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Ness Tech 1st-quarter net up 21% on 27% higher revenue

TEL AVIV (MarketWatch) — Ness Technologies Ltd., the Tel Aviv provider of information-technology services and solutions, reported first-quarter net income rose 21% on 27% higher revenue. For all of 2008, Ness affirmed its earnings outlook and raised its revenue estimate. First-quarter earnings reached $6.9 million, or 18 cents a share, from $5.7 million, or 15 cents, in the year-earlier period. nAdjusted earnings were 22 cents a share versus 17 cents. Revenue rose to $159.7 million from $125.8 million. The backlog at March 31 rose 25% to $791 million. For the year, Ness continues to expect earnings of $1 to $1.05 a share. It lifted its revenue estimate to a range $660 million to $680 million. In early February Ness pegged revenue for 2008 at $635 million to $655 million.
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