Ness Technologies (NASDAQ: NSTC and TASE: NSTC) Announces Third Quarter 2009 Financial Results
Windsor, Alberta 11/03/2009 08:15 PM GMT (TransWorldNews)
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, today announced financial results for the quarter ended September 30, 2009. Ness is reporting an All-Time Record Operating Cash Flow, EPS In-Line With Company Expectations on Lower Revenue Mainly due to European Recession; Ness to Streamline Selected Operations in Q4, Preparing for Growth in 2010
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"The global economic downturn continued to impact our business in the third quarter," said Sachi Gerlitz, president and chief executive officer of Ness Technologies. "We continue to see signs of recovery, our pipeline continues to perk up and our focus remains on execution - including streamlining the parts of the business that were most affected by the recession such as Europe and Asia Pacific and investing in sales activity. A number of recent large wins give us confidence in improved conversion of pipeline to revenue in 2010 and returning to top line and bottom line growth.""We delivered record operating cash flows," said Ofer Segev, executive vice president and chief financial officer. "Our balance sheet is strong, with an increasing cash balance and minimal net debt, and our liquidity is excellent. We are continuing to control costs very effectively, and we plan to fix certain small unprofitable operations in the fourth quarter - which will make us stronger in the future."The lingering recession is affecting the company's top line, especially in Europe. The resulting revenue contraction has also had a direct impact on the company's earnings.Ness is lowering its 2009 full year guidance of revenues to the range of $540 million to $550 million to account for the company's revenue shortfall in the third quarter and anticipated top line pressure in the fourth quarter, both primarily attributable to the protracted deep economic recession in Europe.
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