The Calabasas software developer for the vehicle and equipment leasing markets reported net income of $718,000 (6 cents a share) for the quarter ending Sept. 30, compared with a net loss of $1.8 million (-16 cents) in the same period a year earlier. Revenue dropped by 7 percent to $12.6 million.
The company attributed the revenue drop to a decrease in total license fees of $2.5 million, which was offset by an increase in subscription and support revenues of $565,000 and an increase in total service revenues of $970,000.
The single analyst following the company estimated revenue at $14.5 million, according to Thomson Financial Network. There was no estimate on earnings.
The company reported results before markets opened. Shares of NetSol (NTWK) closed Monday up 10 cents, or about 3.7 percent, to $2.80 on the Nasdaq, on a day when that market closed up less than 1 percent.
Tix Corp. narrowly widened its net loss in the third quarter as the coronavirus pandemic continued to affect its operations.
The Studio City discount ticket seller in Las Vegas reported on Monday a net loss of $1.1 million (-6 cents a share) for the quarter ending Sept. 30, compared to a net loss of $1 million (-6 cents) in the same period a year earlier. The company had no revenue during the third quarter.
No analysts follow the company.
The coronavirus outbreak resulted in Tix closing its nine ticket booths in Las Vegas in March after all the hotels shut down their shows, dining and entertainment. Most hotels have since reopened and are offering shows and dining on a limited basis.
“We are continually monitoring the Las Vegas entertainment marketplace to determine when and if we will be able to commence viable operations again,” the company said in a release.
The company said that it is in default on most of its operating leases with past due payments totaling about $810,000.
“The company is in discussions with its landlords to restructure its leases,” the company said in its release.
The company reported results before markets opened. Shares of Tix (TIXC) closed Monday at nearly 22 cents on the over-the-counter market.