NetSol Technologies, Inc., a worldwide provider of global IT and enterprise application solutions, today reported financial results for its fiscal 2012 first quarter ended September 30, 2011.
Total revenue was $6.2 million for the first quarter of fiscal 2012, compared with $8.4 million for the same period last year, primarily reflecting a more prolonged sales cycle amid global economic challenges.
License revenue totaled $1.1 million for the fiscal 2012 first quarter, versus $3.5 million for the fiscal 2011 first quarter. Maintenance revenue increased to $2.0 million, from $1.7 million in the prior year period. Services revenue was $3.1 million, compared with $3.3 million for the first quarter of fiscal 2011.
"Macroeconomic uncertainty continued to delay contracts, which affected licensing revenues in the first quarter," said Najeeb Ghauri, chairman and CEO of NetSol. "However, our pipeline remains robust, and a number of new initiatives, including the marketing of smartOCI in the United States and Europe, along with the introduction of our LeasePak-SaaS cloud-based product, are promising additional revenue streams for NetSol."
Operating expenses for the fiscal 2012 first quarter were $3.0 million, compared with $3.2 million for the fiscal 2011 first quarter. Operating loss for the first quarter of fiscal 2012 was $826,000, compared with operating income of $2.0 million in the first quarter of fiscal 2011.
Net loss for the first quarter of fiscal 2012 was $1.5 million compared with net income of $1.6 million, or in the first quarter of fiscal 2011.