Or-Yehuda, Israel – May 12, 2011 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of information technology products, solutions and services, today announced its results for the first quarter of 2011.
Financial Highlights for the First Quarter:
- Revenues totaled $155.9 million (Q1 2010: $130.8 million), a 19% increase compared to the same quarter of 2010.
- OOperating income increased by 11% to $12.2 million (Q1 2010: $11.0 million).
- Net Income attributable to Formula reached $4.2 million, a decrease of 13% compared to $4.8 million for the first quarter of 2010 due to decrease in financial income resulting from losses in one of our subsidiary’s investment portfolio.
- Formula’s consolidated cash and short term investments totaled approximately $153.0 million, as of 31 March,2011.
- Total equity stood at $347.6 million on March 31, 2011, representing 53% of the total balance sheet.
Guy Bernstein, CEO of Formula Systems, commented: "We are pleased to report a positive start to 2011. with strong financial results for the first quarter. All our subsidiaries have continued to improve their performance, resulting in increased revenue and operating income, generating double-digit growth year over year. Looking forward, our strong cash position enables us to continue to explore new business opportunities, while we maintain our strategic focus on profitability and growth."
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 computerbased 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.
Formula Systems (1985) Ltd.