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 15, 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
Incorporation or Organization) |
(I.R.S.
Employer NO.) |
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
15, 2015, NetSol Technologies, Inc. issued a press release announcing results of operations and financial conditions for the year
ended June 30, 2015. The press release is furnished as Exhibit 99.1 to this Form 8-K.
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 | News
Release dated September 15, 2015 |
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
15, 2015 |
/s/ Najeeb
Ghauri |
|
|
|
NAJEEB
GHAURI |
|
Chief
Executive Officer |
|
|
Date: September
15, 2015 |
/s/Roger Almond |
|
|
|
Roger
Almond |
|
Chief
Financial Officer |
|
Investor
Contacts: |
|
PondelWilkinson |
Roger
Pondel | Matt Sheldon |
investors@netsoltech.com |
(310)
279-5980 |
|
|
|
Media
Contacts: |
|
|
|
PondelWilkinson |
|
George
Medici | gmedici@pondel.com |
|
(310)
279-5968 |
NETSOL
TECHNOLOGIES REPORTS RECORD FISCAL 2015
Fourth-QUARTER
and Full Year REVENUE
Total
Revenue for the Fourth Quarter rose 61% to a Record $15.4 Million,
and
Increased 40% for the Fiscal Year to $51.0 Million
Fiscal
2015 EBITDA Increased to $5.0 Million or $0.52 per Adjusted Diluted Share; Fiscal 2015 GAAP
Loss Cut in Half to $5.5 Million from
$11.4 Million Last Year
Conference
Call Scheduled Today at 11:30 a.m. ET (8:30 a.m. PT)
CALABASAS,
Calif. – September 15, 2015 – NetSol Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise
application solutions provider, today reported non-GAAP adjusted diluted earnings per share for the fourth fiscal quarter ended
June 30, 2015 of $0.26, compared with a loss of $0.36 in same quarter last year. Total revenue for the fourth quarter rose 61%
to a record $15.4 million from $9.5 million last year. GAAP loss per share for the 2015 fourth quarter narrowed to $0.07, from
a loss of $0.79 in fourth quarter last year.
“We
are proud to have achieved record revenue for the quarter and year, underscoring the momentum we have built into our business,”
said Najeeb Ghauri, CEO of NetSol. “Much of the investment we made into personnel and infrastructure was done not just to
get back to where we were, but to greatly exceed it.
“Looking
forward, our confidence stems from implementations underway for both NFS AscentTM and NFSTM, continued customization
requests and upgrades, and other large value contracts in our new and growing business pipeline that remain in deep discussion,”
added Ghauri.
Fiscal
2015 Fourth-Quarter Financial Results
The
following comparison refers to results for the fiscal 2015 fourth quarter versus the fiscal 2014 fourth quarter.
Total net
revenues for the fourth quarter rose 61% to a record $15.4 million from $9.5 million last year.
| ● | License
fees rose to $1.4 million from $607,000, related to the mix of sales between NFS TM and NFS Ascent
TM; |
| ● | Maintenance
fees increased to $3.2 million from $2.6 million last year; |
| ● | Services
revenue increased to $8.2 million from $4.8 million last year; and |
| ● | Services
revenue - related party advanced to $2.4 million from $1.4 million last year. |
Following
is additional detail for the quarter:
| ● | Increase
in cost of revenues, related to higher employee count, as well as the timing of salary
increases. Gross profit was $5.1 million, compared with a loss of 358,000. |
| ● | Operational
expenses decreased $1.9 million. The year-over-year decrease related to a bad debt expense
of $1 million in the fourth quarter of 2014, and a reduction in the allowance for doubtful
accounts by $435,000, in the fourth quarter of 2015. |
Fiscal
2015 Full Year Financial Results
The following
comparison refers to results for the 2015 fiscal year versus the 2014 fiscal year.
For the
full fiscal 2015 year, total net revenues rose 40% to $51.0 million from $36.4 million for the same period last year.
| ● | License
fees increased to $6.3 million from $5.4 million, related to the mix of sales between
NFS TM and NFS Ascent TM, |
| ● | Maintenance
fees rose to $12.2 million from $10.0 million last year; |
| ● | Services
revenue improved to $24.8 million from $15.2 million last year. The increase was related
to services provided to new customers both for the implementation of the legacy systems
and for the implementation of NFS Ascent, as well as additional services provided to
existing customers; and |
| ● | Services
revenue - related party rose to $7.3 million from $5.2 million last year. |
The company
reported a lower GAAP net loss of $5.5 million, or $0.57 per share, compared with a GAAP net loss of $11.4 million, or $1.25 per
share, in the comparable period last year.
Adjusted
EBITDA (a non-GAAP measure) for fiscal 2015 improved to $5.0 million, or $0.52 per adjusted diluted share, which removed $10.3
million in depreciation and amortization. This compares with adjusted EBITDA loss of $2.3 million, or $0.25 per adjusted share,
last year, which removed $8.7 million in depreciation and amortization. The reconciliation of adjusted EBITDA to net income, the
most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial
tables at the end of this press release.
At June
30, 2015, cash and cash equivalents increased to $14.2 million from $11.5 million at June 30, 2014.
“We
are confident as we look ahead with building traction in Europe, where we enhanced our strategic position, continued growth in
APAC, and steady progress in North America where we recently added to our team,” Ghauri said. “In addition, we remain
encouraged about our prospects in China as the relaxation of restrictions for new finance and leasing market entrants provide
an opportunity to expand market share. These companies require a system regardless of short term economic matters, and like us,
are focused on the long term opportunity as adoption of finance and leasing becomes a larger part of purchasing. We have a long
way left to grow, and anticipate solid growth in the coming year and beyond.”
Fiscal
2015 Fourth Quarter Conference Call
|
When: |
Tuesday,
September 15, 2015 |
|
Time: |
11:30 a.m.
Eastern Time |
|
Phone: |
1- 888-503-8175
(domestic) |
|
|
1-719-325-2354
(international) |
A live webcast
will be available online within the investor relations section of NetSol’s website at http://www.netsoltech.com. A replay
of the webcast will be available one hour following conclusion of the live call, and will be archived for 90 days.
To sign
up to receive news alerts and regulatory filing notifications, please visit http://ir.netsoltech.com/email-alerts.
About
NetSol Technologies
NetSol Technologies,
Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and financing
industry. The Company’s suite of applications are backed by 40 years of domain expertise and supported by a committed team
of more than 1000 professionals placed in eight strategically located support and delivery centers throughout the world.
Forward-Looking
Statements
This
press release may contain forward-looking statements relating to the development of the Company’s products and services
and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that
could cause actual results to differ materially from those projected. The words “expects,” “anticipates,”
variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are
not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.
Factors that could affect the Company’s actual results include the progress and costs of the development of products and
services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update
or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard
thereto or any change in events, conditions or circumstances upon which any statement is based.
(Tables
Follow)
###
NetSol
Technologies, Inc. and Subsidiaries
Consolidated
Balance Sheets
| |
2015 | | |
2014 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 14,168,957 | | |
$ | 11,462,695 | |
Restricted cash | |
| 90,000 | | |
| 2,528,844 | |
Accounts receivable, net of allowance of 524,565 and 1,088,172 | |
| 6,480,344 | | |
| 5,219,275 | |
Accounts receivable, net - related party | |
| 3,491,899 | | |
| 2,416,500 | |
Revenues in excess of billings | |
| 5,251,005 | | |
| 2,377,367 | |
Revenues in excess of billings - related party | |
| 16,270 | | |
| - | |
Other current assets | |
| 2,012,190 | | |
| 2,857,879 | |
Total current assets | |
| 31,510,665 | | |
| 26,862,560 | |
Property and equipment, net | |
| 25,119,634 | | |
| 29,721,128 | |
Intangible assets, net | |
| 22,815,467 | | |
| 28,803,018 | |
Goodwill | |
| 9,516,568 | | |
| 9,516,568 | |
Total assets | |
$ | 88,962,334 | | |
$ | 94,903,274 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 5,952,561 | | |
$ | 5,234,887 | |
Current portion of loans and obligations under capitalized leases | |
| 3,896,353 | | |
| 5,791,258 | |
Unearned revenues | |
| 4,803,485 | | |
| 3,192,203 | |
Unearned revenues - related party | |
| 93,842 | | |
| 47,649 | |
Common stock to be issued | |
| 88,324 | | |
| 347,518 | |
Total current liabilities | |
| 14,834,565 | | |
| 14,613,515 | |
Long term loans and obligations under capitalized leases; less current maturities | |
| 487,492 | | |
| 1,532,080 | |
Total liabilities | |
| 15,322,057 | | |
| 16,145,595 | |
Commitments and contingencies | |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, $.01 par value; 500,000 shares authorized; | |
| - | | |
| - | |
Common stock, $.01 par value; 14,500,000 shares authorized; 10,307,826 shares issued and 10,280,547 outstanding as of June 30, 2015 and 9,150,889 shares issued and 9,123,610 outstanding as of June 30, 2014 | |
| 103,078 | | |
| 91,509 | |
Additional paid-in-capital | |
| 119,209,807 | | |
| 115,394,097 | |
Treasury stock (27,279 shares) | |
| (415,425 | ) | |
| (415,425 | ) |
Accumulated deficit | |
| (40,726,121 | ) | |
| (35,177,303 | ) |
Stock subscription receivable | |
| (1,204,603 | ) | |
| (2,280,488 | ) |
Other comprehensive loss | |
| (17,167,100 | ) | |
| (14,979,223 | ) |
Total NetSol stockholders’ equity | |
| 59,799,636 | | |
| 62,633,167 | |
Non-controlling interest | |
| 13,840,641 | | |
| 16,124,512 | |
Total stockholders’ equity | |
| 73,640,277 | | |
| 78,757,679 | |
Total liabilities and stockholders’ equity | |
$ | 88,962,334 | | |
$ | 94,903,274 | |
NetSol
Technologies, Inc. and Subsidiaries
Consolidated
Statement of Operations
| |
For the Three Months | | |
For the Year | |
| |
Ended June 30, | | |
Ended June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Net Revenues: | |
| | | |
| | | |
| | | |
| | |
License fees | |
$ | 1,428,520 | | |
$ | 606,855 | | |
$ | 6,328,989 | | |
$ | 5,433,053 | |
Maintenance fees | |
| 3,232,833 | | |
| 2,583,097 | | |
| 12,196,073 | | |
| 10,034,681 | |
Services | |
| 8,177,176 | | |
| 4,826,730 | | |
| 24,827,822 | | |
| 15,230,708 | |
Maintenance fees - related party | |
| 158,428 | | |
| 140,498 | | |
| 395,951 | | |
| 492,535 | |
Services - related party | |
| 2,397,951 | | |
| 1,389,529 | | |
| 7,299,743 | | |
| 5,193,826 | |
Total net revenues | |
| 15,394,908 | | |
| 9,546,709 | | |
| 51,048,578 | | |
| 36,384,803 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Salaries and consultants | |
| 5,978,904 | | |
| 5,095,105 | | |
| 19,289,536 | | |
| 15,621,806 | |
Travel | |
| 602,575 | | |
| 614,745 | | |
| 2,374,864 | | |
| 1,705,554 | |
Depreciation and amortization | |
| 2,822,045 | | |
| 3,326,784 | | |
| 8,336,857 | | |
| 6,844,588 | |
Other | |
| 890,461 | | |
| 868,308 | | |
| 3,020,107 | | |
| 3,548,392 | |
Total cost of revenues | |
| 10,293,985 | | |
| 9,904,942 | | |
| 33,021,364 | | |
| 27,720,340 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 5,100,923 | | |
| (358,233 | ) | |
| 18,027,214 | | |
| 8,664,463 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling and marketing | |
| 1,673,064 | | |
| 1,539,433 | | |
| 6,092,530 | | |
| 4,572,108 | |
Depreciation and amortization | |
| 437,054 | | |
| 534,770 | | |
| 2,006,957 | | |
| 1,886,148 | |
General and administrative | |
| 3,193,945 | | |
| 5,156,999 | | |
| 14,778,641 | | |
| 15,046,328 | |
Research and development cost | |
| 84,152 | | |
| 70,850 | | |
| 314,892 | | |
| 249,712 | |
Total operating expenses | |
| 5,388,215 | | |
| 7,302,052 | | |
| 23,193,020 | | |
| 21,754,296 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (287,292 | ) | |
| (7,660,285 | ) | |
| (5,165,806 | ) | |
| (13,089,833 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income and (expenses) | |
| | | |
| | | |
| | | |
| | |
Loss on sale of assets | |
| 9,501 | | |
| (39,778 | ) | |
| (64,598 | ) | |
| (229,805 | ) |
Interest expense | |
| (1,370 | ) | |
| (85,447 | ) | |
| (166,962 | ) | |
| (255,677 | ) |
Interest income | |
| 70,341 | | |
| 74,325 | | |
| 331,432 | | |
| 261,251 | |
Gain (loss) on foreign currency exchange transactions | |
| 135,937 | | |
| (248,493 | ) | |
| (453,770 | ) | |
| 50,777 | |
Share of net loss from equity investment | |
| - | | |
| (175,151 | ) | |
| - | | |
| (545,483 | ) |
Other income | |
| 58,380 | | |
| 54,919 | | |
| 684,030 | | |
| 50,578 | |
Total other income (expenses) | |
| 272,789 | | |
| (419,625 | ) | |
| 330,132 | | |
| (668,359 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss before income taxes | |
| (14,503 | ) | |
| (8,079,910 | ) | |
| (4,835,674 | ) | |
| (13,758,192 | ) |
Income tax provision | |
| (178,341 | ) | |
| (16,453 | ) | |
| (413,498 | ) | |
| (338,282 | ) |
Net loss from continuing operations | |
| (192,844 | ) | |
| (8,096,363 | ) | |
| (5,249,172 | ) | |
| (14,096,474 | ) |
Income from discontinued operations | |
| - | | |
| - | | |
| - | | |
| 1,158,752 | |
Net loss | |
| (192,844 | ) | |
| (8,096,363 | ) | |
| (5,249,172 | ) | |
| (12,937,722 | ) |
Non-controlling interest | |
| (514,534 | ) | |
| 880,272 | | |
| (299,646 | ) | |
| 1,581,675 | |
Net loss attributable to NetSol | |
$ | (707,378 | ) | |
$ | (7,216,091 | ) | |
$ | (5,548,818 | ) | |
$ | (11,356,047 | ) |
| |
| | | |
| | | |
| | | |
| | |
Amount attributable to NetSol common shareholders: | |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations | |
$ | (707,378 | ) | |
$ | (7,216,091 | ) | |
$ | (5,548,818 | ) | |
$ | (12,514,799 | ) |
Income from discontinued operations | |
| - | | |
| - | | |
| - | | |
| 1,158,752 | |
Net loss | |
$ | (707,378 | ) | |
$ | (7,216,091 | ) | |
$ | (5,548,818 | ) | |
$ | (11,356,047 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share: | |
| | | |
| | | |
| | | |
| | |
Net loss per share from continuing operations: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.07 | ) | |
$ | (0.79 | ) | |
$ | (0.57 | ) | |
$ | (1.38 | ) |
Diluted | |
$ | (0.07 | ) | |
$ | (0.79 | ) | |
$ | (0.57 | ) | |
$ | (1.38 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income per share from discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 0.13 | |
Diluted | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.07 | ) | |
$ | (0.79 | ) | |
$ | (0.57 | ) | |
$ | (1.25 | ) |
Diluted | |
$ | (0.07 | ) | |
$ | (0.79 | ) | |
$ | (0.57 | ) | |
$ | (1.25 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 10,194,180 | | |
| 9,150,101 | | |
| 9,728,122 | | |
| 9,063,345 | |
Diluted | |
| 10,194,180 | | |
| 9,150,101 | | |
| 9,728,122 | | |
| 9,063,345 | |
NetSol
Technologies, Inc. and Subsidiaries
Consolidated
Statement of Cash Flows
| |
2015 | | |
2014 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (5,249,172 | ) | |
$ | (12,937,722 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 10,343,814 | | |
| 8,730,736 | |
Provision for bad debts | |
| (434,928 | ) | |
| 1,023,796 | |
Share of net loss from investment under equity method | |
| - | | |
| 545,483 | |
Loss on sale of assets | |
| 64,598 | | |
| 229,805 | |
Gain on sale of subsidiary | |
| - | | |
| (1,870,871 | ) |
Stock issued for services | |
| 1,375,149 | | |
| 1,076,610 | |
Fair market value of warrants and stock options granted | |
| 622,488 | | |
| 189,937 | |
Impairment of goodwill | |
| - | | |
| 136,762 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (871,959 | ) | |
| 7,094,977 | |
Accounts receivable - related party | |
| (1,179,931 | ) | |
| (309,773 | ) |
Revenues in excess of billing | |
| (2,997,449 | ) | |
| 12,825,849 | |
Revenues in excess of billing - related party | |
| (16,281 | ) | |
| - | |
Other current assets | |
| 580,618 | | |
| 216,357 | |
Accounts payable and accrued expenses | |
| 726,700 | | |
| 1,060,832 | |
Unearned revenue | |
| 2,064,694 | | |
| 574,475 | |
Unearned revenue - related party | |
| 49,941 | | |
| 47,649 | |
Net cash provided by operating activities | |
| 5,078,282 | | |
| 18,634,902 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (3,558,712 | ) | |
| (13,236,136 | ) |
Sales of property and equipment | |
| 1,102,615 | | |
| 88,641 | |
Sale of subsidiary | |
| - | | |
| 1,810,700 | |
Purchase of non-controlling interest in subsidiaries | |
| (577,222 | ) | |
| (17,852 | ) |
Increase in intangible assets | |
| - | | |
| (3,385,151 | ) |
Net cash used in investing activities | |
| (3,033,319 | ) | |
| (14,739,798 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from sale of common stock | |
| 2,294,599 | | |
| - | |
Proceeds from the exercise of stock options and warrants | |
| 191,400 | | |
| 709,435 | |
Proceeds from exercise of subsidiary options | |
| 12,185 | | |
| 356,029 | |
Restricted cash | |
| 2,438,844 | | |
| (653,607 | ) |
Dividend paid by subsidiary to Non controlling interest | |
| (806,937 | ) | |
| (1,008,543 | ) |
Proceeds from bank loans | |
| 1,410,313 | | |
| 3,244,382 | |
Payments on capital lease obligations and loans - net | |
| (4,079,174 | ) | |
| (2,880,840 | ) |
Net cash provided by (used in) financing activities | |
| 1,461,230 | | |
| (233,144 | ) |
Effect of exchange rate changes | |
| (799,931 | ) | |
| (73,583 | ) |
Net increase in cash and cash equivalents | |
| 2,706,262 | | |
| 3,588,377 | |
Cash and cash equivalents, beginning of the period | |
| 11,462,695 | | |
| 7,874,318 | |
Cash and cash equivalents, end of period | |
$ | 14,168,957 | | |
$ | 11,462,695 | |
NetSol
Technologies, Inc. and Subsidiaries
Reconciliation
to GAAP
| |
Three Months | | |
Three Months | | |
Year | | |
Year | |
| |
Ended | | |
Ended | | |
Ended | | |
Ended | |
| |
June 30, 2015 | | |
June 30, 2014 | | |
June 30, 2015 | | |
June 30, 2014 | |
| |
| | |
| | |
| | |
| |
Net Income (loss) before preferred dividend, per GAAP | |
$ | (707,378 | ) | |
$ | (7,216,091 | ) | |
$ | (5,548,818 | ) | |
$ | (11,356,047 | ) |
Income Taxes | |
| 178,341 | | |
| 16,453 | | |
| 413,498 | | |
| 338,282 | |
Depreciation and amortization | |
| 3,259,099 | | |
| 3,861,554 | | |
| 10,343,814 | | |
| 8,730,736 | |
Interest expense | |
| 1,370 | | |
| 85,447 | | |
| 166,962 | | |
| 255,677 | |
Interest (income) | |
| (70,341 | ) | |
| (74,325 | ) | |
| (331,432 | ) | |
| (261,251 | ) |
EBITDA | |
$ | 2,661,091 | | |
$ | (3,326,962 | ) | |
$ | 5,044,024 | | |
$ | (2,292,603 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average number of shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 10,194,180 | | |
| 9,150,101 | | |
| 9,728,122 | | |
| 9,063,345 | |
Diluted | |
| 10,194,180 | | |
| 9,150,101 | | |
| 9,728,122 | | |
| 9,063,345 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EBITDA | |
$ | 0.26 | | |
$ | (0.36 | ) | |
$ | 0.52 | | |
$ | (0.25 | ) |
Diluted EBITDA | |
$ | 0.26 | | |
$ | (0.36 | ) | |
$ | 0.52 | | |
$ | (0.25 | ) |
Although
the net EBITDA income is a non-GAAP measure of performance, we are providing it because we believe it to be an important supplemental
measure of our performance that is commonly used by securities analysts, investors, and other interested parties in the evaluation
of companies in our industry. It should not be considered as an alternative to net income, operating income or any other financial
measures calculated and presented, nor as an alternative to cash flow from operating activities as a measure of our liquidity.
It may not be indicative of the Company’s historical operating results nor is it intended to be predictive of potential
future results.
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