Magic Software Enterprises (MGIC) Misses Q4 EPS by 2c, Beats on Revenues

Note: EPS may not be comparable

Magic Software Enterprises (NASDAQ: MGIC) reported Q4 EPS of $0.11, $0.02 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $66.1 million versus the consensus estimate of $62.73 million.

Financial Highlights for the Fourth Quarter Ended December 31, 2017

• Revenues for the fourth quarter increased 20% to $66.1 million compared to $55.1 million in the same period last year.
• Operating income for the fourth quarter increased 36% to $6.2 million compared to $4.5 million in the same period last year.
• Non-GAAP operating income for the fourth quarter increased 19% to $8.7 million compared to $7.3 million in the same period last year.
• Net income attributable to Magic\'s shareholders for the fourth quarter increased to $3.8 million, or $0.09 per fully diluted share, compared to $0.1 million, or $0 per fully diluted share in the same period last year. Net income attributable to Magic's shareholders for the fourth quarter of 2016 was negatively impacted from acquired operations outperforming their targets, resulting in an increase in value of put options of redeemable non-controlling interests amounting to $2.3 million [1] and in an increase in valuation of contingent considerations related to acquisitions amounting to $0.8 million.
• Non-GAAP net income attributable to Magic\'s shareholders for the fourth quarter increased 10% to $4.8 million, or $0.11 per fully diluted share, compared to $4.3 million, or $0.10 per fully diluted share, in the same period last year.

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

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