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

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

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