formula systems (1985) ltd
(FORT:Tel Aviv)
formula systems (1985) ltd (FORT) Snapshot
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Open
$8,017
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Previous Close
$8,017
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Day High
$8,017
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Day Low
$7,873
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52 Week High
05/5/13 - $8,100
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52 Week Low
08/23/12 - $5,441
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Market Cap
1.1B
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Average Volume 10 Days
10.6K
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EPS TTM
$1.77
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Shares Outstanding
13.6M
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EX-Date
06/1/11
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P/E TM
12.1x
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Dividend
--
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Dividend Yield
--
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Formula Systems (1985) Ltd., through its subsidiaries, operates as an information technology (IT) solutions and services company worldwide. The company engages in the development of customer software systems; customization of software developed to provide a response to customers' requirements; systems assimilation; provision of offshore and domestic services primarily for software developments and quality assurance, and software testing; integration of various components; and distribution and support of software products. It also supplies infrastructure solutions for computer and communication systems, as well as sells and markets hardware products; and operates technological training and qualification centers, which provide professional courses for hi-tech personnel, training and assimilation of computer systems, applications courses, professional training, soft-skills training, and training for capital market operations. In addition, the company develops, markets, sells, and supports application platform, and business and process integration solutions, including uniPaas Application Platform, an application platform that supports various deployment models; iBOLT Business and Process Integration Platform, a graphical wizard-based code-free solution for business processes and applications; and AppBuilder Application Platform, a development environment used for managing, maintaining, and reusing applications. Further, it offers consulting and software development project management, maintenance, technical support, and training services; telecom infrastructure technologies, cargo handling, and installation services; and software solutions, IT services, and outsourcing of application maintenance services for the insurance industry. 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.
formula systems (1985) ltd (FORT) Key Developments
Formula Systems (1985) Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. Revenues for the quarter ended March 31, 2013, increased 6% year over year to $188.8 million from $178.3. Operating income for the quarter ended March 31, 2013, decreased 6% to $13.1 million compared to $13.9 million in the same period last year. Income before taxes on income was $11.7 million against $12.4 million reported last year. Net income attributable to Formula's shareholders decreased 46% to $4.2 million, or $0.30 per fully diluted share, compared to $7.8 million, or $0.56 per fully diluted share, in the same period last year. Net income in 2012 included a net gain of $3.4 million resulting from the re-measurement of the company's investments, attributable to regaining the controlling interest in Sapiens. Non-GAAP operating income for the first quarter decreased 6% to $16.7 million compared to $17.7 million in the same period last year. Non-GAAP net income attributable to Formula's shareholders decreased 36% to $6.3 million or $0.39 per diluted share compared to $9.7 million or $0.66 per diluted share in the same period last year.
On 04/30/2013, Formula Systems (1985) Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC.
Formula Systems (1985) Ltd. at the annual general meeting of shareholders held on April 2, 2013 approved the election of Mr. Eli Zamir and Ms. Iris Yahal as external directors of the company, each to hold office for a three-year term, subject to, and in accordance with, the provisions of the Israeli Companies Law, 5759-1999.
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Industry Analysis
FORT
Industry Average
| Valuation | FORT | Industry Range |
| Price/Earnings | -- | Not Meaningful |
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| TEV/Sales | -- | Not Meaningful |
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To contact FORMULA SYSTEMS (1985) LTD, please visit www.formulasystems.com. Company data is provided by Capital IQ. Please use this form to report any data issues.
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