Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) reported revenue and profit growth for the first quarter, beating the analysts' revenue and earnings per share forecasts.
Revenue rose 18% to $30 million from $25.5 million for the corresponding quarter, and non-GAAP net profit rose 60% to $4.2 million ($0.11 per share) from $3.1 million. The analysts' consensus was earnings per share of $0.10 on $29.3 million revenue.
First quarter cash flow from operations was $9.7 million and the company had $40.5 million in cash, cash equivalents and short-term investments at the end of March.
Magic CEO Guy Bernstein said, "In the first quarter of 2012, Magic continued its success from 2011, with double-digit growth and very strong performance across the board in all our regional centers of activity. These results reflect continued high demand in the market for our products and professional services. Moving forward, we plan to build on this success by further enhancing our product offerings, in particular our enterprise mobile and cloud-based technology. In May 2012, we will extend our mobile offering to include support for the iOS and Android mobile platforms for smartphones and tablets."
Magic's share price rose 0.3% in early trading on Nasdaq to $6.23, giving a market cap of $228 million, after rising 3.3% on the TASE to NIS 24.53.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2012
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