NetSol Moves to ProfitTuesday, September 4, 2012
Shares of NetSol Technologies Inc. rose 6 percent on Tuesday after the information technology services provider said it moved to a profit in the fourth quarter on higher revenue.
The Calabasas company, which offers credit and finance management for the financial, leasing and technology markets, reported net income of $1.9 million (25 cents a share), compared with a net loss of $1.1 million (-19 cents) in the same period a year earlier.
Revenue jumped 180 percent to $14.3 million, higher than the company’s own guidance of $11.6 million to $12.6 million.
"The cadence of revenue growth has been strong, amplified by higher demand for our core enterprise solutions on a global basis," Chief Executive Najeeb Ghauri said in a statement. "Thus far into fiscal 2013, we are experiencing continued strong momentum that we anticipate would translate to steady growth for our business and solid returns for our shareholders."
NetSol regained compliance with Nasdaq listing requirements last week after completing a 1-for-10 reverse split of its common stock. Shares on Tuesday closed up 28 cents to $4.90, about 4 percent below its post-split high of $5.10 on Aug. 13.