NetSol Technologies Inc. on Tuesday reported profits equal to 6 cents a share – well up from last year’s loss equal to -20 cents a share – for the fiscal second quarter that ended Dec. 31.
The Calabasas software company reported net income of $634,000 compared to a net loss of $2.2 million the same period a year earlier.
Its net revenue was $14.4 million in the second quarter, down from $15.9 million in the same quarter a year earlier. The decrease was attributed to a decrease in license fees of $3.3 million.
Adjusted earnings for the second quarter totaled $2.1 million or 19 cents a diluted share, up from $299,000 or 3 cents in the same quarter a year earlier.
“The fiscal second quarter marked an improvement over Q1 in many ways, most notably in a return to profitability, but it was also affected by a continuation of the same prolonged sales cycles we have experienced over the past several quarters as well,” said Najeeb Ghauri, the company’s founder, chairman and chief executive.
Shares of NetSol (NTWK ) on Wednesday closed up 10 cent or 2 percent to $4.65 on Nasdaq.