NetSol International Inc. (NTWK)

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NetSol Technologies Announces Third Quarter Fiscal Year 2010 Financial Results, Highlighted by a 78% Increase in Sales, Improved

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Third Quarter Fiscal Year 2010 Consolidated Financial Highlights

* Revenues for the fiscal year 2010 third quarter totaled $8.9 million, up from $5 million for the same period year-over-year, representing an increase of $3.9 million, or 77.8%.


* Net income per share totaled $0.02 versus a loss ($0.19) for the same period a year ago.


* Net revenues from license fees totaled $3.64 million, an increase of 1,022% versus the same period a year ago.


* 100% sequential growth in the core NetSol Financial Suite™ license sales.


* Gross margin increased to 61.3% compared to 10.7% in the same period a year ago.


* Operating income increased to $2.58 million as compared to an operating loss of $4.26 million in the same period a year ago.


* EBITDA totaled $1.9 million or $0.05 per diluted share, versus an EBITDA loss of $3.5 million, or a loss of ($0.13) per diluted share, in the year-ago period.


* The Company reiterates previous guidance for fiscal year 2010 projecting revenues in the range of $33.0 million and $35.0 million, representing full-year revenue growth of between 25% and 32% over fiscal year 2009. The Company projects a return to GAAP net income for fiscal year 2010, versus a GAAP net loss of $0.30 per diluted share for fiscal year 2009. License revenues for fiscal year 2010 are projected to increase more than 100% over fiscal year 2009.

Nine-Months Ended March 31, 2010

* Revenues for the nine months ended March 31, 2010 totaled $26.1 million up from $19.6 million for the same period year-over-year representing an increase of $6.5 million or 33%.


* Net revenues from license fees totaled $9.52 million, up from $3.50 million for the same period year-over-year, representing an increase of $6.01 million, or 171.6%.


* Gross margin increased to 59.3% compared to 34.1% in the same period a year ago.


* Operating income increased to $5.42 million as compared to an operating loss of $5.95 million in the same period a year ago.


* EBITDA totaled $4.07 million, or $0.12 per diluted share, versus an EBITDA loss of $3.04 million, or a loss of ($0.11) per diluted share, in the same period a year-ago.