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Tuesday, May 24, 2022

Briefs: NTS, NetSol, Mission Valley Bank

National Technical Systems Inc. announced on Tuesday a $1.4 million contract to design and build payload pods for use on unmanned aircraft. The Calabasas company’s engineering services group is building the lightweight Mission Payload Pods for Logos Technologies, a Fairfax Va. surveillance, security, technology and energy company. The National Technical pods can carry a 25-pound payload per wing of an unmanned aircraft. Belinda Guernsey, a mechanical engineering manager with NTS, said the company has experience with UAV pods as it already has them on large and small unmanned aircraft. “We have many years of experience in the design and manufacture of light-weight payload pods and aero structures in addition to the nation’s largest network of test laboratories,” she said, in a prepared statement. Software developer NetSol Technologies Inc. on Tuesday reported lower sales as customers delayed purchases in anticipation of the company releasing new versions of its products. The Calabasas company reported a net loss of $1.3 million (-14 cents a share) for the quarter ending March 31, compared with a net income of $1.6 million (19 cents) in the same period a year earlier. Revenue dropped 25 percent to $9.4 million. Analysts on average expected a net loss of 15 cents on revenue of $9.1 million, according to Thomson Financial Network. Chief Executive Najeeb Ghauri said the results were affected by lower sales due to NetSol coming out with a new version of its financing and leasing software, and investment in the technology infrastructure. “The investment in personnel to support our pipeline and cater to each client’s unique needs is an absolute necessity to support the long term growth of the company,” Ghauri said in a prepared statement. Shares closed down 7 cents, or less than 2 percent, to $4.05 on the Nasdaq. Mission Valley Bank reported on Tuesday strong earnings for the first quarter due to streamlining of its operations and reducing expenses. The Sun Valley financial institution reported net income of $360,000 for the quarter ending March 31 compared with $317,460 in the same period a year earlier. It released no other data. Chief Executive Tamara Gurney said the bank is benefiting from a diversified revenue stream in recent years with more business in Small Business Administration lending, bankcard processing, and accounts receivable financing, as well as streamlining operations and reducing expenses. “While this was not an easy task, we are now beginning to realize the benefits of our efforts,” she said in a prepared statement. Shares held steady at $6.50 on the over-the-counter market with no trades.

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