Netsol Technologies Q3 2014 net revenues dip year over year

NetSol Technologies, Inc. (NASDAQ: NTWK) said it has reported financial results for its fiscal 2014 third quarter ended March 31, 2014.

Comparing the fiscal 2014 third quarter with the fiscal 2013 third quarter:

Total net revenues were USD9.4m, compared with USD12.6m last fiscal year, reflecting lower license sales during the transition to NetSol´s next-generation financing and leasing solution, NFS Ascent.

License revenue was USD2.1m, versus USD4.8m in the same period last year; maintenance revenue increased to USD2.6m from USD2.5m last year; and, service revenue was USD4.7m, versus USD5.3m in the same period last year.

“During the quarter, we made progress with the rollout of our next-generation finance and leasing solution, NFS Ascent, while continuing to invest in our infrastructure to build an engine of growth,” said Najeeb Ghauri, CEO. “The investment in personnel to support our pipeline and cater to each client´s unique needs, wherever they do business, is an absolute necessity to support the long term growth of the company. The visibility we have into our pipeline in the US, Europe, and Asia, and with what we believe to be a superior financing and leasing platform, gives us the confidence to make this strategic investment to strongly position us for the future.”

Headquartered in Calabasas, Calif., NetSol Technologies (www.netsoltech.com) is a worldwide provider of global IT and enterprise application solutions that include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration and technical services for asset finance and leasing in the automotive, insurance, energy and technology markets.

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