Tuesday February 26, 5:35 am Eastern Time

Israel's Formula sees Q1 revs of $75 mln

JERUSALEM, Feb 26 (Reuters) - Israeli software holding company Formula Systems Ltd, hit hard by the slowdown in technology spending, said on Tuesday it would post revenues of about $75 million in the first quarter of 2002.

That would be less than sales of $95 million in the fourth quarter of 2001.

"The management of Formula expects revenues of approximately $75 million for the first quarter, growing to approximately $100 million in the fourth quarter of 2002, taking into consideration only internal growth and the consolidation of existing affiliates," Gad Goldstein, president of Formula, said in a statement.

He added that "management also expects to return to profitability in 2002."

Earlier on Tuesday Formula reported 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 in the same quarter a year ago. Revenues fell to $94.6 million from $100 million in the same period of 2000.