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.
- 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.
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