Herzliya, Israel – August 24, 2006 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of information technology products, solutions and services, announced today results for the second quarter 2006.
Revenues for the second quarter of 2006 totaled $137.6 million compared to $126.4 million in the second quarter of 2005. Revenues for the six months ended June 30,2006 totaled $263.9 million compared to $255.1 million in the same period last year.
Operating income in the second quarter was $3.5 million compared to $2.9 million in the second quarter last year. Operating income in the first half of 2006 was $3.0 million compared to $8.8 million in the first half of 2005.
Net income in the second quarter was $0.5 million compared to $0.1 million in the second quarter of 2005. Net income for the period ended June 30, 2006 was $4.6 million compared to operating income of $1.9 million in the same period of 2005.
Gad Goldstein, President of Formula, commented: "In this quarter our revenues continued to grow and our operating results improved. I remain bullish with regard to our results and am confident that we will continue to grow during the year. We are vigorously pursuing our mission to nurture, monitor and contribute to the improvement of our subsidiaries. Significant progress was made in most of our subsidiaries in the first half of 2006 and we expect further substantial improvement in the second half of 2006. Subsequently we expect 2006 to materially exceed the previous year in all countable parameters."
Click here to download Formula Groups Q2 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 |
