Earnings Roundup: ASGN, NetSol, Cinedigm Report

ASGN Inc., which provides IT and professional services, on Wednesday reported a big gain in fourth quarter revenue but earnings that slightly missed expectations. Net income for the Calabasas company formerly known as On Assignment was $45.9 million (86 cents a diluted share). Analysts expected a penny more per share. Revenue was $930 million, up 37 percent from the previous year and higher than analysts expected. ASGN’s stock (ASGN) on Wednesday closed up $1.60, or about 2.5 percent, to $66.77 on the New York Stock Exchange. Earnings were announced after the market closed, and in early trading after hours, the stock dropped more than 4 percent. Netsol Technologies Inc. improved its financial results in the fiscal second quarter. The Calabasas software developer for the vehicle and equipment leasing markets on Wednesday reported net income of $2.9 million (25 cents a share) for the quarter ending Dec. 31. That’s well up from net income of $634,421 (6 cents) in the same period a year earlier. Revenue was $17 million, up from $14.4 million in the same period a year earlier. No analysts follow the company. Shares of Netsol (NTWK) closed down 11 cents, or just less than 2 percent, to $6.80 on the Nasdaq. Cinedigm Corp. matched Wall Street estimates on earnings and revenue in its fiscal third quarter. The Sherman Oaks entertainment content distributor on Wednesday reported a net loss of $3.3 million (-9 cents a share) for the quarter ending Dec. 31. That compares to a net loss of $5.9 million (-20 cents) in the same period a year earlier. Revenue was $14.6 million, down from $18.5 million in the same quarter the previous year. Analysts on average expected earnings equal to -9 cents on revenue of $14 million, according to Thomson Financial Network. Cinedigm announced its earnings after the market closed. Shares in Cinedigm (CIDM) on Wednesday closed up 15 cents, or more than 14 percent, to $1.20 on the Nasdaq.