Magic Software Enterprises (MGIC) Tops Q1 EPS by 1c, Beats on Revenues

Magic Software Enterprises (NASDAQ: MGIC) reported Q1 EPS of $0.13, $0.01 better than the analyst estimate of $0.12. Revenue for the quarter came in at $60.8 million versus the consensus estimate of $50.1 million.

Financial Highlights for the First Quarter Ended March 31, 2017

• Revenues for the first quarter increased 36% year over year to $60.8 million compared to $44.7 million in the same period last year.
• Operating income for the first quarter increased 20% to $6.3 million from $5.3 million in the same period last year. Non-GAAP operating income for the first quarter increased 26% to $8.4 million compared to $6.7 million in the same period last year.
• Net income attributable to Magic\'s shareholders for the first quarter increased 16% to $4.3 million, or $0.10 per fully diluted share, compared to $3.7 million, or $0.08 per fully diluted share, in the same period last year. Non-GAAP net income attributable to Magic\'s shareholders for the first quarter increased 19% to $5.7 million, or $0.13 per fully diluted share, compared to $4.8 million, or $0.11 per fully diluted share, in the same period last year.
• Cash flow from operating activities for the first quarter amounted to $10.5 million compared to $12.2 million in the same period last year.
• As of March 31, 2017, our net cash, cash equivalents, short-term bank deposits and available-for-sale marketable securities amounted to $59.2 million.
• Magic is reiterating its fiscal year 2017 guidance issued in February for full year revenues of between $225 million to $230 million on a constant currency basis, reflecting annual growth of 12% to 14%.

For earnings history and earnings-related data on Magic Software Enterprises (MGIC) click here.

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