Revenues Increased by 19% Year-Over-Year to reach $131.7 million and Operating Income Increased by 35% to $11.3 million
Or-Yehuda, Israel – August 17, 2010 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a provider of information technology products, solutions and services, announced today its results for the Second quarter and six months period ended June 30, 2010.
Financial Highlights for the Second Quarter and for the Six Months Period Ended June 30, 2010
- Revenues increased by 19% to $131.7 million (Q2 2009: $111.0 million).
- Operating income increased by 35% to $11.3 million (Q2 2009: $8.4 million).
- Net income attributable to Formula shareholders reached $ 3.8 million (Q2 2009: $3.7 million).
- Formula’s consolidated cash and short term investments totaled approximately $133.5 million as at 30 June 2010.
Financial Highlights for the Six Months Period Ended June 30, 2010
- Revenues totaled $262.6 million compare to 227.9 in the same period last year.
- Operating income increased by 37% to $22.3 million up from $16.3 million in the same period last year.
- Net income attributable to Formula shareholders reached $8.6 million compare to $7.1 million in the same period
Comments of Management
Guy Bernstein, Chief Executive Officer of Formula Systems, said: "I am pleased to report the constant improvement in Formula’s profitability, demonstrating the continuous demand for the products and services offered by the group’s subsidiaries, as well as the cost-saving measures implemented throughout the group. We will strive to maintain the growth momentum going forward."
Formula Systems (1985) Ltd. (NASDAQ: FORTY) is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.
Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, dependence on strategic partners, integration of new business, successful implementation of Formula’s products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula’s Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.
Nir Feller, Formula Systems (1985) Ltd.