It was another quarter in the red for Iscal holding Formula Systems (Nasdaq:FORTY), which reported a $5.6 million loss for the third quarter this morning, or 60 cents a share.

In the same quarter last year Formula netted $251,000, or 3 cents earnings per share.

But it lost even more in the first and second quarters of 2001, bringing its nine-month loss to losing $27.3 million, or $2.93 per share. In the parallel nine months of 2000, Formula netted $43.8 million, or $4.67 per share.

Third-quarter revenues shrank by about 3% to $97.6 million, against $100.4 million in the same quarter last year. Revenues for the nine months were $288 million, 2% higher than the same period last year.

It ended the third quarter with $91.1 million cash, in addition to short-term investments totaling $10.8 million and negotiable securities totaling $110.4 million.

Yesterday Formula completed a purchase offer for 400,000 Liraz Information shares at NIS 6.5 per share, costing it NIS 2.6 million. Upon completion of the transaction Formula controls Liraz with a 50.7% stake.

Formula's results meet the forecast of Bank Hapoalim analyst Benny Sharvit, who nonetheless rated the company a high risk Buy.