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Magic Reports Record-Breaking Annual Results For 2011 With Revenues Of $113 Million And Net Income Of $15 Million, An Increase Of 60% Year Over Year

OR YEHUDA, Israel, February 14, 2012 /PRNewswire/ --

Magic Software Enterprises Ltd. ( NASDAQ: MGIC), a global provider of  mobile and cloud-enabled application and  business integration platforms, announced today its financial results for the fourth quarter and full year ended December 31, 2011.

Financial Highlights for the Fourth Quarter, 2011

  • Fourth quarter revenues increased 22% year over year to $30.5 million from $25.0 million.
  • Operating income for the fourth quarter increased 40% to $4.2 million, compared to $3.0 million in the same period last year; Non-GAAP operating income increased 45% to $4.5 million, compared to $3.1 million in the same period last year.
  • Net income for the fourth quarter increased 42% to $4.4 million compared to $3.1 million in the same period last year; Non-GAAP net income increased 47% to $4.7 million, compared to $3.2 million in the same period last year.

Financial Highlights for the Full Year Ended December 31, 2011

  • Revenues for the year ended December 31, 2011, reached $113.3 million, an increase of 28%, compared to $88.6 million in 2010.
  • Operating income for the year ended December 31, 2011, increased 58% to $14.7 million compared to $9.3 million in the same period last year; Non-GAAP operating income for the year increased 45% to $14.5 million, compared to $10.0 million in the same period last year.
  • Net income for the year ended December 31, 2011, increased 60% to $15.0 million compared to $9.4 million in the same period last year; Non-GAAP net income for the year increased 48% to $14.8 million, compared to $10.0 million in the same period last year.
  • Total cash, cash equivalents and short-term investments as of December 31, 2011, amounted to $32.1 million (after full payment for the purchase of BluePhoenix's AppBuilder activity).

Results

  • For the fourth quarter ended December 31, 2011, total revenues were $30.5 million, with net income of $4.4 million, or $0.12 per fully diluted share. This compares with revenues of $25 million and net income of $3.1 million, or $0.09 per fully diluted share for the same period last year.
  • For the fourth quarter of 2011, operating income was $4.2 million. This compares to operating income of $3 million for the same period a year ago.
  • For the year ended December 31, 2011, total revenues were $113.3 million, with net income of $15.0 million, or $0.41 per fully diluted share. This compares with revenues of $88.6 million and net income of $9.4 million, or $0.29 per fully diluted share, for the same period last year.
  • Operating income for the year ended December 31, 2011, was $14.7 million. This compares to operating income of $9.3 million for the same period a year ago.

Comments of Management

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