Ness Technologies Q3 net income up 121%
By John Mathews
Ness Technologies, a provider of IT services, has reported net income of $16.1 million, or $0.41 per diluted share, for the third quarter of 2008, an increase of 121% compared to net income of $7.3 million, or $0.19 per diluted share, in the same quarter of 2007.
For the third quarter of 2008, revenues were increased 18% at $164.1 million, compared to revenues of $138.7 million for the same quarter of 2007.
For the first nine months of 2008, revenues were $494.4 million, compared to revenues of $390.2 million for the same period of 2007.
Sachi Gerlitz, president and CEO of Ness Technologies, said: "We had a very good quarter despite the world economic storm. Our core business did very well in the third quarter, and it continues to demonstrate solid fundamentals. Our core services businesses, Ness SPL, Ness Europe, TSG and Ness Israel, all met or exceeded our expectations, and we believe we will continue with healthy growth in 2009 despite the current economic outlook."