This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Magic Reports Strong Start To 2012 With Q1 Revenues Of $30 Million And Net Income Of $4.2 Million, An Increase Of 35% Year Over Year

Stocks in this article: FORM FORTY MGIC

OR YEHUDA, Israel, May 7, 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 first quarter of 2012.

Financial Highlights for the First Quarter, 2012

  • First quarter revenues increased 18% to $30.0 million, compared to $25.5 million in the same period last year.
  • Non-GAAP operating income increased 62% to $4.7 million, compared to $2.9 million in the same period last year. Operating income for the first quarter increased 35% to $4.2 million, compared to $3.1 million in the same period last year.
  • Non-GAAP net income increased 60% to $4.6 million, compared to $2.9 million in the same period last year. Net income for the first quarter increased 35% to $4.2 million compared to $3.1 million in the same period last year.
  • Operating cash flow for the quarter amounted to $9.7 million.
  • Total cash, cash equivalents and short-term investments as of March 31, 2012, amounted to $40.5 million.

Results

  • For the first quarter ended March 31, 2012, total revenues were $30.0 million, with net income of $4.2 million, or $0.11 per fully diluted share. This compares with revenues of $25.5 million and net income of $3.1 million, or $0.08 per fully diluted share for the same period last year.
  • For the first quarter of 2012, operating income was $4.2 million. This compares to operating income of $3.1 million for the same period a year ago.

Comments of Management

Commenting on the results, Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said: "I am pleased to report that in the first quarter of 2012, Magic continued its success from 2011, with double-digit growth and very strong performance across the board in all our regional centers of activity. These results reflect continued high demand in the market for our products and professional services. Moving forward, we plan to build on this success by further enhancing our product offerings, in particular our enterprise mobile and cloud-based technology. In May 2012, we will extend our mobile offering to include support for the iOS and Android mobile platforms for smartphones and tablets."

Non-GAAP Financial Measures

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs