Form 8-K NETSOL TECHNOLOGIES INC For: Oct 31

 

 

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): October 31, 2016

 

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 October 31, 2016, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for quarter ended September 30, 2016. The results are posted on the Pakistan 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 October 31, 2016, 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: October 31, 2016	/s/ Najeeb Ghauri
	NAJEEB GHAURI
	Chief Executive Officer
Date: October 31, 2016	/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 quarter ended September 30, 2016.

 

Financial Highlights Q1, 2016-17

 

	●	Revenues increased to PKR 963 million compared to PKR 674 million in corresponding quarter of last fiscal year
	●	Gross profit increased to PKR 360 million versus a gross profit of PKR 139 million in the same period of last fiscal year
	●	Company posted a net profit of PKR 77 million compared to a net loss of 71 million last year

 

Revenues for the quarter ended September 30, 2016 increased to PKR. 963 million compared with PKR 674 million in same quarter of last year. Gross profit increased to PKR 360 million compared to PKR 139 million in the corresponding period. Cost of sales of the company increased from PKR 535 million to PKR 603 million primarily due to hiring of skilled professionals as well as annual salary adjustment. The Company posted a net profit of PKR 77 million or a profit of PKR 0.85 per diluted share in comparison of a net loss of PKR 71 million or a loss of PKR 0.79 per diluted share in the same quarter of fiscal year 2016. Adjusted EBITDA profit was PKR 2.68 per share in the current quarter compared to PKR 1.28 in the same period of last fiscal year.

 

 

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