NetSol Technologies, Inc., global provider of financial and other enterprise software solutions and business services, today released positive first quarter 2009 financial results. Quarterly revenues increased 7.5%, to $9.3 million, over the same period last year. Part of this was due to a 33% increase in license fees to $2.5 million. In addition, GAAP net income increased approximately 18%, to $1.0 million, from the same period last year.
Another measure of the company’s operating trends is EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). NetSol reported EBITDA of $2.3 million for the quarter, a 21% increase over the $1.9 million figure for the same period last year.
As a result of the new figures, NetSol is adjusting fiscal 2009 financial guidance to annual revenue growth of between 20% to 25% over fiscal 2008.
NetSol Chairman and CEO, Najeeb Ghauri, commented on the growth, during what is normally a slow quarter for the company. “Our year-over-year growth in fiscal first quarter 2009 revenue, net income and EBITDA are based on the strength offered by our comprehensive range of cost effective IT solutions as well as the geographic diversity of our global customer base and client delivery platform. NetSol experienced solid growth in license fees within our core NetSol Financial Suite (NFS) as well as rising interest for our Global Business Services, in what is historically our seasonally slowest quarter of the fiscal year, and despite a challenging global economic environment.”
“During the quarter, we secured and expanded a number of high value customer relationships including Nissan Financial Services and a new global frame agreement with Daimler Financial Services, extending NetSol’s relationship with its longest standing customer to additional international markets. We have also made significant progress in terms of establishing additional business drivers to help fuel our growth strategy for fiscal 2009 and beyond,” he continued.
NetSol, based in California, has offices in London, San Francisco, Sydney, Beijing, Bangkok, and Lahore. It is one of only 100 companies worldwide to achieve ISO 9001, ISO 279001, and SEI (Software Engineering Institute) CMMI Level 5 assessments.
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