Magic Reports Strong Performance In The Second Quarter Of 2012 With 39% Growth In Non-GAAP Operating Income Year Over Year

OR YEHUDA, Israel, August 8, 2012 /PRNewswire/ --

Magic Software Enterprises Ltd. ( NASDAQ: MGIC), a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today its financial results for the first half of 2012.

Financial Highlights for the Six-Month Period Ended June 30, 2012

• Revenues for the first half of 2012 increased 10% to $58.1 million compared to $52.9 million in the same period last year.
• Operating income for the first half of 2012 increased 23% to $8.0 million compared to $6.5 million in the same period last year; Non-GAAP operating income for the first half of 2012 increased 50% to $9.0 million compared to $6.0 million in the same period last year.
• Net income for the first half of 2012 increased 17% to $7.8 million compared to $6.7 million in the same period last year; Non-GAAP net income for the first half of 2012 increased 41% to $8.6 million compared to $6.1 million in the same period last year.
• Operating cash flow for the first half of 2012 totaled $13 million.
• Total net cash, cash equivalents and short-term investments as of June 30, 2012, amounted to $43.7 million.

Financial Highlights for the Second Quarter Ended June 30, 2012

• Second quarter revenues increased 2% to $28 million compared to $27.4 million in the same period last year.
• Operating income for the second quarter increased 12% to $3.8 million, compared to $3.4 million in the same period last year; Non-GAAP operating income for the second quarter increased 39% to $4.3 million, compared to $3.1 million in the same period last year.
• Net income for the second quarter increased 2% to $3.6 million compared to $3.5 million in the same period last year. Non-GAAP net income for the second quarter increased 24% to $4.1 million compared to $3.3 million in the same period last year. Net income for the second quarter of 2012 was affected by $0.3 million of expenses related to the devaluation of the Euro versus the US dollar.

Results

• For the six-month period ended June 30, 2012, total revenues were $58.1 million, with net income of $7.8 million, or $0.21 per fully diluted share. This compares with revenues of $52.9 million and net income of $6.7 million, or $0.18 per fully diluted share, for the same period last year.
• For the second quarter ended June 30, 2012, total revenues were $28.0 million, with net income of $3.6 million, or $0.1 per fully diluted share. This compares with revenues of $27.4 million and net income of $3.5 million, or $0.1 per fully diluted share for the same period last year.

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