Guy Bernstein (PR)
Magic Software Industries, which develops and provides solutions for application development and business integration and the provision of IT consulting services, reports its financial results for the third quarter and first nine months of 2021.
Revenue in the third quarter of 2021 increased by 27.4% to $ 120.9 million, compared to $ 94.9 million in the corresponding quarter last year. Operating profit in the third quarter of 2021 increased by about 9.2% to about $ 12.0 million, compared to $ 11.0 million in the corresponding quarter last year, despite the fact that the third quarter included all Tishrei holidays in September and summer vacations in August. 7.2% compared to the third quarter of 2020), which resulted in a decrease of about 1.1% (110 basis points) in operating profit.
Non-GAAP operating income in the third quarter of 2021 increased by 14% to $ 16.2 million, compared to $ 14.2 million in the same quarter last year, despite the fact that the third quarter included all Tishrei holidays in September and summer vacations in August (what Which resulted in a lower number of working hours by about 7.2% compared to the third quarter of 2020), which resulted in a decrease of about 1.1% (110 basis points) in operating profit.
Net income attributable to shareholders in the third quarter of 2021 increased by 5.8% and amounted to approximately $ 7.5 million or 15 cents per fully diluted share compared to $ 7.1 million and earnings of 14 cents per fully diluted share in the corresponding quarter last year. Net income attributable to Magic shareholders on a non-GAAP basis in the third quarter of 2021 increased by 24.5% to approximately $ 11.8 million, or 24 cents per fully diluted share, compared to $ 9.5 million, or 19 cents per fully diluted share, in the corresponding quarter last year .
Revenue in the first nine months of 2021 increased by about 30.3% to about $ 347.3 million, compared to $ 266.6 million in the same period last year. Operating profit in the first nine months of 2021 increased by about 24.7% to about $ 37.0 million, compared to $ 29.6 million in the same period last year. Non-GAAP operating income in the first nine months of 2021 increased by 25.9% to $ 47.1 million, compared to $ 37.4 million last year.
Net income attributable to Magic shareholders in the first nine months of 2021 rose about 22.2% to about $ 22.8 million, or 46 cents per fully diluted share, compared to $ 18.7 million, or 38 cents per fully diluted share, last year. Net income attributable to Magic shareholders on a non-GAAP basis in the first nine months of 2021 increased by about 23.9% and amounted to $ 33.4 million, or 68 cents per fully diluted share, compared to $ 26.9 million, or 55 cents per fully diluted share, last year .
Cash flow from operating activities in the first nine months of 2021 amounted to approximately $ 34.2 million, compared to $ 41.3 million in the corresponding period last year. Magic raises its revenue forecast for 2021 and expects annual revenue to be in the range of $ 470 million to $ 475 million, reflecting an annual growth rate of 26.6% -28.0%.
Guy Bernstein, CEO of Magic Software Industries: “I am very pleased to summarize another record quarter of Magic added to the strong momentum that accompanies the company throughout 2021. Magic reports its results for the nine months of 2021 with double-digit growth and a record of all Times in all major financial indicators (revenue, gross profit, operating profit, EBITDA and net income) despite the decrease in the number of working hours in the third quarter as a result of the Tishrei holidays and summer vacations in August. .
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