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Last 10,650
Change Today +260.00 / 2.50%
Volume 6.5K
As of 10:24 AM 04/1/15 All times are local (Market data is delayed by at least 15 minutes).

formula systems (1985) ltd (FORTY) Snapshot

Open
$10,400
Previous Close
$10,390
Day High
$10,680
Day Low
$10,400
52 Week High
04/2/14 - $11,410
52 Week Low
02/2/15 - $8,100
Market Cap
1.6B
Average Volume 10 Days
7.8K
EPS TTM
$5.40
Shares Outstanding
14.7M
EX-Date
01/19/15
P/E TM
5.0x
Dividend
$1.06
Dividend Yield
3.92%
Current Stock Chart for FORMULA SYSTEMS (1985) LTD (FORTY)

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formula systems (1985) ltd (FORTY) Details

Formula Systems (1985) Ltd. provides software consulting services and computer-based business solutions, and develops proprietary software products worldwide. The company operates in three segments: Matrix, Magic, and Sapiens. It offers software services, software development projects, outsourcing, and integration of software systems and services; infrastructure solutions for computer and communication systems, and hardware products; and training and assimilation services, as well as sells and support various software products. The company also develops, markets, sells, and supports application platforms for developing and deploying business applications, and business and process integration solutions, including Magic xpa Application Platform, a comprehensive Internet application platform that supports various deployment models; Magic xpi Integration Platform, a graphical, wizard-based code-free solution delivering integration and orchestration of business processes and applications; and AppBuilder Application Platform, a development environment used for managing, maintaining, and reusing complicated applications. In addition, it offers Sapiens ALIS, a life, annuities, pension, and retirement software solution for individual, group, and worksite insurance products; Sapiens IDIT, a software solution for traditional insurance, direct insurance, bancassurance, and brokers markets; Sapiens RapidSure, a software solution to meet the business and regulatory requirements of property and casualty/general insurance (P&C) providers; Sapiens Reinsurance to handle P&C/general reinsurance activities; Sapiens DECISION, a business decision software solution; and Sapiens legacy software solutions. Further, the company provides consulting and software development project management services; and implementation and integration services. The company was founded in 1985 and is headquartered in Or Yehuda, Israel. Formula Systems (1985) Ltd. is a subsidiary of Asseco Poland S.A.

Founded in 1985

formula systems (1985) ltd (FORTY) Top Compensated Officers

Chief Executive Officer
Total Annual Compensation: $512.5K
Compensation as of Fiscal Year 2013.

formula systems (1985) ltd (FORTY) Key Developments

Formula Systems (1985) Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Formula Systems (1985) Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company revenues of $162,048,000 compared with $208,668,000 for the same period last year. Operating income was $9,794,000 compared with $17,389,000 for the same period last year. Income before taxes on income was $9,611,000 compared with $16,166,000 for the same period last year. Net income attributable to Formula's shareholders was $8,810,000 or $0.60 diluted per share compared with $66,351,000 or $4.65 diluted per share for the same period last year. Non-GAAP operating income was $18.4 million compared with $19.1 million for the same period last year. The decrease is due to the deconsolidation of Magic Software Enterprises' (MGIC) and Sapiens' results of operations, which were previously consolidated during fourth quarter of 2013, and which continued to be accounted in 2014 under the equity method of accounting. For the full year, the company reported revenues of $636,417,000 compared with $795,881,000 for the same period last year. Operating income was $35,035,000 compared with $60,742,000 for the same period last year. Income before taxes on income was $30,169,000 compared with $54,506,000 for the same period last year. Net income attributable to Formula's shareholders was $75,061,000 or $5.19 diluted per share compared with $80,687,000 or $5.68 diluted per share for the same period last year. Non-GAAP operating income was $66.7 million compared with $814.0 million for the same period last year.

Formula Systems (1985) Ltd. Declares Cash Dividend Payable on February 4, 2015

Formula Systems (1985) Ltd. announced that its Board of Directors has declared a cash dividend in the amount of $0.535 per share and in the aggregate amount of approximately $7.9 million. The dividend is payable on February 4, 2015 to all of the company's shareholders of record at the close of trading on the NASDAQ Global Select Market (or the Tel-Aviv Stock Exchange, as appropriate) on January 19, 2015.

Formula Systems (1985) Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Formula Systems (1985) Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, net income attributable to shareholders increased 20% to $6.3 million, or $0.43 per fully diluted share, compared to $5.2 million, or $0.36 per fully diluted share, in the same period last year. Revenues for the third quarter amounted to $153.4 million against $197.3 million last year. Revenues for the third quarter showed a decrease due to the deconsolidation of Magic's and Sapiens' results of operations, which were previously consolidated during the third quarter of 2013, and which continue to be accounted for under the equity method of accounting. The company's non-GAAP comparable pro-forma revenues, had it continued to consolidate Magic's and Sapiens' results of operations for the third quarter of 2014, would have totaled $234.0 million, compared to $197.3 million in the same period last year, reflecting a year over year increase of 18.6%. Operating income for the third quarter amounted to $9.9 million against $14.8 million last year. Operating income for the third quarter showed a decrease due to the deconsolidation of Magic's and Sapiens' results of operations, which were previously consolidated during the third quarter of 2013. Income before taxes on income was $9.7 million against $13.3 million last year. Income after taxes was $7.0 million against $11.7 million last year. The company's non-GAAP comparable pro-forma operating income, had it continued to consolidate Magic's and Sapiens' results of operations for the third quarter of 2014, would have totaled $17.9 million, compared to $14.8 million in the same period last year, reflecting a year over year increase of 20.9%. For the nine months, net income attributable to shareholders was $66.3 million, or $4.57 per fully diluted share, compared to $14.3 million, or $0.99 per fully diluted share, in the same period last year. Revenues amounted to $474.4 million against $587.2 million last year. Operating income amounted to $25.2 million against $43.4 million last year. Income before taxes on income was $20.6 million against $38.3 million last year. Income after taxes was $13.4 million against $32.7 million last year. Net income for the nine-month period was positively impacted by a net gain of $61.4 million recorded in relation to Formula's loss of control in Magic Software offset, in part, by the $5.3 million loss recorded as a result of the decrease of Formula's beneficial ownership percentage in Sapiens from 48.8% to 46.95% due to the exercise of employee stock-based compensation and warrants. Revenues for the first nine months showed a decrease due to the deconsolidation of Magic's and Sapiens' results of operations, which were previously consolidated during the same period in 2013. The company's non-GAAP comparable pro-forma revenues, had it continued to consolidate Magic's and Sapiens' results of operations for the first nine months of 2014, would have totaled $684.5 million, compared to $587.2 million in the same period last year, reflecting a year over year increase of 16.6%. Operating income for the first nine months showed a decrease due to the deconsolidation of Magic's and Sapiens' results of operations, which were previously consolidated during the same period in 2013. The company's non-GAAP comparable pro-forma operating income, had it continued to consolidate Magic's and Sapiens' results of operations for the first nine months of 2014, would have totaled $44.7 million, compared to $43.4 million in the same period last year, reflecting a year over year increase of 2.8%. The company’s stand-alone net debt as of September 30, 2014 amounted to $25.0 million.

 

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