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Magic Reports Record Revenue Of $33 Million For The Third Quarter Of 2012; Non-GAAP Operating Income For The First Nine Months Grew 36% Year Over Year To $14 Million

OR YEHUDA, Israel, November 7, 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 third quarter and first nine months of 2012.

Financial Highlights for the Nine-Month Period Ended September 30, 2012

  • Revenues for the first nine months of 2012 increased 9% to $90.7 million compared to $82.8 million in the same period last year.
  • Non-GAAP operating income for the first nine months of 2012 increased 36% to $13.6 million compared to $10.0 million in the same period last year; Operating income for the first nine months of 2012 increased 15% to $12.2 million compared to $10.5 million in the same period last year.
  • Non-GAAP net income for the first nine months of 2012 increased 30% to $13.1 million compared to $10.1 million in the same period last year; Net income for the first nine months of 2012 increased 12% to $11.9 million, or $0.32 per fully diluted share, compared to $10.7 million, or $0.29 per fully diluted share, in the same period last year.
  • Operating cash flow for the first nine months of 2012 totaled $14 million.
  • Total cash, cash equivalents and short-term investments as of September 30, 2012, amounted to $38.5 million, with zero debt.

Financial Highlights for the Third Quarter Ended September 30, 2012

  • Third quarter revenues increased 9% to $32.6 million compared to $30.0 million in the same period last year.
  • Non-GAAP operating income for the third quarter increased 15% to $4.6 million, compared to $4.0 million in the same period last year; Operating income for the third quarter increased 3% to $4.1 million, compared to $4.0 million in the same period last year.
  • Non-GAAP net income for the third quarter increased 13% to $4.5 million compared to $4.0 million in the same period last year; Net income for the third quarter increased 2% to $4.1 million, or $0.11 per fully diluted share, compared to $4.0 million, or $0.11 per fully diluted share, in the same period last year.

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