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Friday, Mar 29, 2024

Earnings Roundup: ASGN, NetSol, Cinedigm Report

ASGN Inc., which provides IT and professional services, on Wednesday reported a big gain in fourth quarter revenue but earnings that slightly missed expectations. Net income for the Calabasas company formerly known as On Assignment was $45.9 million (86 cents a diluted share). Analysts expected a penny more per share. Revenue was $930 million, up 37 percent from the previous year and higher than analysts expected. ASGN’s stock (ASGN) on Wednesday closed up $1.60, or about 2.5 percent, to $66.77 on the New York Stock Exchange. Earnings were announced after the market closed, and in early trading after hours, the stock dropped more than 4 percent. Netsol Technologies Inc. improved its financial results in the fiscal second quarter. The Calabasas software developer for the vehicle and equipment leasing markets on Wednesday reported net income of $2.9 million (25 cents a share) for the quarter ending Dec. 31. That’s well up from net income of $634,421 (6 cents) in the same period a year earlier. Revenue was $17 million, up from $14.4 million in the same period a year earlier. No analysts follow the company. Shares of Netsol (NTWK) closed down 11 cents, or just less than 2 percent, to $6.80 on the Nasdaq. Cinedigm Corp. matched Wall Street estimates on earnings and revenue in its fiscal third quarter. The Sherman Oaks entertainment content distributor on Wednesday reported a net loss of $3.3 million (-9 cents a share) for the quarter ending Dec. 31. That compares to a net loss of $5.9 million (-20 cents) in the same period a year earlier. Revenue was $14.6 million, down from $18.5 million in the same quarter the previous year. Analysts on average expected earnings equal to -9 cents on revenue of $14 million, according to Thomson Financial Network. Cinedigm announced its earnings after the market closed. Shares in Cinedigm (CIDM) on Wednesday closed up 15 cents, or more than 14 percent, to $1.20 on the Nasdaq.

Charles Crumpley
Charles Crumpley
Charles Crumpley has been the editor and publisher of the San Fernando Valley Business Journal since March 2016. In June 2021, it was named the best business journal of its size in the country – the fourth time in the last 5 years it won that honor. Crumpley was named best columnist – also for the fourth time in the last 5 years. He serves on two business-supporting boards and has won awards for his civic involvement. Crumpley, a former newspaper reporter, won several national awards and fellowships for his work, and he was a Fulbright scholar to Japan.

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