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MAGIC SOFTWARE ENTERPRISES LTD. REPORTS RECORD SALES AND EARNINGS FOR 1992

 RAMAT GAN, Israel, Feb. 8 /PRNewswire/ -- Magic Software Enterprises Ltd. (NASDAQ: MGICF) today reported its results for the year ended Dec. 31, 1992.
 Sales rose by 87 percent in 1992, and reached $10,037,000, compared with $5,365,000 in 1991. Net income for 1992 increased by 30 percent, reaching $1,312,000, compared with $1,010,000 in the preceding year. Earnings per share for 1992 were 37 cents based on 3,578,333 weighted average number of shares outstanding, compared with 40 cents in 1991 based on 2,526,000 weighted average number of shares outstanding.
 Sales for the fourth quarter of 1992 were $3,050,000, up 36 percent from sales of $2,235,000 for the same period in 1991. Net income for the fourth quarter was $504,000 or 14 cents per share based on 3,578,333 weighted average number of shares outstanding, compared with $364,000 or 10 cents per share based on 3,578,333 weighted average number of shares outstanding for the fourth quarter in 1991.
 "We are very pleased with our results in 1992. Our sales and profitability continue to grow according to our target goals," stated David Assia, chairman and CEO.
 "In 1992, we successfully launched and promoted our new version of MAGIC, MAGIC 5, which included a new user interface and Database Gateways. The introduction of this product required a heavy investment in marketing and sales worldwide. Our direct presence in the United States and the United Kingdom was expanded accordingly and new key executive appointments were completed in all Magic subsidiaries. In the U.S., Mr. David Wegman became Magic's new chief operating officer. Mr. Sean O'Reilly assumed the position of general manager of the Magic office in the U.K. The general manager of Magic's new Canadian office is Mr. Peter Vincent. In Israel, Mr. Eli Gonen has joined Magic as chief operations officer," Mr. Assia said.
 "As expected, Magic's sales and marketing expansion has negatively impacted our expenses and profits in 1992. This, however, is necessary to achieve our continuing growing level of market penetration. In 1993 we will continue our marketing expansion with the release of new platforms and database gateways, the opening of a new Magic office in Paris, France, and the holding of the first International Distributors Conference ever to take place in the U.S.," he added.
 Magic Software Enterprises Ltd. develops, publishes, markets and supports a family of software tools which are used to develop software programs without writing any lines of computer code as is required in conventional programming languages. The company's products, which operate on a wide variety of computers and operating systems, automate in software development, and provide end-users with the ability to independently access, analyze and present corporate data.
 MAGIC SOFTWARE ENTERPRISES LTD.
 Summary of Results
 Three months ended Dec. 31 1992 1991 Pct. Change
 Sales $3,050,000 $2,235,000 36
 Net income $ 504,000 $ 364,000 38
 Earnings per share $0.14 $0.10 40
 Weighted average number
 of shares outstanding 3,578,333 3,578,333 0
 Year ended Dec. 31 1992 1991 Pct. Change
 Sales $10,037,000 $5,365,000 87
 Net income $ 1,312,000 $1,010,000 30
 Earnings per share $0.37 $0.40 7.5
 Weighted average number
 of shares outstanding 3,578,333 2,526,000 42
 -0- 2/8/93
 /CONTACT: Gordon H. Wolfe or Cynthia Lawrence of Wolfe Axelrod Associates, 212-370-4505, for Magic Software Enterprises Ltd./
 (MGICF)


CO: Magic Software Enterprises Ltd. ST: IN: CPR SU: ERN

GK-TS -- NY032 -- 3991 02/08/93 10:23 EST
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Date:Feb 8, 1993
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