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NetSol Technologies Inc. (NTWK) Posts Positive Q4 and FY2008 Financials; Plans to Diversify Customer Base for Global Expansion

NetSol Technologies Inc. (Nasdaq: NTWK), a worldwide provider of global business services and enterprise application solutions, yesterday announced its fourth quarter and full year 2008 financial results for the fiscal year ended June 30, 2008, posting new quarterly and annual records.

Netsol reported fourth-quarter revenues rose 23 percent to $10.5 million, up from the $8.6 million reported for the fourth quarter of 2007. GAAP net income rose $2.1 million, or 8 cents per fully diluted share, as compared to $1.3 million, or 7 cents per fully diluted share, for the same period last year.

“The strength of our core NetSol financial suite of products helped drive double-digit annual growth in license, service and maintenance revenues. This was complemented by the rollout of our new BestShoring business model and Global Business Services platform which reflect our continued focus on meeting our international clients’ needs for local expertise matched with high quality offshore delivery capabilities,” Najeeb Ghauri, NetSol Technologies chairman and CEO stated in the press release. “We continue to diversify our revenue streams geographically as well as by customer focus as we expand NetSol’s presence globally, while also meeting our financial growth objectives.”

The company also reiterated its fiscal 2009 guidance, estimating revenue growth between 30 percent and 35 percent over 2008.

“We are reiterating our fiscal year 2009 financial guidance and believe that our current business backlog, strong pipeline, expanded product and service offerings, combined with our 2009 strategic growth initiatives, will provide a solid platform to meet these ambitious goals,” Ghuari stated. “Overall, we continue to focus on diversifying our customer base and client delivery centers to support our global growth initiatives. I am extremely pleased with our fiscal 2008 performance and believe NetSol has never been better positioned as we look to leverage the opportunities we are seeing in the international markets for fiscal 2009.”

NetSol reported revenues for the fiscal year 2008 were up 25 percent to $36.6 million, as compared to $29.3 million for 2007.

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