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Saturday, Sep 23, 2023

Corporate Briefs: NetSol, PS Business, Ryland

NetSol Technologies Inc. lost nearly a third of its market cap Friday, while PS Business Parks Inc. and Ryland Homes also made announcements. NetSol, a Calabasas company that makes software for auto dealers and rental agencies, reported a net loss of $3.3 million (-12 cents a share) for the fiscal first quarter ended Sept. 30, compared to net income of $393,000 (12 cents) for the same period last year. Revenue declined 18 percent to $9.1 million. Analysts on average had expected earnings of 15 cents on revenue of $12 million. The company said the earnings and revenue shortfall was the result of “lower license revenue attributable to timing on the closing of certain new business transactions.” The company also cited its transition to a new auto financing software product. Shares lost $2.25, or 30 percent, to close at $5.23 on the Nasdaq. PS Business Parks Inc. has sold more shares than originally planned in its secondary offering, raising almost $200 million. The Glendale real estate investment trust announced earlier this week that it would offer 1.3 million shares of its common stock at a price of $79.25 a share. The offering closed Thursday, with nearly 1.5 million shares sold for a total gain of $117 million. In addition, Public Storage Inc., a Glendale operator of self-storage units that shares founders and a chief executive, purchased 950,000 shares at a price of $79.25 a share for proceeds of about $75 million. In total, PS generated net proceeds of about $193 million, which it plans to use to pay down debt of roughly $90 million and for general corporate purposes, which may include acquisitions. PS Business Parks develops and operates multi-tenant flex, office and industrial properties. The company’s portfolio totals 29.2 million rentable square feet in eight states. Shares closed down 10 cents, or a fraction of a percent, to $78.75 on the Nasdaq. Ryland Homes announced the opening of Somerton Valley, a new townhome community in suburban Philadelphia. The Westlake Village builder acquired the Somerton project in Bensalem when it bought Cornell Homes in July. The purchased included 12 communities in the Philadelphia area. Somerton features 175 townhomes priced in the low $200,000 range. Shares closed down $1.89, or 4.9 percent, to $36.67 on the New York Stock Exchange.

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