A TON OF INSIDER BUYING LATELY.ALL ABOARD
Posted by metal1 on :
already a thread on this one a few threads down.
Posted by CAPTNEMOS on :
MY BAD.
Posted by CAPTNEMOS on :
ACTUALLY HIS THREAD WAS A LOSING THREAD.!!MY THREAD HAS BEEN RUNNING YO.!!! HE MADE THE PIC AND IT PLUMMETED.I MADE THE PIC ITS GOING UP.I HAVE A LOT OF FOLLOWERS WHO ONLY WANT MY PICKS.SORRY
Posted by CAPTNEMOS on :
UP ANOTHER.40C TODAY.!!
Posted by CAPTNEMOS on :
Magic Software Reports Record-Breaking Operating Results in the First Quarter of 2011 Magic Software Reports Strong Results for Q1 2011 with 68% Year-over-Year Net Income Growth
tweet Email Print Companies:Magic Software Enterprises Ltd. Topics:Earnings Related Quotes Symbol Price Change MGIC 6.80 -0.51
Press Release Source: Magic Software Enterprises Ltd. On Thursday April 28, 2011, 3:31 am EDT OR YEHUDA, Israel, April 28, 2011 /PRNewswire/ -- Magic Software Enterprises Ltd. (NASDAQ:MGIC - News), a global provider of cloud and on-premise enabled application platforms and business integration solutions, today announced its financial results for the first quarter of 2011.
Financial Highlights for the First Quarter
First quarter revenues increased 29% year over year to $25.5 million from $19.7 million.
Operating income for the first quarter increased 78% year over year to $3.1 million, compared to $1.8 million in the same period last year.
Net income for the first quarter increased 68% year over year to $3.1 million from $1.9 million in the same period last year.
Operating cash flow for the quarter amounted to $4.8 million. Total cash and cash equivalents, short-term bank deposits and short-term investments in marketable securities as of March 31, 2011 amounted to $50.2 million.
Results
For the quarter ended March 31, 2011, total revenues were $25.5 million, with net income of $3.1 million, or $0.08 per fully diluted share. This compares with revenues of $19.7 million and net income of $1.9 million, or $0.06 per fully diluted share, for the same period last year.
Operating income for the quarter ended March 31, 2011, was $3.1 million, or $0.08 per fully diluted share. This compares to operating income of $1.8 million, or $0.05 per fully diluted share, for the same period a year ago.
Comments of Management
Commenting on the results, Guy Bernstein, Chief Executive Officer of Magic Software, said: "These strong results have continued the trend set in the previous quarter, once again breaking company records for revenues and profit, and sustaining double-digit overall growth year over year. Despite the slowdown we are experiencing in Japan due to the current crisis, and the sluggishness of the economic recovery in the US and Europe, Magic has continued to perform well in all centers of activity around the world."
"We have expanded our installed base globally by adding new customers. In addition, our existing customers have continued to upgrade their Magic products, migrating to our newest advanced technology offering. Moving forward, we have exciting new product launches for mobile and cloud environments scheduled for the coming months," concluded Mr. Bernstein.
Non-GAAP Financial Measures
This release includes non-GAAP operating income, net income, basic and diluted earnings per share and other non-GAAP financial measures. These non-GAAP measures exclude the following items:
Amortization of purchased intangible assets In-process research and development capitalization and amortization and Equity-based compensation expense
Magic Software's management believes that the presentation of non-GAAP measures provides useful information to investors and management regarding financial and business trends relating to the Company's financial condition and results of operations as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.
These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Magic Software believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Magic Software's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Magic Software's results of operations in conjunction with the corresponding GAAP measures.
Refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.
About Magic Software
Magic Software Enterprises Ltd. (NASDAQ:MGIC - News) is a global provider of cloud and on-premise application platform and business integration solutions. For more information, visit http://www.magicsoftware.com
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
Magic is the trademark of Magic Software Enterprises Ltd.
MAGIC SOFTWARE ENTERPRISES LTD. CONSOLIDATED STATEMENTS OF INCOME U.S. dollars in thousands (except per share data)
Three months ended
March 31,
2011
2010
Unaudited Revenues 25,488
19,711 Cost of Revenues 15,156
11,247 Gross profit 10,332
8,464 Research and development, net 366
631 Selling, marketing and general and
administrative expenses 6,835
6,079 Total operating costs and expenses 7,201
6,710 Operating income 3,131
1,754 Financial income, net 102
113 Other income, net 11
61 Income before taxes on income 3,244
1,928 Taxes on income 43
78 Net income 3,201
1,850 Net income attributable to non-controlling interests (88)
- Net income attributable to Magic Shareholders 3,113
1,850
Net earnings per share attributable to
Magic:
Basic 0.09
0.06 Diluted 0.08
0.06
Weighted average number of shares used in
computing net earnings per share attributable to
Magic:
Basic 36,085
31,942
Diluted 37,074
32,351
MAGIC SOFTWARE ENTERPRISES LTD. RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF INCOME FOR COMPARATIVE PURPOSES U.S. dollars in thousands (except per share data)
Three months ended
March 31,
2011
2010
Unaudited
GAAP operating income
3,131
1,754 Amortization of capitalized software and
other intangible assets
883
950 Capitalization of software development
(1,289)
(711) Stock-based compensation
164
36 Total adjustments to GAAP
(242)
275 Non-GAAP operating income
2,889
2,029
GAAP net income attributable to Magic Shareholders
3,113
1,850 Total adjustments to GAAP as above
(242)
275 Non-GAAP net income attributable to Magic
Shareholders
2,871
2,125
Non-GAAP basic net earnings per share
attributable to Magic
0.08
0.07 Weighted average number of shares used in
computing basic net earnings per share
36,085
31,942
Non-GAAP diluted net earnings per share
attributable to Magic
0.08
0.07 Weighted average number of shares used in
computing diluted net earnings per share
37,173
32,401
MAGIC SOFTWARE ENTERPRISES LTD. CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands
March 31,
December 31,
2011
2010
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 41,309
43,661 Short-term bank deposits 5,965
24 Available-for-sale marketable securities 2,881
2,857 Trade receivables, net 19,956
17,801 Other accounts receivable and prepaid expenses 3,490
4,029 Total current assets 73,601
68,372
LONG-TERM RECEIVABLES:
Severance pay fund 328
325 Other long-term receivables 2,474
2,141 Total other long-term receivables 2,802
2,466
PROPERTY AND EQUIPMENT, NET 1,811
1,827 IDENTIFIABLE INTANGIBLE ASSETS AND
GOODWILL, NET 42,725
39,285
TOTAL ASSETS 120,939
111,950
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term credit and current maturities
of long term loans 7
9 Trade payables 3,068
2,994 Accrued expenses and other accounts payable 14,472
15,028 Deferred revenues 6,586
1,526 Total current liabilities 24,133
19,557
NON-CURRENT LIABILITIES:
Long-term loans 2
2 Liability due to acquisition activities 1,315
2,990 Accrued severance pay 549
536 Total non-current liabilities 1,866
3,528
EQUITY
Magic Shareholders' equity 93,353
88,865 Non-controlling interests 1,587
- Total equity 94,940
88,865
TOTAL LIABILITIES AND EQUITY 120,939
111,950
Posted by CAPTNEMOS on :
stock is taking a beating today.IM a long hold on this anyway.$10.00 plus is my target.
MGIC reported record breaking results for Q1 2011 with revenues of $25.5M and net income of $3.1M a 29% and 78% year over year increase As the economy recovers, we are seeing early signs of increased investment for technology and IT by small businesses and corporations. It should come at no surprise with corporations currently holding a record amount of cash as a percentage of current assets that now would be a good time for a technology upgrade. Because of this unique situation Magic Software should continue to see strong growth in sales and benefit from the overall recovery.
Posted by T e x on :