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Formula Systems Reports Third Quarter Results For 2011

OR-YEHUDA, Israel, November 10, 2011 /PRNewswire/ --

Formula Systems (1985) Ltd. (NASDAQ: FORTY) a leading provider of software consulting services, computer-based business solutions and proprietary software products, today announced its results for the third quarter of 2011.

Financial Highlights for the Third Quarter and Nine-Month Period Ended September 30, 2011
  • Third-quarter revenues increased 20.7% to $161.5-million compared to $133.8-million in the same period last year.
  • Operating income for the third quarter increased 10.2% to $13-million, compared to $11.8-million in the same period last year.
  • Net income for the third quarter increased 506% to $29.7-million, compared to $4.9-million in the same period last year. Net income for the third quarter of 2011 included income of $25.8 million recorded in connection with the acquisition by Sapiens International Corporation N.V. of two privately held companies (IDIT I.D.I. Technologies Ltd and FIS Software Ltd.), which was completed on August 21, 2011, following which Formula's holdings in Sapiens were reduced below 50%. As of September 30, 2011, Formula held 43.6% of Sapiens' outstanding share capital.  
  • Revenues for the nine-month period ended September 30, 2011 increased 21.9% to $483.3-million, compared to $396.4-million in the same period last year.
  • Operating income for the nine-month period ended September 30, 2011 increased 12.9% to $38.5-million, compared to $34.1-million in the same period last year.
  • Net income for the nine-month period ended September 30, 2011 increased 187.4% to $38.8-million, compared to $13.5-million in the same period last year.
  • As of September 30, 2011, Formula's consolidated cash and short term and long term investments in marketable securities totaled approximately $101.7 million, of which Formula's standalone net cash and short term and long term investments totaled $5.8 million (with no debt).  
  • As of September 30, 2011, total equity was $351.2 million, representing 57% of the total balance sheet.

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