Form 8-K NETSOL TECHNOLOGIES INC For: Sep 13

 

 

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 13, 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 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 9, 2016, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for fiscal year ended June 30, 2016. 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 June 30, 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:  September 13, 2016	/s/ Najeeb Ghauri
	NAJEEB GHAURI
	Chief Executive Officer
Date:  September 13, 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 June 30, 2016.

 

Financial Highlights for the Fiscal Year June 30, 2016

 

	●	Revenues increased to PKR 3,216 million compared to PKR 2,700 million in corresponding fiscal year.
	●	Company’s gross profit improved to PKR 934 million in comparison with PKR 533 million in the previous fiscal year.
	●	Company posted a net profit of PKR 52 million compared to a net loss of 187 million last year.
	●	Adjusted EBITDA profit per diluted share was PKR 9.16 versus an EBITDA profit of PKR 7.54 in fiscal 2015.

 

Revenues for the year ended June 30, 2016 increased to PKR 3,216 million compared with PKR 2,700 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. Company has also recorded license and services revenue of approximately PKR 529 million against the implementation of NFS Ascent at four different sites out of the twelve sites announced during the current year. Gross profit of the company was PKR 934 million compared to PKR 533 million in the comparative last fiscal year. Cost of sales of the company has increased during the current fiscal year due to annual salary raise. The company posted a net profit of PKR 52 million or a profit of PKR 0.58 per diluted share in comparison of a net loss of PKR 187 million or loss of PKR 2.09 per diluted share in fiscal 2015. Adjusted EBITDA profit was PKR 9.16 per share in the current fiscal year compared to PKR 7.54 in the last fiscal year.

 

 

 

 

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