Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC), a provider of mobile and cloud-enabled application and business integration platforms, reported revenue for the third quarter of $54.5 million, 20% higher than the $45.3 million in the same period last year.
Net profit attributable to Magic's shareholders for the third quarter decreased 4% to $4.0 million, or $0.09 per fully diluted share, compared with $4.2 million, or $0.09 per fully diluted share in the same period last year. Non-GAAP net income attributable to Magic's shareholders for the third quarter decreased 7% to $5.3 million, or $0.12 per fully diluted share, compared with $5.7 million, or $0.13 per fully diluted share, in the same period last year.
Operational cash flow for first nine months of 2016 amounted to $18.4 million.
Magic Software Enterprises CEO Guy Bernstein said, “Our record-breaking top-line Q3 results demonstrate the successful execution of Magic’s two-pronged strategy to grow our business both organically and through acquisitions. The growth of our existing activities show that we are providing the software and services that enterprises need to succeed in today’s digital world. We are accelerating our efforts to enhance our portfolio with improved or additional products and services that appeal to our enterprise customers and bring profitability to our business.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2016
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