017 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a leading global provider of business services and enterprise application solutions to the finance and leasing industry for 20 years, today announced financial results for the fiscal 2017 second quarter ended December 31, 2016. 

Fiscal 2017 Second Quarter Financial Results & Operational Highlights

Total net revenues for the second quarter of fiscal 2017 were $17.6 million, an increase of 9% from the prior year period. 

  • Total license fees were $5.4 million, up significantly from $0.7 million in the prior year period.
  • Total maintenance fees were $3.8 million, an increase of 17% from $3.3 million in the prior year period.
  • Total services revenues were $8.4 million, a decrease of 31% from $12.2 million in the prior year period.

Gross profit for the second quarter of fiscal 2017 was $8.4 million, or 47.8% of net revenues, an increase of 7% from $7.9 million, or 48.6% of net revenues, in the second quarter of fiscal 2016.

GAAP net loss attributable to NETSOL for the second quarter of fiscal 2017 was $0.99 million, or $(0.09) per diluted share, compared with net income of $0.88 million, or $0.08 per diluted share, in the second quarter of fiscal 2016. GAAP net loss attributable to NETSOL for the second quarter of fiscal 2017 includes $1.4 million of income attributable to non-controlling interest, compared to $0.88 million in the prior year period. The year-over-year increase in non-controlling interest was primarily driven by mix of profits between NETSOL’s wholly owned subsidiaries and joint ventures. GAAP net loss for the second quarter of fiscal 2017 was also impacted by approximately $0.6 million of loss from foreign currency exchange transactions.

Adjusted EBITDA1 for the second quarter of fiscal 2017 was $1.0 million, representing Adjusted EBITDA per diluted share of $0.09, compared with Adjusted EBITDA of $2.6 million, or Adjusted EBITDA per diluted share of $0.24, in the second quarter of fiscal 2016.

At December 31, 2016, cash and cash equivalents were $9.5 million, compared with $11.2 million at September 30, 2016 and $14.0 million at December 31, 2015.

In February 2017, NETSOL completed the implementation of NFS AscentTM for the Australian finance & leasing arm of a multinational German Auto Manufacturing corporation. This was the second implementation under an existing 10-year contract with this customer for the implementation, support and maintenance of NFS AscentTM in 12 countries.

At the end of the fiscal second quarter, NETSOL’s global pipeline exceeded $150 million. Pipeline highlights for the Americas included a leading software company based in the U.S., a global equipment manufacturer that is an existing NETSOL client in Asia Pacific, and several other smaller targets currently in discussions for NFS AscentTM, NFSTM, and LeasePakTM.  Pipeline highlights for Asia Pacific and EMEA included a few large multi-national clients in discussions for platform upgrades to NFS AscentTM, multiple potential new logos for NFSTM, and strong pipeline growth in the emerging Indonesia market.

Management Commentary
“Our fiscal second quarter results are highlighted by strong year-over-year growth in our license and maintenance revenues driven by new client implementations and cross-sales into our existing customer base,” said Najeeb Ghauri, CEO of NETSOL. “Demand remains solid across our solutions and geographies, our pipeline is growing, and our large twelve-country NFS Ascent implementation remains on track."

Ghauri continued, “In the past three months, we have initiated new productivity and cost reduction initiatives that we expect will drive additional margin expansion and earnings accretion beginning in the second half of fiscal 2017 and align our business with our strategy for long-term profitable growth. We currently expect these initiatives to result in approximately $1.5 million of cost savings in the second half of fiscal 2017, and approximately $4 million on an annualized basis beginning in fiscal 2018.”

Fiscal 2017 Financial Outlook
The Company’s financial outlook for the fiscal year ending June 30, 2017 is as follows:

  • Total net revenues of $73 to $75 million for fiscal 2017. 
  • Non-GAAP Adjusted EBITDA, net, of $9 to $10 million for fiscal 2017.
               
Fiscal 2017 Second Quarter Conference Call
  When:           Tuesday, February 14, 2017
  Time:            9:00 a.m. Eastern Time 
  Phone:           1-844-868-9327 (domestic)
              1-412-317-6595 (international)
  Note:           Once connected, please ask to be joined into the NETSOL Technologies call.
               

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10099519. The replay will be available through Tuesday, February 21, 2017.

A live webcast will be available online within the investor relations section of NETSOL’s website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

1 The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release. Beginning with the fourth quarter of fiscal 2016, NetSol has revised its calculation of Adjusted EBITDA to exclude the portion of Adjusted EBITDA that is attributable to its subsidiaries that have a minority interest.

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

Certain statements in this press release are forward-looking in nature, including, but not limited to, expected net revenue and adjusted EPS amounts for the full fiscal year and the growing market need for NFS Ascent, and accordingly, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words expects, anticipates, variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact

ICR
William Maina
(646) 277-1236
investors@netsoltech.com

NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
 
      As of December 31,   As of June 30,
  ASSETS   2016       2016  
Current assets:      
  Cash and cash equivalents $ 9,505,383     $ 11,557,527  
  Accounts receivable, net of allowance of $495,760  and $492,498   5,840,490       9,691,229  
  Accounts receivable, net - related party   4,303,380       5,691,178  
  Revenues in excess of billings   17,646,488       10,493,096  
  Revenues in excess of billings - related party   469,030       804,168  
  Other current assets   2,904,650       2,214,628  
    Total current assets   40,669,421       40,451,826  
Restricted cash   90,000       90,000  
Property and equipment, net   21,873,277       22,774,435  
Other assets   2,054,938       842,553  
Intangible assets, net   18,423,439       19,674,033  
Goodwill   9,516,568       9,516,568  
    Total assets $ 92,627,643     $ 93,349,415  
           
  LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
  Accounts payable and accrued expenses $ 7,373,097     $ 5,962,770  
  Current portion of loans and obligations under capitalized leases   4,368,930       4,440,084  
  Unearned revenues   2,806,804       4,739,214  
  Common stock to be issued   88,324       88,324  
    Total current liabilities   14,637,155       15,230,392  
Long term loans and obligations under capitalized leases; less current maturities   501,554       477,692  
    Total liabilities   15,138,709       15,708,084  
Commitments and contingencies      
Stockholders' equity:      
  Preferred stock, $.01 par value; 500,000 shares authorized;   -       -  
  Common stock, $.01 par value; 14,500,000 shares authorized;      
    10,993,054  shares issued and 10,958,275  outstanding as of December 31, 2016  and    
    10,713,372  shares issued and 10,686,093  outstanding as of June 30, 2016   109,931       107,134  
  Additional paid-in-capital   123,019,215       121,448,946  
  Treasury stock (34,779 shares and 27,279 shares)   (454,310 )     (415,425 )
  Accumulated deficit   (40,074,755 )     (37,323,360 )
  Stock subscription receivable   (450,220 )     (783,172 )
  Other comprehensive loss   (18,628,395 )     (18,730,494 )
    Total NetSol stockholders' equity   63,521,466       64,303,629  
  Non-controlling interest   13,967,468       13,337,702  
    Total stockholders' equity   77,488,934       77,641,331  
    Total liabilities and stockholders' equity $ 92,627,643     $ 93,349,415  
           

 


NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
 
      For the Three Months   For the Six Months    
      Ended December 31,   Ended December 31,    
        2016       2015       2016       2015      
Net Revenues:                  
  License fees $ 5,350,086     $ 709,691     $ 8,849,946     $ 1,903,045      
  Maintenance fees   3,787,696       3,240,472       7,190,517       6,252,710      
  Services   6,984,084       9,574,104       12,790,801       16,327,977      
  License fees - related party   -       -       246,957       -      
  Maintenance fees - related party   51,345       31,755       181,976       189,986      
  Services - related party   1,464,901       2,635,675       3,379,473       4,823,083      
    Total net revenues   17,638,112       16,191,697       32,639,670       29,496,801      
                       
Cost of revenues:                  
  Salaries and consultants   5,979,804       5,083,412       11,873,153       10,244,661      
  Travel   836,240       754,009       1,548,135       1,235,462      
  Depreciation and amortization   1,318,764       1,461,466       2,649,636       2,935,701      
  Other   1,065,727       1,022,682       2,038,065       1,961,479      
    Total cost of revenues   9,200,535       8,321,569       18,108,989       16,377,303      
                       
Gross profit   8,437,577       7,870,128       14,530,681       13,119,498      
                       
Operating expenses:                  
  Selling and marketing   2,713,478       2,002,990       5,057,516       3,701,394      
  Depreciation and amortization   271,485       285,616       540,582       576,788      
  General and administrative   3,933,413       3,378,829       8,552,609       6,583,517      
  Research and development cost   91,607       117,924       184,539       229,994      
    Total operating expenses   7,009,983       5,785,359       14,335,246       11,091,693      
                       
Income (loss) from operations   1,427,594       2,084,769       195,435       2,027,805      
                       
Other income and (expenses)                  
  Loss on sale of assets   (32,339 )     (2,333 )     (34,742 )     (14,206 )    
  Interest expense   (62,127 )     (72,156 )     (116,602 )     (140,329 )    
  Interest income   23,416       35,299       53,856       87,411      
  Loss on foreign currency exchange transactions   (621,887 )     (134,527 )     (1,036,783 )     (248,246 )    
  Other income   6,823       120,684       28,383       174,998      
    Total other income (expenses)   (686,114 )     (53,033 )     (1,105,888 )     (140,372 )    
                       
Net income (loss) before  income taxes   741,480       2,031,736       (910,453 )     1,887,433      
Income tax provision   (338,884 )     (273,275 )     (378,759 )     (348,498 )    
Net income (loss)   402,596       1,758,461       (1,289,212 )     1,538,935      
  Non-controlling interest   (1,388,272 )     (883,396 )     (1,462,183 )     (1,074,898 )    
Net income (loss) attributable to NetSol $ (985,676 )   $ 875,065     $ (2,751,395 )   $ 464,037      
                       
                       
                       
Net income (loss) per share:                  
  Net income (loss) per common share                  
    Basic $ (0.09 )   $ 0.08     $ (0.26 )   $ 0.05      
    Diluted $ (0.09 )   $ 0.08     $ (0.26 )   $ 0.04      
                       
Weighted average number of shares outstanding                  
  Basic   10,877,446       10,308,186       10,783,685       10,294,760      
  Diluted   10,877,446       10,548,922       10,783,685       10,535,497      
                       


 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
 
        For the Six Months  
        Ended December 31,  
          2016       2015    
Cash flows from operating activities:         
  Net income (loss) $ (1,289,212 )   $ 1,538,935    
  Adjustments to reconcile net income (loss)        
  to net cash provided by operating activities:        
  Depreciation and amortization   3,190,218       3,512,489    
  Provision for bad debts   1,026       37,043    
  Loss on sale of assets   34,742       14,206    
  Stock issued for services   1,525,775       326,019    
  Fair market value of warrants and stock options granted   21,804       145,716    
  Changes in operating assets and liabilities:         
  Accounts receivable   3,678,110       111,967    
  Accounts receivable - related party   829,285       (2,383,828 )  
  Revenues in excess of billing   (7,219,089 )     520,071    
  Revenues in excess of billing - related party   285,791       15,866    
  Other current assets   585,147       (758,802 )  
  Accounts payable and accrued expenses   334,241       142,008    
  Unearned revenue   (1,908,440 )     (1,190,072 )  
  Net cash provided by operating activities    69,398       2,031,618    
               
Cash flows from investing activities:         
  Purchases of property and equipment   (1,074,316 )     (1,177,443 )  
  Sales of property and equipment   181,087       357,933    
  Purchase of treasury stock   (38,885 )     -    
  Purchase of non-controlling interest in subsidiary   -       (347,623 )  
  Investment   (705,555 )     -    
  Net cash used in investing activities    (1,637,669 )     (1,167,133 )  
               
Cash flows from financing activities:         
  Proceeds from sale of common stock   -       64,931    
  Proceeds from the exercise of stock options and warrants   429,452       194,680    
  Proceeds from exercise of subsidiary options       18,089       -    
  Dividend paid by subsidiary to Non controlling interest   (968,657 )     -    
  Proceeds from bank loans   -       306,750    
  Payments on capital lease obligations and loans - net   (69,998 )     (530,733 )  
  Net cash provided by (used in) financing activities    (591,114 )     35,628    
Effect of exchange rate changes    107,241       (1,082,297 )  
Net decrease in cash and cash equivalents    (2,052,144 )     (182,184 )  
Cash and cash equivalents, beginning of the period   11,557,527       14,168,957    
Cash and cash equivalents, end of period  $ 9,505,383     $ 13,986,773    
               


 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
 
  Three Months   Three Months   Six Months   Six Months  
  Ended   Ended   Ended   Ended  
  December 31, 2016   December 31, 2015   December 31, 2016   December 31, 2015  
                 
Net Income (loss) before preferred dividend, per GAAP $ (985,676 )   $ 875,065     $ (2,751,395 )   $ 464,037    
Non-controlling interest   1,388,272       883,396       1,462,183       1,074,898    
Income taxes   338,884       273,275       378,759       348,498    
Depreciation and amortization   1,590,249       1,747,082       3,190,218       3,512,489    
Interest expense   62,127       72,156       116,602       140,329    
Interest (income)   (23,416 )     (35,299 )     (53,856 )     (87,411 )  
EBITDA $ 2,370,440     $ 3,815,675     $ 2,342,511     $ 5,452,840    
Add back:                
Non-cash stock-based compensation   682,123       393,985   -   1,547,579       471,735    
Adjusted EBITDA, gross $ 3,052,563     $ 4,209,660     $ 3,890,090     $ 5,924,575    
Less non-controlling interest (a)   (2,037,286 )     (1,642,461 )     (2,717,103 )     (2,697,992 )  
Adjusted EBITDA, net $ 1,015,277     $ 2,567,199     $ 1,172,987     $ 3,226,583    
                 
                 
Weighted Average number of shares outstanding                
Basic   10,877,446       10,308,186       10,783,685       10,294,760    
Diluted   11,032,938       10,548,922       10,939,177       10,535,497    
                 
Basic adjusted EBITDA $ 0.09     $ 0.25     $ 0.11     $ 0.31    
Diluted adjusted EBITDA $ 0.09     $ 0.24     $ 0.11     $ 0.31    
                 
                 
(a)The reconciliation of adjusted EBITDA of non-controlling interest                
to net income attributable to non-controlling interest is as follows                
                 
Net Income attributable to non-controlling interest $ 1,388,272     $ 883,396     $ 1,462,183     $ 1,074,898    
Income Taxes   53,397       23,907       61,045       37,781    
Depreciation and amortization   523,368       730,672       1,049,294       1,556,538    
Interest expense   18,725       12,991       36,416       31,333    
Interest (income)   (7,535 )     (34,947 )     (17,092 )     (51,397 )  
EBITDA $ 1,976,227     $ 1,616,019     $ 2,591,846     $ 2,649,153    
Add back:                
Non-cash stock-based compensation   61,059       26,442       125,257       48,839    
Adjusted EBITDA of non-controlling interest $ 2,037,286     $ 1,642,461     $ 2,717,103     $ 2,697,992    
                 

From time to time, NETSOL may refer to Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-based Compensation) and “non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share” in its conference calls and discussions with investors and analysts in connection with the company’s reported historical financial results.  Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles (“GAAP”), is not derived in accordance with GAAP and should not be considered by the reader as an alternative to net income (the most comparable GAAP financial measure to Adjusted EBITDA).  Non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share is not derived in accordance with GAAP and should not be considered by the reader as an alternative to reported GAAP diluted EPS.  The reconciliation of GAAP and non-GAAP financial measures for the three and six month periods ended December 31, 2016 and 2015 are included in the above table.  NETSOL’s management believes that Adjusted EBITDA and Adjusted EBITDA per diluted share are helpful as an indicator of the current financial performance of the company. NETSOL also adjusts for non-cash items, such as stock-based compensation as we believe excluding these costs provide a useful metric by which to compare performance from period to period. Management strongly encourages investors to review the company’s consolidated financial statements in their entirety and to not rely on any single financial measure in evaluating the company.

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies to Report Fiscal 2017 Second Quarter Results on February 14, 2017 http://ir.netsoltech.com/news/detail/3035/netsol-technologies-to-report-fiscal-2017-second-quarter-results-on-february-14-2017 Wed, 01 Feb 2017 16:10:00 -0500 http://ir.netsoltech.com/news/detail/3035/netsol-technologies-to-report-fiscal-2017-second-quarter-results-on-february-14-2017

CALABASAS, Calif., Feb. 01, 2017 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a leading global provider of business services and enterprise application solutions to the finance and leasing industry for 20 years, will report its fiscal 2017 second quarter results before the market opens on February 14, 2017. The company will also host a conference call that same day at 9:00 a.m. Eastern Time/6:00 a.m. Pacific Time to discuss the company’s financial results and operations. Details follow:

Fiscal 2017 Second Quarter Conference Call  
When: Tuesday, February 14, 2017  
Time: 9:00 a.m. Eastern Time  
Phone: 1-844-868-9327 (domestic)   
  1-412-317-6595 (international)  
Note: Once connected, please ask to be joined into the NETSOL Technologies call.

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10099519. The replay will be available through Tuesday, February 21, 2017.

A live webcast will be available online within the investor relations section of NETSOL's website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,700 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies Inks an MOU with Microsoft Pakistan http://ir.netsoltech.com/news/detail/3034/netsol-technologies-inks-an-mou-with-microsoft-pakistan Thu, 08 Dec 2016 08:00:00 -0500 http://ir.netsoltech.com/news/detail/3034/netsol-technologies-inks-an-mou-with-microsoft-pakistan

NETSOL Incubator, NSPIRE, and Microsoft Innovation Center Lahore Collaborate to Foster Entrepreneurship

CALABASAS, Calif., Dec. 08, 2016 (GLOBE NEWSWIRE) -- NSPIRE, the technology incubator started by leading innovator, NETSOL Technologies Limited, officially signed a Memorandum of Understanding (MOU) with premier global tech leader, Microsoft Pakistan in a ceremony that took place at NETSOL offices on 17th November 2016.  The two industry powerhouses are teaming up to foster innovation, encourage entrepreneurship and provide senior mentorship to promising new start-ups.

Speaking at the signing ceremony, NETSOL Technologies Chief Operating Officer, Omar Ghauri explained, “NETSOL’s NSPIRE incubator is a relatively new player in this market; however, NETSOL has been contributing towards the success of entrepreneurs since its inception by giving entrepreneurial technologists an outlet to create new and useful products for clients around the globe. Collaboration with Microsoft in this front, and particularly the use of Microsoft’s powerful software engineering tools, will surely help add intense and increasing value to the NSPIRE incubator for aspiring entrepreneurs.”

Both NETSOL Technologies and Microsoft Pakistan have a deep commitment to helping young entrepreneurs reach their visionary destination through incubation and entrepreneurial support. This partnership is sure to provide even more opportunities for everyone involved, especially given the current climate of growth in the technology industry in Pakistan.

“We see a lot of potential in Pakistan when it comes to entrepreneurship. We’re excited to collaborate with NSPIRE to add value in the entrepreneurial ecosystem,” said Leila Serhan, Regional General Manager, Microsoft North Africa, East Mediterranean & Pakistan.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,700 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR

William Maina
(646) 277-1236
investors@netsoltech.com

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Technologies Unveils a New Logo, Signifying Innovation and Growth http://ir.netsoltech.com/news/detail/3033/netsol-technologies-unveils-a-new-logo-signifying-innovation-and-growth Wed, 30 Nov 2016 08:00:00 -0500 http://ir.netsoltech.com/news/detail/3033/netsol-technologies-unveils-a-new-logo-signifying-innovation-and-growth

CALABASAS, Calif., Nov. 30, 2016 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a leading global provider of business services and enterprise application solutions to the finance and leasing industry for 20 years, today revealed its brand new company logo, replacing its iconic legacy logo and signifying expansion of its products and services, including its newest product suite, NFS Ascent™.

“I’m really excited about our new company logo. I feel the design embodies the essence of our company and captures our identity perfectly,” said Najeeb Ghauri, Founder, Chairman and Chief Executive Officer of NETSOL Technologies. He further added, “Change is important, and the logo needed to reflect our continued commitment to adapting to the needs of our customers.”

The logo has been completely redesigned to capture the spirit of NETSOL’s products and people. The 20-year-old NETSOL logo had become one of the most recognizable images representing a leader in the global asset finance and leasing industry. Importantly, the new logo maintains the integrity of its predecessor by still using a capital letter “N” in a solid blue color, which has become an integral part of NETSOL’s identity; however, the letter “N” is depicted in curvilinear lines to signify flow, flexibility and forward motion, celebrating the company’s innovation, adaptability and progress.

NETSOL’s name will also now appear in all capital letters to reinforce brand recognition. The use of "NetSol” will be replaced with “NETSOL” as part of the company rebranding. The logo has been officially launched and implemented in all NETSOL regional locations and is now featured on the company website, as well as, in all collateral and assets.

NETSOL continually strives to provide ongoing technology and industry thought leadership to serve the needs of all its regional and multinational client base, as evidenced by NETSOL’s market-leading NFS Ascent™ product suite.  The company logo now better reflects this brand value and exciting forward-thinking growth and progression.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,700 professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR

William Maina
(646) 277-1236
investors@netsoltech.com 

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
Yue Da Auto Leasing Company goes live with NETSOL’s NFS Platform http://ir.netsoltech.com/news/detail/3032/yue-da-auto-leasing-company-goes-live-with-netsols-nfs-platform Tue, 29 Nov 2016 08:00:00 -0500 http://ir.netsoltech.com/news/detail/3032/yue-da-auto-leasing-company-goes-live-with-netsols-nfs-platform

CALABASAS, Calif., Nov. 29, 2016 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider to the finance and leasing industry, announced that Yue Da Auto Leasing Company went live with its NFS retail system. The implementation was of Credit Application Processing (CAP) and Contract Management System (CMS) which went live on the 21st November 2016.

Yue Da Auto Leasing Company is part of the Yue Da Group and is licensed by the Ministry of Commerce of the People's Republic of China (MOFCOM).

NETSOL Technologies delivered this implementation in an unprecedented timeframe for Yue Da Auto Leasing. This is especially noteworthy because Yue Da requested NETSOL’s “off the shelf” solution but later identified several gaps. Therefore the system was customized all within the same timeframe.

“This has been one of the fastest successful deployments for us and just shows that we keep challenging ourselves and our own benchmarks for constant and continual improvement. Such smooth and swift implementations showcase our excellence in service delivery within the global finance and leasing industry,” said Najeeb Ghauri, Founder, Chairman and Chief Executive Officer.

“We are extremely pleased with the quick turn around on this implementation and appreciate the dedication shown by NETSOL’s teams,” said Mr. Liu, Deputy General Manager, Yue Da Auto Leasing. “A lot of knowledge sharing took place between our team and NETSOL’s and it has been very valuable working with their experts.”

NETSOL’s NFSTM platform has taken decades to develop and is a mature and stable system. It automates the leasing process end to end, increasing operational transparency, flexibility, control and productivity. To find out more log onto http://netsoltech.com.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,700+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR
William Maina
(646) 277-1236
investors@netsoltech.com

Primary Logo

Source: NETSOL Technologies, Inc. ]]>
NETSOL Announces Stock Repurchase Program http://ir.netsoltech.com/news/detail/3031/netsol-announces-stock-repurchase-program Wed, 16 Nov 2016 08:00:00 -0500 http://ir.netsoltech.com/news/detail/3031/netsol-announces-stock-repurchase-program

CALABASAS, Calif., Nov. 16, 2016 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK) (“NETSOL” or the “Company”), a global business services and enterprise application solutions provider to the Asset Finance and Leasing industry, today announced that its Board of Directors has approved a stock repurchase program that authorizes repurchases of up to 500,000 shares of its common stock over the next six months.

“Our decision to initiate this share repurchase program reflects our confidence in our long-term growth prospects and our commitment to enhancing total shareholder value,” said Najeeb Ghauri, CEO of NETSOL.  “Our strong balance sheet and financial flexibility enable us to return capital to shareholders while continuing to make long-term, growth-oriented investments.”

Under the stock repurchase program, the Company may repurchase its common stock in the open market from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and federal and state laws governing such transactions. NETSOL expects to fund the repurchase with its existing cash balance including cash generated from operations.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR
William Maina
(646) 277-1236
investors@netsoltech.com

Primary Logo

Source: NetSol Technologies, Inc. ]]>
NETSOL Technologies Announces Fiscal 2017 First Quarter Financial Results http://ir.netsoltech.com/news/detail/3030/netsol-technologies-announces-fiscal-2017-first-quarter-financial-results Mon, 14 Nov 2016 07:00:00 -0500 http://ir.netsoltech.com/news/detail/3030/netsol-technologies-announces-fiscal-2017-first-quarter-financial-results
  • Total Net Revenues Increased 13% Year-Over-Year to $15.0 million for the First Quarter
  • GAAP Diluted EPS of $(0.17) for the First Quarter
  • NETSOL Reiterates Fiscal Year 2017 Guidance             

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

CALABASAS, Calif., Nov. 14, 2016 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider to the Asset Finance and Leasing industry, today announced financial results for the fiscal 2017 first quarter ended September 30, 2016. 

Fiscal 2017 First Quarter Financial Results

Total net revenues for the first quarter of fiscal 2017 were $15.0 million, an increase of 13% from the prior year period. 

  • Total license fees were $3.7 million, representing an increase of 214% from $1.2 million in the prior year period.
  • Total maintenance fees were $3.5 million, representing an increase of 11% from $3.2 million in the prior year period.
  • Total services revenues were $7.7 million, representing a decrease of 14% from $8.9 million in the prior year period.

Gross profit for the first quarter of fiscal 2017 was $6.1 million, or 41% of net revenues, an increase of 16% from $5.2 million, or 40% of net revenues, in the first quarter of fiscal 2016.  

GAAP net loss attributable to NETSOL for the first quarter of fiscal 2017 was $1.8 million, or $(0.17) per diluted share, compared with a net loss of $0.4 million, or $(0.04) per diluted share, in the first quarter of fiscal 2016.

Adjusted EBITDA1 for the first quarter of fiscal 2017 was $180,000, representing Adjusted EBITDA per diluted share of $0.02, compared with Adjusted EBITDA of $659,000, or Adjusted EBITDA per diluted share of $0.06, in the first quarter of fiscal 2016.

At September 30, 2016, cash and cash equivalents were $11.2 million, compared with $11.6 million at June 30, 2016 and $10.1 million at September 30, 2015.

Management Commentary
“It was a solid start to the year, as we delivered strong growth in license and maintenance fees in what is typically our slowest quarter of the fiscal year,” said Najeeb Ghauri, CEO of NETSOL. “Demand for our solutions remains strong, and our flagship NFS Ascent product continues to gain momentum across all our markets. The strategic investments we are making to capitalize on the significant market opportunity in the United States and Europe are gaining traction, and will enable us to accelerate our growth in these markets over the long-term.”

Fiscal 2017 Financial Outlook
The Company’s financial outlook for the fiscal year ending June 30, 2017 is as follows:

  • Total net revenues of $73 to $75 million for fiscal 2017. 
  • Non-GAAP Adjusted EBITDA, net, of $13 to $14 million for fiscal 2017.
 
Fiscal 2017 First Quarter Conference Call
   
When:  Monday November 14, 2016
Time: 9:00 a.m. Eastern Time 
Phone:  1-844-868-9327 (domestic) 
  1-412-317-6595 (international)
Note:  Once connected, please ask to be joined into the NETSOL Technologies call.
   

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10094841. The replay will be available through Monday, November 21, 2016.

A live webcast will be available online within the investor relations section of NETSOL’s website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

1 The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release. Beginning with the fourth quarter of fiscal 2016, NetSol has revised its calculation of Adjusted EBITDA to exclude the portion of Adjusted EBITDA that is attributable to its subsidiaries that have a minority interest.

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements

Certain statements in this press release are forward-looking in nature, including, but not limited to, expected net revenue and adjusted EPS amounts for the full fiscal year and the growing market need for NFS Ascent, and accordingly, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words expects, anticipates, variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact

ICR
William Maina
(646) 277-1236
investors@netsoltech.com

     
    NETSOL Technologies, Inc. and Subsidiaries
    Schedule 1: Consolidated Balance Sheets
     
       As of September 30,     As of June 30, 
  ASSETS    2016         2016   
Current assets:      
  Cash and cash equivalents $   11,156,437     $   11,557,527  
  Accounts receivable, net of allowance of $500,853  and $492,498      7,142,255         9,691,229  
  Accounts receivable, net - related party     5,384,573         5,691,178  
  Revenues in excess of billings     13,358,858         10,493,096  
  Revenues in excess of billings - related party     682,049         804,168  
  Other current assets     3,192,425         2,214,628  
    Total current assets     40,916,597         40,451,826  
Restricted cash     90,000         90,000  
Property and equipment, net     22,612,752         22,774,435  
Other assets     1,604,731         842,553  
Intangible assets, net     19,326,259         19,674,033  
Goodwill     9,516,568         9,516,568  
    Total assets $   94,066,907     $   93,349,415  
           
  LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
  Accounts payable and accrued expenses $   6,389,128     $   5,962,770  
  Current portion of loans and obligations under capitalized leases     4,408,173         4,440,084  
  Unearned revenues     4,419,692         4,739,214  
  Common stock to be issued     88,324         88,324  
    Total current liabilities     15,305,317         15,230,392  
Long term loans and obligations under capitalized leases; less current maturities     539,859         477,692  
    Total liabilities     15,845,176         15,708,084  
Commitments and contingencies      
Stockholders' equity:      
  Preferred stock, $.01 par value; 500,000 shares authorized;      -         -  
  Common stock, $.01 par value; 14,500,000 shares authorized;      
    10,882,281  shares issued and 10,855,002  outstanding as of September 30, 2016  and    
    10,713,372  shares issued and 10,686,093  outstanding as of June 30, 2016     108,823         107,134  
  Additional paid-in-capital     122,367,231         121,448,946  
  Treasury stock (27,279 shares)     (415,425 )       (415,425 )
  Accumulated deficit     (39,089,079 )       (37,323,360 )
  Stock subscription receivable     (602,811 )       (783,172 )
  Other comprehensive loss     (17,960,133 )       (18,730,494 )
    Total NetSol stockholders' equity     64,408,606         64,303,629  
  Non-controlling interest     13,813,125         13,337,702  
    Total stockholders' equity     78,221,731         77,641,331  
    Total liabilities and stockholders' equity $   94,066,907     $   93,349,415  
           

 

NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
 
       For the Three Months 
       Ended September 30, 
        2016       2015  
Net Revenues:      
  License fees $   3,499,860     $   1,193,354  
  Maintenance fees     3,402,821         3,012,238  
  Services     5,806,717         6,753,873  
  License fees - related party     246,957         -  
  Maintenance fees - related party     130,631         158,231  
  Services - related party     1,914,572         2,187,408  
     Total net revenues      15,001,558         13,305,104  
           
Cost of revenues:      
   Salaries and consultants      5,893,349         5,161,249  
   Travel      711,895         481,453  
   Depreciation and amortization      1,330,872         1,474,235  
   Other      972,338         938,797  
    Total cost of revenues     8,908,454         8,055,734  
           
Gross profit     6,093,104         5,249,370  
           
Operating expenses:      
  Selling and marketing     2,411,136         1,698,404  
  Depreciation and amortization     269,097         291,172  
  General and administrative     4,552,098         3,204,688  
  Research and development cost     92,932         112,070  
    Total operating expenses     7,325,263         5,306,334  
           
Loss from operations     (1,232,159 )       (56,964 )
           
Other income and (expenses)      
  Loss on sale of assets     (2,403 )       (11,873 )
  Interest expense     (54,475 )       (68,173 )
  Interest income     30,440         52,112  
  Loss on foreign currency exchange transactions     (414,896 )       (113,719 )
  Other income      21,560         54,314  
    Total other income (expenses)     (419,774 )       (87,339 )
           
Net loss before  income taxes     (1,651,933 )       (144,303 )
Income tax provision     (39,875 )       (75,223 )
Net loss     (1,691,808 )       (219,526 )
  Non-controlling interest     (73,911 )       (191,502 )
Net loss attributable to NetSol $   (1,765,719 )   $   (411,028 )
           
           
           
Net loss per share:      
  Net loss per common share      
    Basic $   (0.17 )   $   (0.04 )
    Diluted $   (0.17 )   $   (0.04 )
           
Weighted average number of shares outstanding      
  Basic     10,697,425         10,281,335  
  Diluted     10,697,425         10,281,335  
           

 

             
NETSOL Technologies, Inc. and Subsidiaries  
Schedule 3: Consolidated Statement of Cash Flows  
             
       For the Three Months   
       Ended September 30,   
        2016       2015    
 Cash flows from operating activities:           
   Net loss    $   (1,691,808 )   $   (219,526 )  
   Adjustments to reconcile net income (loss)           
   to net cash used in operating activities:           
   Depreciation and amortization        1,599,969         1,765,407    
   Provision for bad debts        -         36,780    
   Loss on sale of assets        2,403         11,873    
   Stock issued for services        865,456         77,750    
   Fair market value of warrants and stock options granted        21,804         -    
   Changes in operating assets and liabilities:           
   Accounts receivable        2,336,894         (1,268,570 )  
   Accounts receivable - related party        121,800         (975,266 )  
   Revenues in excess of billing        (2,746,917 )       (773,583 )  
   Revenues in excess of billing - related party        93,208         (138,926 )  
   Other current assets        306,339         (322,533 )  
   Accounts payable and accrued expenses        (780,569 )       (833,638 )  
   Unearned revenue        (346,108 )       (538,259 )  
   Net cash used in operating activities        (217,529 )       (3,178,491 )  
             
 Cash flows from investing activities:           
   Purchases of property and equipment        (554,873 )       (625,794 )  
   Sales of property and equipment        151,818         180,258    
   Investment        (555,555 )       -    
   Net cash used in investing activities        (958,610 )       (445,536 )  
             
 Cash flows from financing activities:           
   Proceeds from sale of common stock        -         64,931    
   Proceeds from the exercise of stock options and warrants        276,861         -    
   Proceeds from exercise of subsidiary options        14,013         -    
   Proceeds from bank loans        -         437,070    
   Payments on capital lease obligations and loans - net        (49,117 )       (174,385 )  
   Net cash provided by financing activities        241,757         327,616    
 Effect of exchange rate changes        533,292         (797,222 )  
 Net decrease in cash and cash equivalents        (401,090 )       (4,093,633 )  
 Cash and cash equivalents, beginning of the period        11,557,527         14,168,957    
 Cash and cash equivalents, end of period    $   11,156,437     $   10,075,324    
             


     
NETSOL Technologies, Inc. and Subsidiaries    
Schedule 4: Reconciliation to GAAP    
           
  Three Months   Three Months    
  Ended   Ended    
  September 30, 2016   September 30, 2015    
           
Net Income (loss) before preferred dividend, per GAAP $   (1,765,719 )   $   (411,028 )    
Non-controlling interest     73,911         191,502      
Income taxes     39,875         75,223      
Depreciation and amortization     1,599,969         1,765,407      
Interest expense     54,475         68,173      
Interest (income)     (30,440 )       (52,112 )    
EBITDA $   (27,929 )   $   1,637,165      
Add back:          
Non-cash stock-based compensation     887,260         77,750      
Adjusted EBITDA, gross $   859,331     $   1,714,915      
Less non-controlling interest (a)     (679,817 )       (1,055,531 )    
Adjusted EBITDA, net $   179,514     $   659,384      
           
           
Weighted Average number of shares outstanding          
Basic     10,697,425         10,281,335      
Diluted     10,861,290         10,392,669      
           
Basic adjusted EBITDA $   0.02     $   0.06      
Diluted adjusted EBITDA $   0.02     $   0.06      
           
           
(a)The reconciliation of adjusted EBITDA of non-controlling interest          
to net income attributable to non-controlling interest is as follows          
           
Net Income attributable to non-controlling interest $   73,911     $   191,502      
Income Taxes     7,648         13,874      
Depreciation and amortization     525,926         825,866      
Interest expense     17,691         18,342      
Interest (income)     (9,557 )       (16,450 )    
EBITDA $   615,619     $   1,033,134      
Add back:          
Non-cash stock-based compensation     64,198         22,397      
Adjusted EBITDA of non-controlling interest $   679,817     $   1,055,531      
           

From time to time, NETSOL may refer to Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-based Compensation) and “non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share” in its conference calls and discussions with investors and analysts in connection with the company’s reported historical financial results.  Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles (“GAAP”), is not derived in accordance with GAAP and should not be considered by the reader as an alternative to net income (the most comparable GAAP financial measure to Adjusted EBITDA).  Non-GAAP adjusted EBITDA per diluted share or Adjusted EBITDA per diluted share is not derived in accordance with GAAP and should not be considered by the reader as an alternative to reported GAAP diluted EPS.  The reconciliation of GAAP and non-GAAP financial measures for the three month periods ended September 30, 2016 and 2015 are included in the above table.  NETSOL’s management believes that Adjusted EBITDA and Adjusted EBITDA per diluted share are helpful as an indicator of the current financial performance of the company. NETSOL also adjusts for non-cash items, such as stock-based compensation as we believe excluding these costs provide a useful metric by which to compare performance from period to period. Management strongly encourages investors to review the company’s consolidated financial statements in their entirety and to not rely on any single financial measure in evaluating the company.

Primary Logo

Source: NetSol Technologies, Inc. ]]>
NFS Ascent™ goes live in New Zealand for the finance & leasing operations of a German Auto Manufacturing Giant http://ir.netsoltech.com/news/detail/3029/nfs-ascent-goes-live-in-new-zealand-for-the-finance-leasing-operations-of-a-german-auto-manufacturing-giant Mon, 07 Nov 2016 08:20:00 -0500 http://ir.netsoltech.com/news/detail/3029/nfs-ascent-goes-live-in-new-zealand-for-the-finance-leasing-operations-of-a-german-auto-manufacturing-giant

Implementation represents the first of 12 Asia Pacific markets to go live

CALABASAS, Calif., Nov. 07, 2016 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider to the Asset Finance and Leasing industry, today announced that its next generation flagship solution, NFS AscentTM, has gone live for the New Zealand finance & leasing arm of a prominent German Auto Manufacturing corporation. New Zealand is amongst the first countries where the client’s auto captive operations will benefit from NETSOL’s cutting edge end-to-end finance and leasing solution, NFS AscentTM.

This implementation is part of a larger contract that was signed on December 21, 2015. The contract includes implementations, license, maintenance, services and expected customization fees for the platform across 12 countries.

Najeeb Ghauri, Founder, Chairman & CEO of NETSOL, stated, “Teams on both sides worked determinedly and diligently to complete this implementation in such a short timeline. This level of efficiency was only possible due to the understanding fostered between our two companies over the past two decades. It gives me great pleasure to see that we are continually providing faultless service to one of our first business partners and the high level of synergy that has developed between the two parties over the years.” Ghauri added, “We have spared no resource and have dedicated teams for this significant project, which is what has enabled us to deliver this successful roll-out and exceed all expectations for implementation timelines.”

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR
William Maina
(646) 277-1236
investors@netsoltech.com

Primary Logo

Source: NetSol Technologies, Inc. ]]>
NetSol Technologies to Report Fiscal 2017 First Quarter Results on November 14, 2016 http://ir.netsoltech.com/news/detail/3028/netsol-technologies-to-report-fiscal-2017-first-quarter-results-on-november-14-2016 Wed, 02 Nov 2016 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3028/netsol-technologies-to-report-fiscal-2017-first-quarter-results-on-november-14-2016

CALABASAS, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider to the Asset Finance and Leasing industry, will report its fiscal 2017 first quarter results before the market opens on November 14, 2016. The company will also host a conference call that same day at 9:00 a.m. Eastern Time/6:00 a.m. Pacific Time to discuss the company’s financial results and operations. Details follow:

Fiscal 2017 First Quarter Conference Call  
   
When: Monday, November 14, 2016  
     
Time: 9:00 a.m. Eastern Time  
     
Phone: 1-844-868-9327 (domestic)   
     
  1-412-317-6595 (international)  
     
Note: Once connected, please ask to be joined into the NetSol Technologies call.
   

A replay will be available one hour after the end of the conference call and can be accessed by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the replay access code is 10094841. The replay will be available through Monday, November 21, 2016.

A live webcast will be available online within the investor relations section of NetSol's website at http://www.netsoltech.com. A replay of the webcast will be available one hour following conclusion of the live call, and will be archived for one year.

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Contact:
William Maina
ICR
investors@netsoltech.com
(646) 277-1236

Primary Logo

Source: NetSol Technologies, Inc. ]]>
Tri Petch Isuzu Leasing goes live with NetSol Financial Suite http://ir.netsoltech.com/news/detail/3027/tri-petch-isuzu-leasing-goes-live-with-netsol-financial-suite Wed, 26 Oct 2016 08:44:00 -0400 http://ir.netsoltech.com/news/detail/3027/tri-petch-isuzu-leasing-goes-live-with-netsol-financial-suite

CALABASAS, Calif., Oct. 26, 2016 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a global business services and enterprise application solutions provider to the Finance and Leasing industry, today announced Go Live of their NFS Retail platform with Tri Petch Isuzu Leasing. The successful implementation of the NFS platform includes the complete NFS Contract Management System (CMS) and NFS Credit Application Processing System (CAP).

Tri Petch Isuzu Leasing Co., Ltd. is one of the market leaders in finance and leasing of commercial vehicles and pickup trucks in Thailand.

“We are very pleased to announce the Go Live for Tri Petch Isuzu Leasing which is under Tri Petch Isuzu Sales Co., Ltd., a market leader in Thailand’s commercial vehicle market,” said Najeeb Ghauri, Chairman & CEO NetSol Technologies, Inc. “From here on we will not only support their growth but help to fuel it further towards achieving greater results. We have worked long and hard to achieve this implementation and I congratulate both teams involved in making this project a success.”

“We are very positive about this automation initiative delivered by NetSol and we are anxious to reap the benefits of using their system. With the expected growth in our portfolio it was crucial to engage an expert solution provider, one that has successful experience in providing software solutions to auto captive companies, such as ours. Congratulations to the teams who worked tirelessly to make this project a success,” said Hideki Honda, President - Tri Petch Isuzu Leasing Co., Ltd..

“This deal with yet another automotive leader shows our strength and further solidifies our position in the Asian market and in the auto captive sector,” said Naeem Ghauri, Head of Global Sales NetSol Technologies. “Our other existing implementations serve as case studies and exhibit our capabilities and the unique features we possess which in turn attracts new customers,” added Mr. Ghauri.

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of more than 1,700 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Contact:
William Maina
ICR 
investors@netsoltech.com 
(646) 277-1236

Primary Logo

Source: NetSol Technologies, Inc. ]]>
NetSol Technologies appoints Managing Director, NetSol Technologies Europe and hires new Global Sales Director for Wholesale Finance http://ir.netsoltech.com/news/detail/3026/netsol-technologies-appoints-managing-director-netsol-technologies-europe-and-hires-new-global-sales-director-for-wholesale-finance Thu, 20 Oct 2016 08:00:00 -0400 http://ir.netsoltech.com/news/detail/3026/netsol-technologies-appoints-managing-director-netsol-technologies-europe-and-hires-new-global-sales-director-for-wholesale-finance

These appointments demonstrate a significant market initiative for NFSAscent™, NetSol’s Next-Generation Finance and Leasing Solution

CALABASAS, Calif., Oct. 20, 2016 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (NASDAQ:NTWK), a global business services and enterprise application solutions provider to the Asset Finance and Leasing industry, today announced the appointment of Tim O’Sullivan as Managing Director, NetSol Technologies Europe (NTE) and Chris Tobey as Sales Director – Global Wholesale Financial Solutions, effective immediately. O’Sullivan will oversee growth initiatives in Europe for NFS AscentTM, the company’s next-generation finance and leasing solution, while Tobey, in the newly created position, will have the responsibilities of overall strategy, creating relationships and executing sales for AscentTM Wholesale.

With over 25 years of experience in the financial services and software sectors, Tim O’Sullivan has spent the last decade in leasing and asset finance software, specifically enhancing and building global sales capabilities across multiple markets and geographies. Prior to his appointment, O’Sullivan served as Head of Business Development & Strategy at NetSol Technologies Europe, where he was responsible for leading the company’s key strategic client relationships. His appointment demonstrates a significant market initiative in Europe that will involve leading the Europe team towards developing the company’s initiatives of increasing efficiency and achieving greater leverage of NetSol’s networks.

Chris Tobey, formerly Business Development Manager, Sword Apak, brings nearly 10 years of domain experience coupled with detailed market knowledge. In his previous role, Tobey was responsible for developing new markets, leading and managing sales opportunities, along with establishing relationships with strategic business partners.

O’Sullivan comments, “I am delighted to lead the accelerating pace of development for NetSol. Having been with NetSol for over two years and witnessed the remarkable capabilities that the company possesses, I have every confidence that we are now in a strong position to leverage our global brand and expertise for the benefit of existing and new clients.”

Commenting on his new appointment, Tobey said, “I am delighted to be joining the NetSol team. Being a customer oriented individual, this new role will allow me to work with lenders to provide their customers with agile, innovative, and robust Wholesale business solutions.”

Founder, Chairman & Chief Executive Officer, Najeeb Ghauri comments, “Europe is a critical component of our growth strategy. With Tim’s appointment, we have put a focused and proven executive in charge of executing our growth plan for NFS Ascent in Europe while building scale into the business to manage that growth. Chris’ in-depth knowledge and domain experience will be invaluable to enhance the successful relationships already established throughout Asia, Europe and the Americas. His appointment comes at a very significant and exciting time to support the continuing growth of NetSol in all of our regions.”

About NetSol Technologies

NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team of 1,500+ professionals placed in eight strategically located support and delivery centers throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investors can receive news releases and invitations to special events by accessing our online signup form at http://ir.netsoltech.com/email-alerts.

Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Investor Contact
ICR

William Maina
(646) 277-1236
investors@netsoltech.com

Primary Logo

Source: NetSol Technologies, Inc. ]]>