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NetSol Technologies Inc. (NTWK) Issues Strong FY 09 Guidance

NetSol Technologies, Inc. (NTWK), a developer and provider of software solutions for finance and leasing industries worldwide, announced solid sales and earnings forecasts for fiscal year 2009 this morning. The company anticipates revenues to grow 30% to 35% over 2008, and net income is forecasted to be between 40 cents and 45 cents for the full year.

“We anticipate a strong financial performance in fiscal 2009 based on the combined strength of NetSol’s global operating divisions. The main impetus driving this robust outlook for revenue and profitability growth remains our strong new business pipeline and contract backlog,” stated Najeeb Ghauri, NetSol chairman and chief executive officer.

“We are well positioned in our space and continue to forecast solid growth based on the breadth of our service offering as well as the geographic diversity of our global customer base. High on-shore costs, especially in the U.S. and Europe, are driving more companies to seek the benefits of NetSol’s low cost and high quality products and services. With the repositioning and investment in our new North American sales teams and our global BestShoring business model in place our strategy is designed to leverage the unique capabilities of our global team of subject matter/domain experts and infrastructure to support our flagship products and customers while ensuring an experienced local project management presence dedicated to each deployment,” concluded Mr. Ghauri.

Shares of NTWK closed at $3.15 on Friday and have traded in a 52-week range of $1.41 to $4.64. The stock gained 10.6% last week in anticipation of this morning’s guidance announcement. Shares are bid 8% higher in pre-market trading on volume of 49,000 shares.

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