Magic Software Enterprises (MGIC) Reports In-Line Q1 EPS, Beats on Revenues

Magic Software Enterprises (NASDAQ: MGIC) reported Q1 EPS of $0.14, in-line with the analyst estimate of $0.14. Revenue for the quarter came in at $69.7 million versus the consensus estimate of $67.07 million.

Financial Highlights for the First Quarter Ended March 31, 2018

• Revenues for the first quarter increased 15% to $69.7 million compared to $60.8 million in the same period last year.
• Operating income for the first quarter increased 19% to $7.6 million compared to $6.3 million in the same period last year.
• Non-GAAP operating income for the first quarter increased 16% to $9.7 million compared to $8.4 million in the same period last year.
• Net income attributable to Magic\'s shareholders for the first quarter increased 7% to $4.6 million, or $0.10 per fully diluted share, compared to $4.3 million, or $0.10 per fully diluted share in the same period last year.
• Non-GAAP net income attributable to Magic\'s shareholders for the first quarter increased 7% to $6.2 million, or $0.14 per fully diluted share, compared to $5.7 million, or $0.13 per fully diluted share, in the same period last year.
• Cash flow from operating activities for the first quarter amounted to $7.3 million compared to $10.5 million in the same period last year.
• As of March 31, 2018, Magic\'s net cash, cash equivalents, short-term bank deposits and marketable securities, offset by financial liabilities, amounted to $50.5 million.
• Magic is reiterating its fiscal year 2018 guidance issued in February for full year revenues of between $283 million to $293 million on a constant currency basis, reflecting annual growth of 10% to 14%.

"Our record-breaking results speak for themselves, demonstrating that Magic has continued the forward momentum of a very strong 2017. Our fiscal year 2018 is off to an excellent start driven by the continued high demand for our products and professional services across all of our regions and markets.

"In keeping with our successful strategic direction, we remain focused on expanding our customer base as we continue to evolve our portfolio with powerful and innovative technologies in the fields of software application development, mobile, cloud, big data, and especially in integration, which I believe will account for the majority of an organization\'s digital transformation efforts," added Bernstein.

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

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