Magic Software 2Q96 sales hit record $9.05 million; Company Posts Fourth Profitable Quarter In a Row.
OR YEHUDA Or Yehuda (אור יהודה) is a city in the Tel Aviv District in Israel. According to the Israel Central Bureau of Statistics (CBS), at the end of 2004 the city had a total population of 30,100. , Israel--(BUSINESS WIRE)--July 30, 1996--Magic Software Enterprises, Ltd. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MGICF), a leading international provider of software development tools, today announced record second quarter and six month results for 1996. Quarterly sales reached $9.05 million, up 71 percent from sales of $5.31 million in second quarter 1995.
Magic achieved a net profit of $548,000 or 12 cents per share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the 1996 period as contrasted with a loss of $887,000 or 21 cents per share in the 1995 second quarter.
Second quarter operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. reached $967,000 as compared with a loss of $885,000 in 1995. Gross profit rose 61 percent to $7.21 million as compared with $4.46 million last year.
Second quarter research and development expenses rose from $636,000 in the 1995 period to $1.11 million in the 1996 second quarter, and selling, general and administrative expenses were up from $4.63 million last year to $5.13 million.
The quarter was highlighted by several operating achievements, including the establishment of an Italian distributor with offices in Rome and Milan, the release of Magic Version 7, and significant product sales to major new accounts, including CIBA CIBA Canadian Intercollegiate Baseball Association
CIBA Chemical Industry in Basle
CIBA Cayman Islands Bankers Association
CIBA Californian Indian Basketweavers Association Geigy (UK), W.H. Smith, Oklahoma Farmers Union, Database Associates, Unicef, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Municipal Court, and Semenis Vegetable. Magic also moved its US headquarters to a larger facility in Irvine.
"A number of these developments contributed to our very strong results for the second quarter," Magic's Acting Chairman, Jack Dunietz, said today. "The big revenue drivers were Magic Version 6, which is contributing to strong sales growth, new account penetration in the US, new VAR recruitment in the context of the recently announced Magic Solutions Partner Program, and a number of new consulting projects."
The new Italian subsidiary is a joint venture with Gruppo Engineering, the largest system integrator See systems integrator. in Italy, which will continue to act both as a Magic system integrator and reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. on large, strategic application development projects.
"Magic views the Italian market as ripe and very much in need of strategic development tools such as Magic, as large Italian industrial and governmental organizations rapidly migrate to client/server environments A networking environment that is made up of clients and servers running applications designed for client/server architecture. See client/server. ," Mr. Dunietz said.
Magic Version 7 for Windows 95', Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. and the Internet, released during the second quarter, provides dramatic time savings and productivity increases by allowing resuse of form templates, and includes enhanced support for development of multi-lingual applications.
David Assia, Magic's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , who has been on medical leave since March and has returned to work on a part time basis, said "Version 7 signifies a quantum leap quantum leap
An abrupt change or step, especially in method, information, or knowledge: "War was going to take a quantum leap; it would never be the same" Garry Wills. in offering very rapid development across Windows 95', NT, the Internet and the Intranet. As the Internet and the Intranet become more important as application deployment environments, it is critical that we provide tools that can rapidly enable Internet and Intranet-based applications."
Mr. Assia intends to resume his position on a full time basis in October.
Magic Software Enterprises, Ltd., publishes a family of software tools to accelerate the development cycle by providing a totally table driven environment, radically reducing the time spent on coding, compiling com·pile
tr.v. com·piled, com·pil·ing, com·piles
1. To gather into a single book.
2. To put together or compose from materials gathered from several sources: , debugging (programming) debugging - The process of attempting to determine the cause of the symptoms of malfunctions in a program or other system. These symptoms may be detected during testing or use by real users. and recoding Noun 1. recoding - converting from one code to another
coding, steganography, cryptography, secret writing - act of writing in code or cipher applications. Homepage address: http//www.magic- sw.com. -0-
-0- Unaudited Consolidated Statement of Operations (US Dollars In Thousands)
Three Months Ended Six Months Ended June 30 June 30 1996 1995 1996 1995 Revenues Software sales $7,439 $12,876 $8,244 $4,261 Services 1,615 1,049 3,574 1,942 Total revenues 9,054 5,310 16,450 10,186
Cost of revenues Software sales 968 339 1,895 1,004 Services 881 587 1,608 1,114 Total Cost of revenues 1,849 926 3,503 2,118
Gross profit 7,205 4,384 12,947 8,068
Research & development, net 1,106 636 1,433 1,295 Sales & marketing, net 3,967 3,630 7,767 6,428 General & Administrative 1,165 1,003 2,382 1,894 Operating Income (Loss) 967 (885) 1,365 (1,549)
Financial Income (Expenses), net (254) 2 (361) (25)
Profit (Loss) before taxes 713 (883) 1,004 (1,574)
Taxes on income 119 162 294 277
Income (Loss) before minority interest 594 (1,045) 710 (1,851)
Minority interest 0 (158) 0 (266)
Equity in losses of affiliate (46) 0 (44) 0
Net Income (Loss) $548 ($887) $666 ($1,585)
Earnings (Loss) per share $0.12 ($0.21) $0.15 ($0.38)
Weighted average number 4,540 4,249 4,503 4,215 -0-
Magic Software Enterprises Ltd. - Balance Sheets (US Dollars in Thousands) June 30 December 31 1996 1996 Assets Unaudited Current Assets Cash and Cash Equivalents $1,159 $633 Marketable Securities 0 191 Accounts receivable: Trade 12,623 11,244 Other and prepiaid expenses 1,784 1,610 Inventories 277 266 Inventories Total Current Assets $15,843 $13,944
Other Investments 454 451 Fixed assets, net 6,091 5,782 Other asstes, net 4,324 3,668 $26,712 $23,845
Liabilities Current Liabilities Short term Bank Debt $2,349 $1,470 Trade payables Accrued 1,506 1,391 Accrued expenses and other liabilities 5,480 4,870 Total Current Liabilities 9,335 7,731
Long Term Loans 455 485 Accrued Severance Pay 534 418 Severance Pay Deffered Income Taxes 288 102
Shareholders' Equity Share Capital 159 158 Capital Surplus 12,116 11,674 Retained Earnings 3,825 3,277 Total Shareholders' equity 16,100 15,109 $26,712 $23,845 -0-
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