Magic Software, subsidiary of the Israeli Mashov software company,
reported a 19% increase in revenues for 1995, up to $25.384
million, compared with $21.372 million in 1994. Net loss for the year
fell to $438,000, compared with a net loss of $1.400 million in 1994.
For the last quarter, Magic reported 34% increase to a record
$8.902 million, compared with sales of $6.638 million for the same
period in 1994. The company reported two profitable quarters after a
long period in the red.
According to Magic Chairman and President, Mr. David Assia, Magic 6
was an instrumental part of the company's recovery. "Magic 6 proved to
be equally popular both as an upgrade for our existing customer base and
as a highly productive development option for new customers." said
Assia.
"The overwhelming response to Magic 6 for Windows from users,
journalists and analysts has been a tremendous boost to our sales and
marketing efforts. This, coupled with planned support for Windows 95, NT
and Internet, puts us in an excellent position to increase our market
share and mind share in 1996."
During 1995 Magic took a number of steps during the year to enhance
its presence in the UK and US market. These included several key
executive appointments in the company's US-based subsidiary, Magic
Software Enterprises Inc. Uzi Yair was appointed in May as Chief
Executive Officer of MSE Inc. with the goal of increasing Magic's
corporate and value-added reseller (VAR) customer base. Jeffrey Starr
relocated from Magic's corporate headquarters to MSE Inc. as Vice
President, Worldwide Marketing, along with Ken Matsagas as Vice
President for Sales.
In June 1995 Magic 6 for Windows was officially introduced in a
series of special one-day launch seminars. Magic 6 launches were
conducted throughout Europe, Asia, North America and the Middle East and
were attended by more than 6,000 people.
Its success was officially recognized at the prestigious Droege
Developers Competition where teams using Magic 6 won the top five
places, beating 45 other teams using 25 of the world s top programming
tools. Magic 6 also took the gold in the Rapid Application Development
and Graphical User Interface categories and was voted the Most Popular
Tool of the entire competition.
Magic is a second generation Rapid Application Development tool which
brings a totally table-driven approach to client and server development.
In Magic, complete application functionality is developed entirely in a
high level, table-driven programming environment without requiring code
or proprietary script