Revenues increased 26% Year-Over-Year to reach $165.9 million and Net Income Increased 32% to $5 million
Or-Yehuda, Israel – August 18, 201Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of information technology products, solutions and services, today announced its results for the second quarter of 2011.
Financial Highlights for the Second Quarter and Six-Month Periods Ended June 30, 2011:
- Second quarter Revenues totaled $165.9 million (Q2 2010: $131.7 million), a 26% increase compared to the same quarter of 2010.
- Operating income for the second quarter increased by 18% to $13.3 million (Q2 2010: $11.3 million)
- Net Income attributable to Formula for the second quarter reached $5 million, an increase of 32% compared to $3.8 million for the second quarter of 2010.
- Revenues for the first half of 2011 increased 23% to $321.8 million compared to $262.6 million in the same period last year.
- Operating income for the first half of 2011 increased 15% to $25.6 million compared to $22.3 million in the same period last year.
- Net income for the first half of 2011 increased 7% to $9.2 million compared to $8.6 million in the same period last year.
- Formula’s consolidated cash and short term and long term investments totaled approximately $125.0 million, as of 30 June, 2011, of which Formula’s stand alone cash and short term and long term investments totaled to $9.4 million with no debt.
- Total equity stood at $348.1 million on June 30, 2011, representing 53% of the total balance sheet.
Guy Bernstein, CEO of Formula Systems, commented: "I am pleased with the group’s performance in both the second quarter and the six months period. We continued to demonstrate growth reflected in our impressive financial performance driven by strong demand for the products and services offered by our subsidiaries. We feel well positioned to carry out our growth strategy for bringing added value to our customers and shareholders."
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.
Formula Systems (1985) Ltd.