Magic Software reports double-digit growth
Feb 13, 2013 (Globes - McClatchy-Tribune Information Services via COMTEX) --
Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) today forecasts strong results in 2013, after reporting double-digit revenue growth for the fourth quarter and full year of 2012.
Fourth quarter revenue rose 17 percent to $35.7 million from $30.5 million for the corresponding quarter in 2011, but net profit fell $4.3 million ($0.12 per share) from $4.4 million, due to a tax expense on deferred income.
Full-year revenue rose 12 percent to $126.4 million from $113.3 million in 2011, and non-GAAP net profit rose 24 percent to $18.3 million from $14.8 million. -- For the year ended December 31, 2012, total revenues were, with net income of $16.2 million, or $0.44 per fully diluted share. This compares with revenues of and net income of $15.0 million, or $0.41 per fully diluted share, for the same period last year.
Magic had $38.8 million in cash and cash equivalents and no debt at the end of 2012, after paying a dividend of $3.7 million paid during the fourth quarter.
Magic Software CEO Guy Bernstein said, "We believe we are well-positioned to continue our growth track in 2013 with our powerful and versatile enterprise-grade application development and integration solutions that enable enterprise mobility, enhance productivity and increase profitability. We are further enhancing our offerings by strengthening our relationships with partners and vendors in the enterprise mobility and enterprise software ecosystems, like Samsung, SAP, Salesforce.com, Oracle JDE, IBM and Microsoft SharePoint."
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