Herzliya, Israel – November 22, 2005 – Formula Systems (1985) Ltd. (Nasdaq: FORTY) a leading provider of information technology products, solutions and services, announced today results for the third quarter ended September 30, 2005.
Total revenues for the third quarter ended September 30, 2005 were $126.5 million compared to $110.1 million in the third quarter of 2004, an increase of 15%. In the first nine months of 2005 revenues totaled $381.6 million compared to $329.4 million in the comparable period of 2004, an increase of 16%.
Operating income in the third quarter of 2005 was $4.7 million compared to $3.9 million in the third quarter of 2004, an increase of 20%. In the first three quarters of 2005 operating income increased 28% to $13.4 million from $10.4 million in the comparable period of 2004.
Net income in the third quarter totaled $938,000 compared to a net income of $334,000 in the third quarter of 2004. Net income in the first nine months of 2005 totaled $2.9 million compared to $5.0 million in the same period last year.
Gad Goldstein, President of Formula, commented:” I am pleased with the continued improvement pattern in revenues and operating profit as shown in our financial reports. As common in holding companies, the results are the sum of the results of all our subsidiaries, which include subsidiaries that over performed as well as those that need our intervention, guidance and close monitoring. In order to continue the growth pattern taking shape, we are concentrating on making the required changes in those companies whose results are still unsatisfactory, as well as continuing with our efforts to enhance shareholder value and create capital gains “.
About Formula
Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, dependence on strategic partners, integration of new business, successful implementation of Formula’s products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula’s Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.
Click here to download Formula Systems Reports 3rd Quarter results
About Formula
Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions. Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, dependence on strategic partners, integration of new business, successful implementation of Formula’s products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula’s Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.
Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company's products, dependence on strategic partners, integration of new business, successful implementation of Formula's products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula's Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement
Contact:
| Israel: | Gad Goldstein, President, Formula Systems Ltd. +972-9-959-8800 |
| USA: | Dennis S. Dobson, for Formula Systems Ltd. (203) 255-7902 |
