Current Report Filing (8-k)
September 09 2015 - 4:01PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 9, 2015
Commission
file number: 0-22773
NETSOL
TECHNOLOGIES, INC.
(Exact
name of small business issuer as specified in its charter)
NEVADA |
|
95-4627685 |
(State
or other Jurisdiction of |
|
(I.R.S.
Employer NO.) |
Incorporation
or Organization) |
|
|
24025
Park Sorrento, Suite 410, Calabasas, CA 91302
(Address
of principal executive offices) (Zip Code)
(818)
222-9195 / (818) 222-9197
(Issuer’s
telephone/facsimile numbers, including area code)
Item
2.02 Results of Operations and Financial Condition.
On
September 9, 2015, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of
operations and financial conditions for the year ended June 30, 2015. The results are posted on the Karachi Stock
Exchange. These results represent only the results of one subsidiary of NetSol Technologies, Inc. and are not representative
of the results of the NetSol Technologies, Inc. on a consolidated basis.
The
information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not
be incorporated by reference into any registration statement or other document field under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Exhibits
99.1 Earnings
Announcement for September 9, 2015 for NetSol Technologies Ltd.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
NETSOL
TECHNOLOGIES, INC. |
|
|
Date: September
9, 2015 |
/s/
Najeeb Ghauri |
|
NAJEEB
GHAURI |
|
Chief
Executive Officer |
Date: September
9, 2015 |
/s/
Roger Almond |
|
ROGER
ALMOND |
|
Chief
Financial Officer |
EXHIBIT
99.1
NetSol
Technologies Limited Pakistan, (“NetSol PK”), a majority owned subsidiary of NetSol Technologies, Inc. servicing the
Asia-Pacific region, today announced financial results for the year ended June 30, 2015.
Financial
Highlights for the Fiscal Year ended June 30, 2015
|
● |
Revenues
increased to PKR 2,700 million compared to PKR 1,831 million in corresponding fiscal year |
|
|
|
|
● |
Company’s
gross profit improved to PKR 533 million in comparison with PKR 17 million in the previous fiscal year |
|
|
|
|
● |
Company
posted a net loss of PKR 187 million compared to a net loss of 619 million last year |
|
|
|
|
● |
Adjusted
EBITDA profit per diluted share was PKR 7.54 versus an EBITDA profit of PKR 1.79 in fiscal 2014 |
Revenues
for the year ended June 30, 2015 increased to PKR. 2,700 million compared with PKR 1,831 million in last year. The increase in
revenues is primarily due to increase in customization and enhancement requests from the existing customers for our legacy system.
In addition to it, the Company has also recorded license and services revenue of more than PKR 500 million against the implementation
of NFS Ascent at a customer site in Indonesia. Gross profit of the company was PKR 533 million compared to PKR 17 million in the
comparative quarter of last fiscal year. The company posted a net loss of PKR 187 million or a loss of PKR 2.09 per diluted share
in comparison of a net loss of PKR 619 million or PKR 6.98 per diluted share in fiscal 2014. Adjusted EBITDA profit was PKR 7.54
per share in the current fiscal year compared to an EBITDA profit of PKR 1.79 in the last fiscal year.
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