Ness Technologies Sets Reporting Date for Second Quarter 2011 Financial Results
TEANECK, New Jersey, July 12, 2011 /PRNewswire/ --
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of information technology solutions and services, announced today that the company will release financial results for the second quarter ended June 30, 2011 before the start of trading in New York on Wednesday, July 27, 2011. The financial results will be released over the news wires and will also be posted on the Ness corporate web site.
Sachi Gerlitz, president and chief executive officer of Ness Technologies, and Ofer Segev, executive vice president and chief financial officer, will conduct a conference call to discuss the second quarter 2011 results. The call, which will be simultaneously webcast, will begin at 8:00 AM Eastern Time / 5:00 AM Pacific Time / 3:00 PM Israel Time on Wednesday, July 27, 2011.
To access the Ness Technologies second quarter 2011 earnings conference call, participants should dial one of the following numbers and provide the password "NESS" to the operator.
North America: 1-800-399-0427
All other locations: +1-973-200-3375
A live audio webcast of the conference call will be available on the investor relations page of the Ness Technologies corporate web site at http://investor.ness.com. Please visit the web site at least 15 minutes early to register for the teleconference webcast and download any necessary audio software. A replay of the call will be available on the web site approximately two hours after the conference call is completed.
Goodwill Impairment Test
The company performs an annual impairment analysis of goodwill as of December 31 of each year, or more often if there are indicators of impairment present. As a result of the company's entry into a definitive merger agreement, under which an affiliate of Citi Venture Capital International, a global private equity investment fund, will acquire the company in an all-cash transaction valued at approximately $307 million, the company is performing a goodwill impairment analysis as of June 30, 2011 to determine if the fair value of the company's reporting units implied by the transaction value requires the company to record a goodwill impairment. If the company determines any portion of goodwill is impaired, it would recognize a non-cash charge that would impact GAAP earnings and earnings per share for the quarter ended June 30, 2011, but would not directly impact Ness' normal business operations or its cash flows. Such a charge would be reported in the company's quarterly earnings release, announced above, and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of IT and business services and solutions with specialized expertise in software product engineering; and system integration, application development, consulting and software distribution. Ness delivers its portfolio of solutions and services using a global delivery model combining offshore, near-shore and local teams. With about 6,900 employees, Ness has operations in North America, Europe, Israel and India, has customers in over 20 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness, visit http://www.ness.com.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Ness' actual results could differ materially from those anticipated in these forward looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements are included under the heading "Risk Factors" in Ness' filings with the Securities and Exchange Commission. Ness is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements, whether as a result of such changes, new information, subsequent events or otherwise.
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SOURCE Ness Technologies Inc
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