A five years record net income of $4.2 million.
Herzliya, Israel – May 25, 2006 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of information technology products, solutions and services, announced today results for the first quarter 2006.
Revenues for the first quarter of 2006 totaled $126.3 million compared to $128.8 million in the first quarter of 2005.
Net income in the first quarter was a five years record of $4.2 million compared to $1.8 million in the first quarter of 2005.
Gad Goldstein, President of Formula, commented: "In the Press Release of the fourth quarter results of 2005 we anticipated that in year 2006 we will experience a successful harvest of seeds sown in previous years. We believe that the net profit achieved in the first quarter of 2006 is merely the beginning of a process of unlocking hidden value and creation of capital gains, combined with further improvement of additional assets. Although prediction in quarterly fashion of such capital events is difficult, we believe that the quality and quantity of these anticipated events give us very good visibility for the next running twelve months."
Click here to download Formula Groups Q1 06 Results
About Formula
Formula Systems Ltd. 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.
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
Contact:
| Israel: | Gad Goldstein, President, Formula Systems Ltd. +972-9-959-8800 |
| USA: | Dennis S. Dobson, for Formula Systems Ltd. (203) 255-7902 |
