Formula Systems Reports First Quarter Results
May 27, 2007
Herzliya, Israel – May 27, 2008 – Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of information technology products, solutions and services, announced today results for the first quarter of 2008.
Revenues for the first quarter totaled $135.8 million an increase of 20% compared to $113.5 million in the first quarter of 2007.
Operating income in the first quarter of 2007 was $6.5 million compared to $6.2 million in the same quarter of 2007.
Net income generated from continuing operation in the first quarter of 2008 was $3.0 million compared to net income generated from continuing operation of $2.3 million in the first quarter of 2007.
Our cash and short time investments totaled approximately $207 million as of March 31, 2008. and our current ratio was 2.5.
In April 2008, Formula distributed a cash dividend of approximately $10 million, or $0.76 per share.
Guy Bernstein, CEO of Formula, commented: "I am pleased with the constant growth of the Group activity especially in light of the turbulent times. Our first quarter revenues represents well over $500 million for the whole year. Well equipped with the necessary resources, we will continue to explore acquisitions outside the Group while focusing on increasing internal synergies, cross selling and joint ventures within the group."
Click here to download Formula Systems Q1 08 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.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.
Contact:
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Naamit Salomon,
CFO,
Formula Systems Ltd.
+972-9-959-8800
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