LinuxPR: Magic Software Continues To Report Record Revenues, Operating Profits

“Magic Software Enterprises, Ltd. (Nasdaq: MGIC), a leading
provider of enterprise-level e-commerce, customer service
management and other business solutions, reported record sales and
earnings today for the first quarter of 2000, exceeding analysts’
expectations. This is the sixth quarter in a row the Company
has delivered record sales performance, and the seventh consecutive
quarter Magic has posted record net earnings. The Company
attributed these results to growing worldwide acceptance of its
e-commerce solutions, an improving market for software development
tools, and increased penetration of the North American market.”

“Total revenues for the first quarter 2000 were $21.7 million as
compared to $13.6 million for the comparable period in 1999, a
58.8% increase over last year and a 16.2% increase over revenues
posted in the fourth quarter of 1999. Net income for the quarter
rose to $4.0 million ($0.14 earnings per share) from the $1.4
million ($0.06 earnings per share) posted for the corresponding
period of 1999.”

“Software license sales, which includes the Magic core
technology and applications, for the period increased by $5.4
million (or 71.4%) compared to the same quarter last year, and
represented 60.2% of total revenues. Application license sales
accounted for 25.5% of total software sales, an increase of 95.5%
over the fourth quarter of 1999. Sales of the core technology
during the quarter increased by 5.3% over the final quarter of last
year and by 27.7% over the corresponding period in 1999.”

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