Tuesday February 26, 5:20 am Eastern Time

Israel's Formula Q4 loss/shr deepens

TEL AVIV, Feb 26 (Reuters) - Israeli software maker Formula Systems said on Tuesdayits net loss for the fourth quarter of 2001 deepened due to restructuring and adjustments at its subsidiaries and a write-down of investments totalling around $28 million.

Formula posted a net loss of $27.7 million, or $2.97 per share, for the fourth quarter, compared with a net loss of $5.8 million, or 62 cents a share, a year earlier. Revenues fell to $94.6 million from $100 million.

For 2001, Formula recorded a net loss of $5.85, after earnings per share of $3.96 in 2000, as revenues remained static at $376.9 million, compared with $376.5 million.

"During 2001, our subsidiaries suffered from the general slowdown in spending for technology products and services," Formula chairman Dan Goldstein said in a statement. "The fourth quarter results illustrate the steps taken by us and our subsidiaries to overcome the obstacles of 2001, as well as to be prepared ahead of time for year 2002."

Formula's Tel Aviv-traded shares closed up 0.4 percent at 57.2 shekels on Monday. The exchange is closed on Tuesday for the Jewish holiday of Purim. Its Nasdaq share closed down nine cents at $12 on Monday.

($1 equals 4.64 shekels)