Magic Software Enterprises Ltd. (NASDAQ:MGIC)

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Wednesday, August 3, 2011

Comments & Business Outlook

Financial Highlights for the Second Quarter and Six-Month Periods Ended June 30, 2011

Second-quarter revenues increased 27% to $27.4 million compared to $21.5 million in the same period last year.
Operating income for the second quarter increased 62% to $3.4 million, compared to $2.1 million in the same period last year.
Net income for the second quarter increased 84% to $3.5 million compared to $1.9 million in the same period last year.
Revenues for the first half of 2011 increased 28% to $52.9 million compared to $41.2million in the same period last year.
Operating income for the first half of 2011 increased 71% to $6.5 million compared to $3.8 million in the same period last year.
Net income for the first half of 2011 increased 76% to $6.7 million compared to $3.8 million in the same period last year.
Operating cash flow for the first half totaled $9 million.
Total cash and cash equivalents, short-term bank deposits and short-term investments in marketable securities as ofJune 30, 2011 amounted to $47.4 million.

Commenting on the results, Guy Bernstein, Chief Executive Officer of Magic Software, said: "These record-breaking results demonstrate that Magic Software is continuing its impressive forward momentum. For an unprecedented seventh consecutive quarter, we have achieved double-digit overall growth, and we achieved continued growth in revenues and profits in all our regional centers of activity."

"Moving forward, we have plans to increase growth by expanding our global presence through additional M&A activities and increased penetration of new products both to our current huge customer base and to new customers. Our new mobile offering is attracting a great deal of positive interest throughout the industry. This and other enhancements to our product portfolio, including the major new release of the uniPaaS 2.0 application platform and our new cloud offering, will provide new and exciting opportunities for our company and greater added value for our customers," concluded Mr. Bernstein.

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