NetSol's 4th-Qtr Loss Doubles to $1.5 Mln: 10-K Report Delayed
Calabasas, California, Sept. 28 (Bloomberg) -- NetSol International Inc., a Pakistani software developer, said it expects to report a loss of about $1.5 million for the quarter ended June 30, double that of the year-earlier period. Revenue rose to $2.1 million from $1.8 million.
The Calabasas, California-based company said its annual 10-K report, due to be filed today with the Securities and Exchange Commission, will be delayed two weeks because its independent accountants haven't completed their annual audit. As a result, NetSol's quarterly and fiscal year results are preliminary.
For the fiscal year ended June 30, NetSol's loss doubled to about $3.4 million, or 35 cents a share, from $1.6 million, or 44 cents, on fewer shares, it said.
Revenue rose to about $7 million from $3 million, NetSol said, attributing part of the increase to acquisitions in the United States, Australia, the United Kingdom and Germany.
Company spokeswoman Amy Dolnick said the company wouldn't comment beyond a press release saying its accountants hadn't completed their audit.
NetSol shares gained 3/4 to 14 1/4 in mid-afternoon Nasdaq Stock Market trading. The shares have fallen 44 percent this month, resulting in a paper loss of $23 million for the company's largest shareholder, the Blue Water hedge fund group of Manhasset, New York. It owns 20 percent, or 2.1 million shares of the company.
Sep/28/2000 15:47 ET
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