Formula Systems Stock Price, News & Analysis

Formula Systems (NASDAQ: FORTY) reported robust financial results for Q2 2021, with revenues soaring by 34.5% to $587.9 million and operating income rising 24.1% to $50.5 million. Net income increased 18.7% to $13.3 million, translating to $0.86 per diluted share. For the first half of 2021, revenues climbed 28.5% to $1,160.5 million, while net income grew 15.7% year-over-year. The company's board declared a cash dividend of approximately $12 million to be paid on September 22, 2021. As of June 30, 2021, Formula held substantial equity positions in several subsidiaries, maintaining strong compliance with financial covenants.

Formula Systems (NASDAQ: FORTY) reported a strong first quarter for 2021, with revenues rising 22.8% to $572.6 million and operating income increasing by 22.3% to $47.5 million. Net income attributable to shareholders was up 12.7% to $12.4 million, or $0.80 per diluted share. The company maintained high equity levels of $1,103.7 million and compliance with debenture covenants. Sapiens and Matrix both showed notable growth, with Sapiens raising its revenue guidance for 2021, while Matrix reported a backlog increase of 12.5%. Overall, the results reflect robust execution of the growth strategy.

Formula Systems (NASDAQ: FORTY) reported impressive financial results for Q4 and the full year 2020, showcasing significant growth.

Q4 revenues jumped 21.2% to $543.2 million, while net income increased 19.1% to $11.9 million ($0.76/share). For the year, revenues rose 13.7% to $1.93 billion, with net income of $46.8 million ($3.01/share), a 20.5% increase.

The company highlighted strong performance across its subsidiaries, maintaining robust cash reserves of approximately $533.2 million and demonstrating compliance with financial covenants.

Sapiens International Corporation (NASDAQ: SPNS) reported strong financial results for Q4 and the full year 2020, highlighting a 17.2% increase in revenue to $101.7 million for Q4 compared to Q4 2019. Gross profit rose 18.4%, reaching $41.4 million, while diluted EPS increased by 15.4% to $0.15. For the full year, revenue was $382.9 million, a 17.6% growth from 2019. Sapiens anticipates 2021 Non-GAAP revenue between $457 million and $463 million, indicating ongoing positive momentum as they leverage recent acquisitions.

Formula Systems (NASDAQ: FORTY) reported strong Q3 results, with consolidated revenues rising by 8.5% to $487.3 million and operating income increasing by 22.5% to $45.4 million compared to Q3 2019. Net income attributable to shareholders surged 29.4% to $12.6 million, or $0.82 per share. For the nine-month period, revenues grew 11% to $1,390.7 million, with net income of $34.9 million, up 21% year-over-year. Despite ongoing global challenges due to COVID-19, the company showcased robust growth across its investment portfolio.

Formula Systems (NASDAQ: FORTY) reported a record-breaking operating income of $40.7 million for Q2 2020, a 24% increase year-over-year, accompanied by net income growth to $11.2 million. Consolidated revenues rose by 5.9% to $437.1 million. For the first half of 2020, revenues increased by 12.4% to $903.3 million and net income grew by 16.6% to $22.3 million. The board declared a cash dividend of NIS 1.77 per share, payable on September 16, 2020. Cash and equivalents reached $472.8 million. Management expressed confidence in the company's resilience amidst COVID-19 challenges.

Formula Systems (1985) Ltd. (NASDAQ: FORTY) announced the filing of its annual report on Form 20-F for the year ended December 31, 2019, with the U.S. Securities and Exchange Commission (SEC). The report includes the company's audited consolidated financial statements, accessible on both the SEC website and the company's Investor Relations site. Shareholders can request a hard copy of the report free of charge. Formula Systems engages in providing software consulting services, developing proprietary software products, and offering computer-based business solutions.

Formula Systems announced the acquisition of 70% of Liram Finance Software Ltd., enhancing its offerings in financial accounting, taxation, and compliance. The move, executed by subsidiary Michpal Micro Computers, aims to expand operations and integrate Liram's software solutions, including the new "RamPlus 360" platform. This strategic acquisition is expected to boost customer relations and operational efficiency for Michpal, which serves a broad client base across various sectors. The deal underscores Formula Systems' strategy to enhance its service portfolio and market presence.

Formula Systems (NASDAQ: FORTY) reported a strong first quarter for 2020, with consolidated revenues increasing by 19.1% to a record $466.3 million. Operating income rose 22% year-over-year to $38.8 million, while net income attributable to shareholders grew 10% to $11 million. The company maintained a solid financial position, holding $448.8 million in cash and equivalents. However, some subsidiaries, like Sapiens and Magic, revised their annual revenue guidance downward due to potential delays in closing new deals stemming from macroeconomic challenges.