TEL AVIV - Ness Technologies, Inc. (NASDAQ: NSTC), a global provider of IT services, said it has revenues were USD 88.4 million for 2005’s first quarter, a 24 percent rise from a year ago.
Net profit for the quarter, including a non-cash stock compensation expense of some USD 0.6 million, increased to USD 4.9 million, more than double the USD 2.4 million reported in the first quarter of 2004.
The company’s backlog (sales orders not yet processed) stood at USD 412 million at the end of the first quarter, up 31percent from a year ago.
Ness President and CEO Raviv Zoller said the company continued to strengthen its balance sheet, in addition to reporting record revenues and a significant increase in net income.
“Our backlog remains strong and provides a solid foundation for our future growth prospects," he said.
Ness employs 5,170 worldwide, 2,750 of whom work at the company’s Tel Aviv offices.
Ness added an additional 100 employees to its Israel-based workforce during the quarter.
The company said it anticipates USD 370-375 million in annual revenue, and earnings per share in the range of USD 0.70 to USD 0.75.
Ness expects to generate revenues in the range of USD 88-90 million for the second quarter, and forecasts second quarter 2005 earnings per share in the range of 13-14 cents.
