Ness Technologies Announces Fourth Quarter and Full Year 2009 Financial Results
11% Sequential Quarterly Revenue Growth With All-Time Record Operating Cash Flows; Ness Expands Scope of Previously Announced Q4 Restructuring of Selected Operations; Company Poised for Growth in 2010
HACKENSACK, New Jersey, February 3 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, today announced financial results for the quarter and full year ended December 31, 2009.
Fourth Quarter and Full Year 2009 Highlights:
- The company delivered sequential revenue growth in all segments,
supported by sequential bookings growth.
- The company significantly expanded the scope of its previously
announced fourth quarter restructuring activities, recording a charge
for restructuring, severance and related project costs of $17.5 million
compared to its previously stated expectations of $7 to $9 million, as
it reorganized, reduced, sold or closed selected smaller operations
that were unprofitable or that it determined were not strategic to its
planned future operations and growth; and it also wrote off a deferred
tax asset of $4.1 million.
- Results are not comparable to previously provided guidance, as they
exclude $7 million of 2009 revenues and $0.02 of 2009 diluted net
earnings per share, which were reclassified as discontinued operations
following the sale of the company's operations in the Netherlands.
- On a GAAP basis:
- Quarterly revenues were $145.9 million, up 11% sequentially and down
13% year-over-year; and full year revenues were $547.4 million, down
17%, about one third of which was due to foreign exchange
re-measurement effects on non-dollar revenues.
- Quarterly operating loss was $16.5 million, compared to income of
$5.3 million in the fourth quarter of 2008; and full year operating
loss was $9.4 million, compared to income of $49.2 million in 2008.
- Quarterly net loss from continuing operations was $23.4 million,
compared to income of $4.2 million in the fourth quarter of 2008;
and full year net loss from continuing operations was $20.4 million,
compared to income of $34.9 million in 2008.
- Quarterly diluted net loss per share from continuing operations was
$0.61, compared to earnings of $0.11 in the fourth quarter of 2008;
and full year 2009 diluted net loss per share was $0.53, compared to
earnings of $0.88 in 2008.
- On a non-GAAP basis [1]:
- Quarterly operating income from continuing operations was $5.7
million, up 15% sequentially and down 52% year-over-year; while full
year operating income was $21.8 million, down 56% year-over-year.
- Quarterly net income from continuing operations was $3.4 million,
up 7% sequentially and down 63% year-over-year; while full year net
income was $13.6 million, down 63% year-over-year.
- Quarterly diluted net earnings per share from continuing operations
were $0.09, compared to $0.23 in the fourth quarter of 2008; while
full year diluted earnings per share were $0.35, compared to $0.93
in 2008.
- Operating cash flows for the quarter and the full year were all-time
records of $25.8 million and $60.2 million, respectively.
- Cash, cash equivalents and short-term bank deposits reached $71.9
million as of December 31, 2009, up $13.2 million from December 31,
2008.
- Backlog as of December 31, 2009 was $650 million, up 1% sequentially in
constant currencies, net of discontinued operations, and down 12%
year-over-year.
- Headcount was approximately 7,835 as of December 31, 2009.
"2009 was not an easy year for Ness, but we emerged from it strengthened in several important ways," said Sachi Gerlitz, president and chief executive officer of Ness Technologies. "First, we delivered sequentially higher revenues in all operating segments in the quarter, indicating that we are back on a growth path. Second, excluding the cost of the restructuring, we showed sequential improvement in operating margins in all segments. And third, we are better prepared for 2010, having undertaken an important restructuring effort in the fourth quarter in which we dealt with several unprofitable or non-strategic delivery operations - thereby removing a drag on our performance. Our optimism for 2010 is supported by our improved book-to-bill ratio and by our resumption of backlog growth."
- Results by operating segment:
- The company's Software Product Engineering segment, which provides
outsourced software product research and development services to
companies who build or rely on software to generate revenues,
continued to perform well in the fourth quarter, with solid
operating margins on revenues that are beginning to ramp up again.
- The company's System Integration and Application Development segment
showed sequential improvement in revenues and non-GAAP operating
margins, as bookings increased and the pipeline grew. On a GAAP
basis, segment results were affected by the restructuring charges.
- The company's Software Distribution segment, which resells
third-party enterprise software licenses, was expected to perform
well in its seasonally strong fourth quarter. Although revenues and
non-GAAP operating margins increased sequentially, the results were
below expectations as large license deals in this economically
sensitive segme nt continued to be deferred. The company took action
in the fourth quarter to adjust fixed costs, and, as a result,
incurred restructuring charges in this segment as well.
"We continued to deliver excellent operating cash flows, despite the tough economic climate, thanks to strong customer relationships and effective collections efforts," said Ofer Segev, executive vice president and chief financial officer. "The strength of our balance sheet and cash flows allowed us to reduce our short-term debt, bringing our net debt to essentially zero. With the restructuring largely behind us, our strong balance sheet positions us well for growth going forward."
Business Outlook
The company believes the overall economic outlook is improving, though some uncertainties remain. Ness expects top line growth and margin expansion in 2010, with a trend of sequentially increasing quarterly revenues and operating margins, except for the third quarter, which is expected to be similar to the second quarter due to the effect of holiday and vacation seasonality.
Ness is establishing full year 2010 guidance for revenues in the range of $575 million to $585 million and diluted net earnings per share in the range shown in the reconciliation table below:
Full year diluted net
earnings per share ($)
Low High
GAAP basis..............................................$ 0.21 $ 0.25
Stock-based compensation; amortization of intangible
assets; earn-out related to prior-year acquisition........0.22 0.22
Non-GAAP basis..........................................$.0.43 $ 0.47
The company's 2010 GAAP guidance excludes any future acquisitions or stock-based compensation grants; and the company's GAAP and non-GAAP guidance further assumes that outstanding diluted shares will average approximately 39.5 million in 2010 and that foreign currency exchange rates will remain at their average levels for January 2010.
For the reasons set forth elsewhere in this release, Ness' management believes that non-GAAP earnings per share financial guidance provides the best comparative basis for investors to understand and assess the company's on-going operations and prospects for the future.
Goodwill Impairment Test
At the end of each calendar year, the company is required to perform an impairment test on its goodwill. The 2009 test is under way, and the company expects it will be completed by mid-March. 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 and year ended December 31, 2009. Such a charge would not impact the non-GAAP financial information presented in this press release.
Conference Call Details
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 fourth quarter and full year 2009 results. The call, which will be simultaneously webcast, will begin at 8:30 AM Eastern Time / 5:30 AM Pacific Time on Wednesday, February 3, 2010.
To access the Ness Technologies fourth quarter and full year 2009 earnings conference call, participants in North America should dial 1-800-399-0427 and international participants should dial +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.
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; system integration, application development and 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 7,800 employees, Ness maintains operations in 18 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness Technologies, visit http://www.ness.com.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Ness uses various non-GAAP measures of net income and earnings per share, including adjustments from results based on GAAP to exclude (a) non-cash stock-based compensation expenses in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 718, Stock Compensation (formerly, FASB Statement 123R) and amortization of intangible assets, net of taxes; (b) a gain related to the sale of the company's Israeli SAP sales and distribution operations in the third quarter of 2008, net of related expenses and other charges, net of taxes; (c) a write-down of the company's Israeli severance pay fund assets in the fourth quarter of 2008, net of taxes; (d) an insurance settlement in the first quarter of 2009 related to a 2007 arbitration expense, net of related expenses, net of taxes; (e) severance expenses in the first quarter of 2009, net of taxes; (f) an earn-out in the fourth quarter of 2009 related to a prior-year acquisition; and (g) a charge in the fourth quarter of 2009 for restructuring, severance and related project costs, net of taxes. Ness' management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Ness' on-going core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating the business internally and as such has determined that it is important to provide this information to investors.
Ness uses these non-GAAP measures also in the formulation of its financial guidance. This requires Ness management to make assumptions regarding certain factors that could affect future net income and earnings per share, such as the timing and size of future potential acquisitions (which could result in additional non-cash amortization of intangibles), the timing and size of future potential stock-based compensation grants (which could result in additional non-cash stock-based compensation expense), and the timing and size of any one-time income or expenses. The company discloses such assumptions in conjunction with its financial guidance.
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 include the "Risk Factors" described in Ness' Annual Report of Form 10-K filed with the Securities and Exchange Commission on March 16, 2009. 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.
NESS TECHNOLOGIES, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share data)
Three months ended Year ended
December 31, December 31,
2008 2009 2008 2009
(Unaudited) (Unaudited) (Unaudited)
Revenues....................... $168,605 $145,907 $657,384 $547,352
Cost of revenues................ 120,604 116,009 470,009 410,794
Gross profit......................48,001 29,898 187,375 136,558
Selling and marketing.............15,184 14,781 55,806 49,323
General and administrative........27,498 31,652 100,706 101,750
Gain from sale of Israeli
SAP sales and distribution
operations, net..... - - (18,366) -
Insurance settlement related
to 2007 arbitration expense,
net of related expenses........... - - - (2,610)
Commissions related to the
sale of Israeli SAP sales and
distribution operations........... - - - (2,534)
Total operating expenses..........42,682 46,433 138,146 145,929
Operating income (loss)............5,319 (16,535) 49,229 (9,371)
Financial expenses, net...........(2,026) (884) (5,745) (3,404)
Other expenses, net.................. - - (392) -
Income (loss) before taxes on
income.............................3,293 (17,419) 43,092 (12,775)
Taxes on income (tax benefit). .... (894) 6,024 8,147 7,633
Net income (loss) from continuing
operations....................... $4,187 $(23,443) $34,945 $(20,408)
Income (loss) from discontinued
operations (1)...................... 141 (1,560) 514 (1,183)
Net income (loss)................ $4,328 $(25,003) $35,459 $(21,591)
Basic net earnings (loss) per
share from continuing operations. $0.11 $(0.61) $0.89 $(0.53)
Diluted net earnings (loss) per
share from continuing operations. $0.11 $(0.61) $0.88 $(0.53)
Basic net earnings (loss) per
share............................. $0.11 $(0.65) $0.90 $(0.56)
Diluted net earnings (loss) per
share............................. $0.11 $(0.65) $0.89 $(0.56)
Weighted average number of
shares (in thousands) used in
computing basic net earnings
(loss) per share..................39,429 38,436 39,321 38,598
Weighted average number of
shares (in thousands) used in
computing diluted net earnings
(loss) per share..................39,543 38,838 39,674 39,100
(1) Includes write-off of goodwill associated with discontinued operations in the three months ended December 31, 2009.
NESS TECHNOLOGIES, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands
Three months ended Year ended
December 31, December 31,
2008 2009 2008 2009
Segment Data (1) (2): (Unaudited) (Unaudited) (Unaudited)
Revenues from continuing
operations:
Software Product Engineering $26,111 $26,248 $97,471 $102,523
System Integration and
Application Development.......128,273 110,521 500,295 413,328
Software Distribution......... 14,221 9,138 59,618 31,501
________________________________________________________________________
$168,605 $145,907 $657,384 $547,352
________________________________________________________________________
Operating income (loss)
from continuing operations:
Software Product Engineering. $3,915 $3,569 $10,358 $15,388
System Integration and
Application Development.........2,807 (9,951) 31,142 (3,585)
Software
Distribution....................3,105 (4,411) 21,422 (3,483)
Unallocated
Expenses.......................(4,508) (5,742) (13,693) (17,691)
________________________________________________________________________
$5,319 $(16,535) $49,229 $(9,371)
________________________________________________________________________
Geographic Data (2):
Revenues from continuing
operations:
Israel....................... $53,529 $45,254 228,865 $174,800
Europe.........................64,259 49,435 222,300 174,767
North
America........................44,653 44,676 178,113 172,814
Asia and the Far
East............................6,164 6,542 28,106 24,971
________________________________________________________________________
$168,605 $145,907 $657,384 $547,352
________________________________________________________________________
(1) Effective October 1, 2008, the company reorganized its reportable segments to correspond to its three primary service lines. Prior period segment data has been reclassified to reflect the current organization of the segments.
(2) All periods have been reclassified to exclude revenues and operating income (loss) from operations discontinued during the three months ended December 31, 2009. Quarterly segment data for prior periods is shown below:
Three months ended
March 31, June 30, September 30,
Segment Data: 2008 2009 2008 2009 2008 2009
(Unaudited) (Unaudited) (Unaudited)
Revenues from
continuing
operations:
Software Product
Engineering..... $20,529 $24,966 $24,739 $25,688 $26,092 $25,621
System Integration
and Application
Development....... 122,815 101,797 124,581 102,520 124,626 98,490
Software
Distribution.........14,630 8,043 19,300 7,410 11,467 6,910
_________________________________________________________________________
$157,974 $134,806 $168,620 $135,618 $162,185 $131,021
_________________________________________________________________________
Operating income
(loss) from
continuing
operations:
Software Product
Engineering..... $1,201 $4,114 $2,061 $4,096 $3,181 $3,609
System Integration
and Application
Development....... 10,054 2,073 8,230 2,302 10,051 1,991
Software
Distribution............967 2,220 4,082 (510) 13,268 (782)
Unallocated
Expenses............ (2,246) (5,156) (3,316) (3,893)(3,623) (2,900)
$9,976 $3,251 $11,057 $1,995$22,877 $1,918
NESS TECHNOLOGIES, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Year ended
December 31,
2008 2009
(Unaudited)
Cash flows from operating activities:
Net income
(loss).......................................$35,459 $(21,591)
Adjustments required to reconcile net
income (loss) to net cash provided by
operating activities:
Stock-based compensation-related
expenses.......................................3,034 4,073
Currency fluctuation of long-term
debt..............................................62 -
Depreciation and
amortization..................................18,528 20,246
Arbitration settlement and related
charges...................................... (9,452) -
Loss on sale of property
and equipment and impairment and
sale of cost investments........... 262 23
Gain from sale of Israeli SAP sales
and distribution operations,net........... (18,366) -
Commissions related to the sale of
Israeli SAP sales and distribution
operations..................... - (2,534)
Excess tax benefits related to exercise of
options.........................................(296) -
Impairment of cost
investment.......................................304 75
Decrease (increase) in trade receivables,
net..........................................(13,048) 43,988
Decrease in unbilled
receivables................................... 6,769 12,324
Increase in other accounts receivable
and prepaid
expenses......................................(1,942) (3,188)
Increase in
work-in-progress.................................(84) (3,286)
Decrease in long-term prepaid
expenses.......................................1,793 631
Deferred income taxes,
net............................................4,384 2,116
Decrease in trade
payables......................................(8,501) (6,931)
Increase in advances from customers
and deferred
revenues......................................10,601 13,868
Increase in other long-term
liabilities....................................1,581 492
Increase in other accounts payable and
accrued expenses...............................1,847 3,381
Increase (decrease) in accrued severance pay,
net............................................ 964 (3,466)
Net cash provided by operating
activities................................... 33,899 60,221
Cash flows from investing activities:
Net cash paid for acquisition of a
consolidated subsidiary..................... (29,039) -
Proceeds from sale of investment at
cost.............................................219 -
Proceeds from sale of Israeli SAP
sales and distribution operations,
net........................................ 14,863 -
Additional payments in connection
with acquisitions of subsidiaries in prior
periods................. (7,627) (18,526)
Investment in short-term bank deposits,
net.......................................... (6,584) (19,257)
Proceeds from sale of property and
equipment....................................... 346 819
Purchase of property and equipment and
capitalization of software developed
for internal use. (15,995) (12,287)
Net cash used in investing
activities...................................(43,817) (49,251)
Cash flows from financing activities:
Exercise of
options........................................4,317 -
Repurchase of
shares........................................(2,389) (2,299)
Acquired subsidiary's dividend
to its former shareholder....................(10,048) (1,430)
Excess tax benefits related to exercise of
options......................................... 296 -
Short-term bank loans and credit,
net...........................................14,278 (17,480)
Proceeds from long-term
debt..........................................25,483 15,085
Principal payments of long-term
debt..........................................(3,134) (12,254)
Net cash provided by (used in) financing
activities....................................28,803 (18,378)
Effect of exchange rate changes on cash
and cash equivalents.........................(11,323) 100
Increase (decrease) in cash and cash
equivalents....................................7,562 (7,308)
Cash and cash equivalents at the
beginning of the period.......................43,097 50,659
Cash and cash equivalents at the
end of the period............................$50,659 $43,351
NESS TECHNOLOGIES, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December December
31, 2008 31, 2009
(Unaudited)
CURRENT ASSETS:
Cash and cash
equivalents..................$50,659 $43,351
Restricted
cash...........................2,331 2,613
Short-term bank
deposits................... 5,703 25,939
Trade receivables, net of
allowance for doubtful
accounts.................... 200,118 155,175
Unbilled
receivables................. 35,585 28,414
Other accounts receivable
and prepaid expenses......... 31,344 36,442
Work in
progress.......................1,532 5,710
Total current
assets.......................327,272 297,644
LONG-TERM ASSETS:
Long-term prepaid expenses
and other
assets.........................6,806 6,294
Unbilled
receivables................... 9,220 4,654
Deferred income taxes,
net........................... 8,356 6,174
Severance pay
fund..........................46,478 53,145
Property and equipment,
net.......................... 36,733 37,196
Intangible assets,
net...........................22,073 14,005
Goodwill.................... 290,055 299,557
Total long-term
assets.......................419,721 421,025
Total
assets..................... $746,993 $718,669
CURRENT LIABILITIES:
Short-term bank
credit.......................$18,072 $500
Current maturities of
long-term debt.................7,089 21,332
Trade
payables......................47,072 36,897
Advances from customers and
deferred revenues.............33,280 47,023
Other accounts payable and
accrued expenses.............124,697 112,312
Total current
liabilities..................230,210 218,064
LONG-TERM LIABILITIES:
Long-term debt, net of
current maturities............60,973 50,836
Other long-term
liabilities....................6,444 6,689
Deferred income
taxes......................... 2,673 3,057
Accrued severance
pay...........................55,014 58,035
Total long-term
liabilities...... 125,104 118,617
Total stockholders'
equity.......................391,679 381,988
Total liabilities and
stockholders'equity.........$746,993 $718,669
NESS TECHNOLOGIES, INC. AND ITS SUBSIDIARIES
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
EXCLUDING STOCK-BASED COMPENSATION; AMORTIZATION OF INTANGIBLE ASSETS;
GAIN FROM SALE OF ISRAELI SAP SALES AND DISTRIBUTION OPERATIONS, NET OF
RELATED EXPENSES AND OTHER CHARGES; WRITE-DOWN OF ISRAELI SEVERANCE PAY
FUND ASSETS;INSURANCE SETTLEMENT RELATED TO 2007 ARBITRATION EXPENSE, NET
OF RELATED EXPENSES; SEVERANCE EXPENSES; EARN-OUT RELATED TO PRIOR-YEAR
ACQUISITION; RESTRUCTURING AND RELATED PROJECT COSTS; ALL NET OF TAXES
U.S. dollars in thousands (except per share data)
Three months ended Year ended
December 31, December 31,
2008 2009 2008 2009
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP
revenues.................. $168,605 $145,907 $657,384 $547,352
Write-off of trade
receivables
resulting from sale of
Israeli
SAP sales and
distribution
operations...................... - - 3,155 -
Non-GAAP
revenues................... $168,605 $145,907 $660,539 $547,352
GAAP gross
profit...................... $48,001 $29,898 $187,375 $136,558
Stock-based
compensation......................64 20 273 203
Amortization of intangible
assets...........................438 210 1,105 791
Write-off of trade
receivables resulting from
sale of Israeli SAP sales and
distribution
operations........................ - - 3,155 -
Severance
expenses...........................- 380 - 1,346
Restructuring and related
project
costs..............................- 11,058 - 11,058
Non-GAAP gross
profit.......................$48,503 $41,566 $191,908 $149,956
GAAP operating income
(loss)........................$5,319 $(16,535) $49,229 $(9,371)
Stock-based
compensation.....................807 1,454 3,034 4,073
Amortization of intangible
assets.........................2,941 2,259 7,263 8,499
Earn-out related to
prior-year
acquisition................. - 1,032 - 1,032
Gain from sale of Israeli
SAP sales and distribution
operations,
net............... - - (18,366) -
Costs and expenses resulting
from sale of Israeli SAP sales
and distribution
operations and other
charges............................- - 5,631 -
Write-down of Israeli
severance pay fund
assets.........................2,929 - 2,929 -
Insurance settlement related
to 2007 arbitration expense,
net of related
expenses....................... - - - (2,610)
Severance
expenses...........................- 5,513 - 8,159
Restructuring and related
project
costs..............................- 12,003 - 12,003
Non-GAAP operating
income.......................$11,996 $5,726 $49,720 $21,785
GAAP operating margin
(loss)..........................3.2% -11.3% 7.5% -1.7%
Non-GAAP operating
margin..........................7.1% 3.9% 7.5% 4.0%
GAAP net income (loss) from
continuing
operations....................$4,187 $(23,443) $34,945 $(20,408)
Stock-based compensation;
amortization of intangible
assets; gain from sale of
Israeli SAP sales and
distribution operations,
net of related expenses and
other charges; insurance
settlement in respect of
2007 arbitration expense,
net of related expenses;
severance expenses; earn-out
related to prior-year
acquisition; restructuring
and related project costs;
all net of
taxes......................... 5,018 26,833 1,773 34,055
Non-GAAP net income from
continuing
operations................... $9,205 $3,390 $36,718 $13,647
GAAP diluted net earnings
(loss) per share from
continuing operations.........$0.11 $(0.61) $0.88 $(0.53)
Stock-based compensation;
amortization of intangible
assets; gain from sale of
Israeli SAP sales and
distribution operations,
net of related expenses and
other charges; insurance
settlement in respect of
2007 arbitration expense,
net of related expenses;
severance expenses;
earn-out related to
prior-year
acquisition; restructuring
and related project costs;
all net of
taxes......................... 0.12 0.70 0.05 0.88
Non-GAAP diluted net
earnings per share from
continuing operations.........$0.23 $0.09 $0.93 $0.35
[1] See "Use of Non-GAAP Financial Information" below for more information regarding the company's use of non-GAAP financial measures.
Media Contact:
David Kanaan
Intl: +972-54-425-5307
Email: [email protected]
Investor Relations Contact:
Drew Wright
USA: +1-201-488-3262
Email: [email protected]
SOURCE Ness Technologies Inc
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