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Shachar Efal Named President of Ness Israel - a Newly Formed Business Unit
Monday November 21, 7:01 am ET
http://biz.yahoo.com/prnews/051121/ukm006.html?.v=36
HACKENSACK, New Jersey and TEL-AVIV, Israel, November 21 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC - News), a global provider of IT solutions and services, today announced the formation of Ness Israel , a newly formed business unit, and the appointment of Shachar Efal as President of Ness Israel effective November 20, 2005
The formation of Ness Israel reflects Ness Technologies' commitment to increasing operating efficiency, reducing costs and improving flexibility to meet changing client and market needs. Under the new structure Ness merged its Israeli based IT Services and Managed Services groups to form Ness Israel. Ness Israel is now structured in line with the other business operations of Ness Technologies, which are organized around major geographical regions, including Ness Europe, Ness Asia Pacific and Ness USA. Ness' Systems Group, headed by Michael Zinderman, which focuses on the defense and telecom markets, will continue to operate as an independent group, despite its location in Israel, due to its unique global client base.
Ness Israel' formation includes the consolidation of Israeli business units and functions, including outsourcing and offshore, systems integration and application development, software and consulting, and quality assurance and training.
"The formation of Ness Israel and Shachar's appointment underscore the momentum that we are building throughout the Company. The streamlining of our Israeli operations further demonstrates Ness' commitment to growing our market share, increasing operational efficiencies and driving long-term profitability," said Raviv Zoller, President and CEO of Ness Technologies. "Shachar's appointment, as well as the appointment of other executives during the current round of appointments, is in line with our policy to promote outstanding executives. The current changes will enable me to increase my focus on Ness' global activities and growth."
"I am excited about the opportunity to serve Ness Technologies as president of Ness Israel and look forward to working with our wonderful Israeli team and network of partners," said Shachar Efal. "We will continue to do our utmost to deliver the highest quality and most innovative IT solutions and services to our customers."
Shachar Efal joined Ness Technologies in 1999 as president of the Company's Integration and Networking Group. Since January 2004, Efal has served as president of the Managed Services Group in Israel.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC - News) is a global provider of end-to-end IT services and solutions designed to help clients improve competitiveness and efficiency. Specializing in outsourcing and offshore, systems integration and application development, software and consulting, and quality assurance and training, Ness serves a blue-chip client base of over 500 public- and private-sector customers. With over 5,700 employees, Ness maintains operations in 15 countries across North America, Europe and Asia, and more than 100 alliances and partnerships around the world. For more information about Ness, visit www.ness.com.
Weo
We're touchy???? You're the original Mr Hothead!!!!
Barny
The startup excuse goes away if VTSI wins just one of the thousands or so awards each year for the products they have which are allegedly "STATE OF THE ART"...
Fast Forward to 2008
Business started 1993 "We are just a start up! We are just a start up!"
2004 "We are just a start up! We are just a start up!"
2005 "We are just a start up! We are just a start up!"
2006 "We are just a start up! We are just a start up!"
2007 "We are just a start up! We are just a start up!"
2008 "We are just a start up! We are just a start up!"
Etc
2001 "Company changing deals coming"
2002 "Company changing deals coming"
2003 "Company changing deals coming"
2004 "Company changing deals coming"
2005 "Company changing deals coming"
Etc
Keep the faith as things have never been better
Sound familiar
Paul
Greg - does not provide opinions or hasn't in the past - he usually post links and news which he feels are positive to the company....
Paul
Actually this statement is right on:
You said : "Some people just don't understand risk and reward. If you take away the ability for shylocks to naked short their worst clients, they won't finance those clients in the first place, or at best they have to charge all of their clients more. So by removing risk from the worst investments, you lower the reward possible in the whole group."
The fact that Dutchess can short the stock and play both sides and the middle - they are not in the business to lose $$$ - I have been saying it all along. Why else would they give these companies with little or no cash - negative net worth $$$
A deal with the devil but these companies have no where else to go....of course they could get bank loans but they are normally personally guaranteed by mgmt - so if/when the company fails they cannot hide behind the corporate shield and they lose it all - house - marriage etc
David
The one thing you need to understand is L Kelly does not care one iota about YOU - he is NOT your friend - it's pure business and you are the pawn. It's an investment - are you making $$$ or not? He will attempt to tell you what you want to hear in order to convince you not to sell. The quicker you separate yourself from the attachment the better. Like when you took some shares off the table when it hit low $.20's a few weeks ago - that was a good thing to lower your exposure - now down in the low $.10's.
Reducing the 64+M outstanding shares - share buyback - laughable - the only way IMHO the outstanding goes down is with a reverse split...they have NO $$$ and are continuing to dilute to pay the light bill and salaries with continued negative cash flow expected for some time.
Time will tell... take care
5Cap
Naked shorting is never good - especially in cold water - the issue is it is only done on this exchange. Do you think Dutchess shorts the stock to cover their asses and plays both sides?
Bill
Right again!!!
You said: "Our management is doing a bang-up job on its own spurring along the failure of this company"
David
You said: "BUT, if I were to ignore everything said by management over the last 12 months, then the numbers actually look good for an emerging company."
The problem is emerging companies do not have 64M shares outstanding and have lost almost $13M in their history.
David
You have been pretty quiet recently - what is your opinion on the recent events and your expectations for the future? We know you speak Mr Jones often....
Be well - good move taking some of your shares off the table on the pump up to $.20
Take care
David
What's your point? Sounds like VTSI missed another opportunity...never lost a bid per L Kelly.
Tough to lose when you don't qualify to bid...or did they? Did you get Kelly's comments or is he still celebrating the solid quarter results?
Good luck
KP
Outstanding posts last night - the legal speak pointed out was priceless...L Kelly did you by chance used to write for Bill Clinton?
Bill
It's a BS entry and it ignored by the Street - "Forgiveness of Debt Income"
It's like when you have a loss leader and mgmt says "we'll increases sale and make it up with volume"
From the filing:
Liquidity and Plan of Operations
As of September 30, 2005, our liquidity position was extremely precarious. We had current liabilities of $4,880,964, including $482,860 in unconverted obligations under the lease financing for the old Ferris Productions virtual reality systems, $991,531 in accounts payable, and short-term notes payable of $1,125,149, some of which were either demand indebtedness or were payable at an earlier date and were in default. The $1,125,149 is with a bank with which we recently negotiated a renewal and a new amortization period. As of September 30, 2005, there was only $352,978 in current assets available to meet those liabilities.
To date we have met our capital requirements by acquiring needed equipment under the Ferris non-cancelable leasing arrangements, through capital contributions, loans from principal shareholders and officers, certain private placement offerings, through our previous equity line financing with Dutchess Private Equities Fund, L.P., and through our current convertible debentures with Dutchess Private Equities Fund, L.P. and Dutchess Private Equities Fund II, L.P.
For the nine months ended September 30, 2005, our net loss was $1,115,287. After taking into account the non-cash items included in that loss, our cash requirements for operations were $1,286,076. In addition, we made capital expenditures of $5,845 and repaid notes in the amount of $214,915. To cover these cash requirements, we used existing cash, borrowed $1,250,000 on convertible debentures, and issued 246,352 shares of our common stock under the old Dutchess equity line, for net cash proceeds of $76,142.
All
Even the usually bubbly and exuberant L Kelly Jones had little or no ammunition in his gun in the press release....revenue only $280K for the quarter.
Greg
What is your opinion on it?
Q3 Results Tommorrow
Will the company be operationally profitable? Last sale $.128 - must be naked shorts and the market makers walking down the price....
Rusty
Relaxxx - it only $$$ and Kelly knows how to flush it.
Customers call the shots and the buying. If customers delay is it the company's fault on its previous projection from the buyer? SEE RESPONSE Yes it is the company's fault - you do not put all your eggs in one or two customers - the company I work for walks away from several large sales each qtr because the the margins are too low and the customer tries to squeeze us too tight VTSI does's not have that opportunity - too limited a market and others get the business - why is that?
Sure it's taken a dive to date. Does that mean it does not have the product? Of course not. YES IT DOES - THE PRODUCT IS VERY LIMITED IF THE PRODUCT SATISFIED THE NEED THEN PO'S WOULD COME THEIR WAY Have posted in the past to this effect. As long as the market is there, it will come. Better later then not at all. You want to dispute this statement? How can you. Sales can come next week, next month or two months down the line. There is no timetable because it is up to the customers. BOLOGNA
Good luck
Doug
With all due respect - the stock price and trend speaks volumes
From $.40's in 1/05 to $.10's in 11/05.
That's where the rubber meets the road....
Comments???
Paul
What their net worth?
Paul
You initial post was off the wall but a good point when explained. Retained Earnings is the mgmt scorecard. It is the net of what a company had made or lost since inception. In this case $12.4M
Losing $$$ is no unusual for startups but being in business so long $12.4M isn't a reason to be bullish in THIS mgmt.
Bill
"If it is your opinion that you wouldn't be surprised if possible litigation occurs as a result of posts on tnis message board" - Litigation thats what lawyers know how to do - fear tactic.
Parsons was "enlightened by Kelly's statements" - it shows Kelly is a very good salesman with people but he sure isn't when it comes to revenue. Typical BB stock CEO - the gift of gab and the ability to say forget the past but the future looks bright.
One more thing
L Kelly at the end of his shareholder letters says "These are his personal comments" - well others are free to express theirs.
L Kelly get the stock to a $1 and everyone will be cheerleaders. Your record and lack of experience speaks for itelf.
He also refers everyone to the SEC filings - well I take his advice and that where I get the real facts. Qtr announce next week...
David
Institutions don't touch these companies - period or even small cap NASDAQ - can't believe anyone would mention it. Venture capital doesn't even touch this company that's why L Kelly went to the shylock - Dutchess
Parsons
What did he say about the company changing deals from the 6/30 con call?
It's bull saying the competition is down too - so sounds like they are in the worng industry. The issue is as I have said before - no partnerships with Lockheed Martin, Raytheon, Titan, L3, Grumman, etc.
Not to panic with day to day price swings - how about 9 month trend - from $.40's to low $.10's????
Thank you veterans!!!!
Bill
Per Kelly - I am not going to discuss the past and any statements made just about the future. The man is outstanding at words just not much of a ceo. BTW it's a free country. As a famous line from the Sopranos said - "you got some balls my friend" - people can express their opinions about him and the company all day. "you can't hanlde the truth." If they are not Kelly ballwashers and we know who they are then they should be ignored. What a farce
NSTC OT -
Mentioned this company a month or so ago. 35M shares outstanding - extremely undervalued IMO - great con call yesterday and guidance. Good luck to all
Ness Technologies Announces Record Third Quarter 2005 Financial Results Net Income Rises 63% and Operating Income Rises 42% Year-Over-Year on a 27% Increase in Revenues
HACKENSACK, New Jersey, November 8, 2005 /PRNewswire-FirstCall via COMTEX/ -- Ness Technologies, Inc. (NASDAQ: NSTC), a global provider of IT services and solutions, today announced financial results for the third quarter ended September 30, 2005.
Third Quarter 2005 Highlights:
- Revenues reached a record $97.7 million, up 27% year-over-year.
- Operating income increased to a record $7.7 million, up 42%
year-over-year.
- Net income increased to a record $6.0 million, up 63% year-over-year.
- Backlog increased to $439 million, up 24% year-over year.
- Global workforce increased by 295 sequentially to 5,725.
"The strength of our third quarter financial performance reflects our success in implementing our strategy of building a leadership position in targeted business verticals and penetrating key geographic markets, as we continue to grow our global diversified customer base," stated Raviv Zoller, President and Chief Executive Officer of Ness Technologies. "Our record quarterly revenue, as well as operating and net income provide clear evidence of our ability to capitalize on the growing demand for our services while increasing billable headcount and keeping a tight control on expenses."
Ness' third quarter 2005 revenues totaled $97.7 million, an increase of $20.5 million or 27%, compared to $77.2 million in the third quarter of 2004.
Third quarter 2005 operating income increased to $7.7 million, an increase of $2.3 million or 42%, compared to $5.4 million in the third quarter of 2004.
Third quarter 2005 net income increased to $6.0 million, an increase of $2.3 million or 63%, compared to $3.7 million in the third quarter of 2004. Diluted net earnings per share for the third quarter of 2005 were $0.17 compared to $0.14 in the third quarter of 2004. The year-over-year diluted net earnings per share comparison was impacted by the change in share count since the third quarter of 2004, when Ness completed its initial public offering.
Backlog as of September 30, 2005 increased to $439 million, up 24% compared to $354 million as of September 30, 2004.
"We continue to grow our bottom line profitability at a faster pace than our solid top line growth rate. This trend reflects the significant operating leverage we are yielding from our strategic business model on a global basis," stated Ytzhak Edelman, Executive Vice President and Chief Financial Officer, Ness Technologies, Inc. "The initiatives we announced last quarter to reduce our financial expenses are yielding positive and measurable results. We remain dedicated to further reducing our financial expenses and to maintaining a lower level of foreign exchange exposure related to our global operating structure. Overall, we remain focused on further increasing our operating and bottom line profitability."
Guidance
For the fourth quarter 2005 Ness expects to generate revenues in the range of $101 million to $104 million and diluted net earnings per share in the range of $0.17 to $0.20.
The Company is increasing its 2005 annual revenue guidance to a range of $381 million to $384 million, from its previously stated range of $376 million to $381 million, based on the increased revenue contribution expected from Ness Slovakia as result of the Delta acquisition which closed on October 3, 2005.
Full year 2005 diluted net earnings per share guidance remains in the range of $0.63 to $0.66.
Conference Call Details
Ness Technologies President and Chief Executive Officer Raviv Zoller and Executive Vice President and Chief Financial Officer Ytzhak Edelman will conduct a conference call to discuss the third quarter 2005 results, which will be simultaneously webcast at 9:00 A.M. Eastern Time/6:00 A.M. Pacific Time on Tuesday, November 8, 2005.
To access the Ness Technologies third quarter 2005 earnings conference call, participants in North America should dial 1-800-399-0427 and international participants should dial 1-706-634-5453. A live webcast of the conference call will be available on the investor relations page of the Ness Technologies corporate web site at http://www.ness.com. Please visit the web site at least 15 minutes early to register for the teleconference webcast and download any necessary audio software. A replay of the call will be available on the web site approximately two hours after the conference call is completed.
Paul
Funny math! All creditors paid off? With what?
You are in a dream world on this issue...
Cap
Sales projections for this company? Was there ever a 1, 2 - 5yr business plan?
Mgmt gave the touts a $10M profitable revenue plan in 12/03 for 2004 (if I recall) - how did that work out?
It's water over the dam as far as what they were told. If I were them I'd sell as soon as the restriction comes off. I bet many (David - aka Sir Felix hopefully did so he can sleep nights) wish they sold at $.20 a few weeks ago when the acquisition announce was hyped.
Take care
Paul
I guess you do not know the bankruptcy laws. The company has negative networth and no cash. So the company is worth nothing dead. This is why banks and commercial companies assign credit based on tangible net worth so if something happens they get their $$$ back when/if push comes to shove and a company is dissolved. If the company filed chapter Xl then the stock would drop to nada and they would get almost nothing. Plus the leaseholders are unsecured creditors so they would have been the last to be paid.
The leaseholders had no choice - so much for L Kelly paying them in full which is what many thought he would do.
You take care
Increased Guidance
Guidance
For the fourth quarter 2005 Ness expects to generate revenues in the range of $101 million to $104 million and diluted net earnings per share in the range of $0.17 to $0.20.
The Company is increasing its 2005 annual revenue guidance to a range of $381 million to $384 million, from its previously stated range of $376 million to $381 million, based on the increased revenue contribution expected from Ness Slovakia as result of the Delta acquisition which closed on October 3, 2005.
Full year 2005 diluted net earnings per share guidance remains in the range of $0.63 to $0.66.
Profitability
"We continue to grow our bottom line profitability at a faster pace than our solid top line growth rate. This trend reflects the significant operating leverage we are yielding from our strategic business model on a global basis," stated Ytzhak Edelman, Executive Vice President and Chief Financial Officer, Ness Technologies, Inc. "The initiatives we announced last quarter to reduce our financial expenses are yielding positive and measurable results. We remain dedicated to further reducing our financial expenses and to maintaining a lower level of foreign exchange exposure related to our global operating structure. Overall, we remain focused on further increasing our operating and bottom line profitability."
Ness Technologies Announces Record Third Quarter 2005 Financial Results
Tuesday November 8, 5:31 am ET
Net Income Rises 63% and Operating Income Rises 42% Year-Over-Year on a 27% Increase in Revenues
HACKENSACK, New Jersey, November 8 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC - News), a global provider of IT services and solutions, today announced financial results for the third quarter ended September 30, 2005.
Third Quarter 2005 Highlights:
- Revenues reached a record $97.7 million, up 27% year-over-year.
- Operating income increased to a record $7.7 million, up 42%
year-over-year.
- Net income increased to a record $6.0 million, up 63% year-over-year.
- Backlog increased to $439 million, up 24% year-over year.
- Global workforce increased by 295 sequentially to 5,725.
"The strength of our third quarter financial performance reflects our success in implementing our strategy of building a leadership position in targeted business verticals and penetrating key geographic markets, as we continue to grow our global diversified customer base," stated Raviv Zoller, President and Chief Executive Officer of Ness Technologies. "Our record quarterly revenue, as well as operating and net income provide clear evidence of our ability to capitalize on the growing demand for our services while increasing billable headcount and keeping a tight control on expenses."
Ness' third quarter 2005 revenues totaled $97.7 million, an increase of $20.5 million or 27%, compared to $77.2 million in the third quarter of 2004.
Third quarter 2005 operating income increased to $7.7 million, an increase of $2.3 million or 42%, compared to $5.4 million in the third quarter of 2004.
Third quarter 2005 net income increased to $6.0 million, an increase of $2.3 million or 63%, compared to $3.7 million in the third quarter of 2004. Diluted net earnings per share for the third quarter of 2005 were $0.17 compared to $0.14 in the third quarter of 2004. The year-over-year diluted net earnings per share comparison was impacted by the change in share count since the third quarter of 2004, when Ness completed its initial public offering.
Backlog as of September 30, 2005 increased to $439 million, up 24% compared to $354 million as of September 30, 2004.
"We continue to grow our bottom line profitability at a faster pace than our solid top line growth rate. This trend reflects the significant operating leverage we are yielding from our strategic business model on a global basis," stated Ytzhak Edelman, Executive Vice President and Chief Financial Officer, Ness Technologies, Inc. "The initiatives we announced last quarter to reduce our financial expenses are yielding positive and measurable results. We remain dedicated to further reducing our financial expenses and to maintaining a lower level of foreign exchange exposure related to our global operating structure. Overall, we remain focused on further increasing our operating and bottom line profitability."
Guidance
For the fourth quarter 2005 Ness expects to generate revenues in the range of $101 million to $104 million and diluted net earnings per share in the range of $0.17 to $0.20.
The Company is increasing its 2005 annual revenue guidance to a range of $381 million to $384 million, from its previously stated range of $376 million to $381 million, based on the increased revenue contribution expected from Ness Slovakia as result of the Delta acquisition which closed on October 3, 2005.
Full year 2005 diluted net earnings per share guidance remains in the range of $0.63 to $0.66.
Doug
You said: "The important thing is that the stock holders are satisfied with Mr. Jones."
The results and the chart - price from $.40's to $.10's in 2005 speak for themselves. He's THE MAN!
Kelly keep up the good work!!! One week to Q3 results and another measuring stick
Paul/All
I've been saying that for quite some time about L Kelly Jones - way over his head and he is going to run the consolidated company - lol
http://www.investorshub.com/boards/read_msg.asp?message_id=5512106
It is obvious - Kelly has little or no experience running a public company. He is suited to review contracts and defend lawsuits - see below. He started this public company in an effort to make $ in a brewery and somehow it evolved into a defense training company. The main thing he brings to the party is he is a majority shareholder, writes press releases after someone else accomplishes something. In a startup the CEO needs to be more than that IMHO. He does also write nice upbeat letters as followup to the PR's
L. Kelly Jones, age 51, had been chief executive officer and a director of GameCom since March of 1997. He currently sits as VirTra System's chief executive officer and chairman of the board of directors. Mr. Jones graduated from the University of Texas in 1978 with a juris doctorate degree, and from Stephen F. Austin State University in 1975 with a bachelor of arts degree. Mr. Jones founded the law firm Jones & Cannon, which provides legal services for VirTra Systems. In July of 1980. Mr. Jones was certified in the area of commercial real estate law by the Texas Board of Legal Specialization in 1984, and was re-certified in 1989, 1994, and 1999. Mr. Jones' areas of practice include corporate, construction, real estate, municipal law, and commercial litigation. Mr. Jones, who is licensed to practice law in the states of Texas and Colorado, served from 1985 through 1989 on the Arlington City Council, and also served on the Stephen F. Austin State University Board of Regents from 1987 through 1993, where he was chairman from 1991 through 1993.
The Conversion - End of Yr Selling
End of year selling and into 2006...ouch!
http://www.virtrasystems.com/downloads/8k_leaseholders_11-12-2004.pdf
From the 12/13/04 press release: "Of 5.06 million shares to be issued, only 215,280 will be immediately free-trading, while over 4.5 million will be locked up for 12-18 months."
Charlie
Well said.
By the way what is the story with the NASTY letter from L Kelly the lawyer turned CEO???
Nice Gap up today - Earnings Tommorrow
I think we are in for a pleasant surprise. Hopefully we can start a trend of guidance meets or exceeds. Outstanding shares 35M - the stock will move very nicely based on the low float. I see a move over $10 to $11. The move from there is determined by the company's future guidance.
GLTA
Ceres
Happens almost every time Dutchess gets involved with a company - their track record and history is crystal clear