Revenues Increased by 14% Year-Over-Year to reach $133.8 million and Net Income Increased by 24% to $4.9 million
Or-Yehuda, Israel – November 22, 2010 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a provider of information technology products, solutions and services, announced today its results for the Third quarter and nine months period ended September 30, 2010.
Financial Highlights for the Third Quarter Ended September 30, 2010
- Revenues increased by 14% to $133.8 million (Q3 2009: $117.8 million).
- Operating income increased by 26% to $12.0 million (Q3 2009: $9.5 million).
- Net income attributable to Formula shareholders reached $ 4.9 million (Q3 2009: $3.9 million).
- Formula’s consolidated cash and short term investments totaled approximately $136.5 million as at 30 September 2010.
- Formula’s stand-alone cash and other financial investments, net totaled $14.7 million as at September 30, 2010 .
Financial Highlights for the Nine Months Period Ended September 30, 2010
- Revenues totaled $396.4 million compare to 345.7 in the same period last year.
- Operating income increased by 33% to $34.1 million up from $25.7 million in the same period last year.
- Net income attributable to Formula shareholders reached $13.5 million, an increase of 22% compare to $11.1 million in the same period in 2009.
Comments of Management
Guy Bernstein, Chief Executive Officer of Formula Systems, said: "I am pleased with the group performance in both the third quarter and the nine months period. We continued to demonstrate growth and improved profitability driven by strong demand for the products and services offered by our subsidiaries. We feel well positioned to carry out our growth strategy and to continue seeking out ways to generate value for our shareholders."
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.