Last 9,750
Change Today +64.00 / 0.66%
Volume 3.0
FORT On Other Exchanges
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As of 2:45 AM 08/20/14 All times are local (Market data is delayed by at least 15 minutes).

formula systems (1985) ltd (FORT) Snapshot

Open
$9,750
Previous Close
$9,686
Day High
$9,750
Day Low
$9,750
52 Week High
04/2/14 - $11,410
52 Week Low
08/28/13 - $8,012
Market Cap
1.4B
Average Volume 10 Days
12.4K
EPS TTM
$9.22
Shares Outstanding
14.7M
EX-Date
07/14/14
P/E TM
3.0x
Dividend
$0.47
Dividend Yield
2.80%
Current Stock Chart for FORMULA SYSTEMS (1985) LTD (FORT)

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formula systems (1985) ltd (FORT) Details

Formula Systems (1985) Ltd. provides software consulting services and computer-based business solutions, and develops proprietary software products worldwide. The company operates in three segments: Matrix, Magic, and Sapiens. It offers software services, software development projects, outsourcing, and integration of software systems and services; infrastructure solutions for computer and communication systems, and hardware products; and training and assimilation services, as well as sells and support various software products. The company also develops, markets, sells, and supports application platforms for developing and deploying business applications, and business and process integration solutions, including Magic xpa Application Platform, a comprehensive Internet application platform that supports various deployment models; Magic xpi Integration Platform, a graphical, wizard-based code-free solution delivering integration and orchestration of business processes and applications; and AppBuilder Application Platform, a development environment used for managing, maintaining, and reusing complicated applications. In addition, it offers Sapiens ALIS, a life, annuities, pension, and retirement software solution for individual, group, and worksite insurance products; Sapiens IDIT, a software solution for traditional insurance, direct insurance, bancassurance, and brokers markets; Sapiens RapidSure, a software solution to meet the business and regulatory requirements of property and casualty/general insurance (P&C) providers; Sapiens Reinsurance to handle P&C/general reinsurance activities; Sapiens DECISION, a business decision software solution; and Sapiens legacy software solutions. Further, the company provides consulting and software development project management services; and implementation and integration services. 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.

8,758 Employees
Last Reported Date: 04/30/14
Founded in 1985

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Executives, Board Directors

formula systems (1985) ltd (FORT) Key Developments

Formula Systems (1985) Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reasserts Revenue Guidance for the Year 2014

Formula Systems (1985) Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the six months, revenues were $321.006 million against $389.928 million a year ago. Operating income was $15.340 million against $28.585 million a year ago. Income before taxes on income was $10.817 million against $25.019 million a year ago. Net income attributable to the company’s shareholders was $59.997 million or $4.15 per diluted share against $9.121 million or $0.64 per diluted share a year ago. Revenue for the six-month period was negatively impacted by the deconsolidation of Magic's and Sapiens' results of operations totaling $105.4 million. Operating income was negatively impacted by the deconsolidation of Magic's and Sapiens' results of operations totaling $10.2 million. Net income for the six-month period ended June 30, 2014 was positively impacted by a net gain of $61.4 million recorded in relation to Formula's loss of control in Magic Software described above offset by the $4.8 million loss recorded as a result of the decrease of Formula's beneficial ownership percentage in Sapiens from 48.6% to 47.1% due to the exercise of employee stock-based compensation and warrants. For the quarter, revenues were $147.517 million against $201.158 million a year ago. Operating income was $8.367 million against $15.443 million a year ago. Income before taxes on income was $5.908 million against $13.352 million a year ago. Net income attributable to the company’s shareholders was $2.902 million or $0.20 per diluted share against $4.881 million or $0.34 per diluted share a year ago. Revenue for the second quarter was negatively impacted by the deconsolidation of Magic's and Sapiens' results of operations totaling $67.8 million, which were consolidated during all of the second quarter of 2013. Operating income was negatively impacted by the deconsolidation of Magic's and Sapiens' results of operations totaling $6.9 million, which were consolidated during all of the second quarter of 2013. Net income for the second quarter of 2014 was negatively impacted by loss of $1.7 million recorded as a result of the decrease in Formula's beneficial ownership percentage in Sapiens from 47.7% to 47.1% due to the exercise of employee stock-based compensation. The company reasserted its revenue guidance of $161 million to $165 million for the full-year 2014.

Formula Systems Seeks Acquisitions

Formula Systems (1985) Ltd. (TASE:FORTY) will consider acquisitions. Formula is under no pressure to realize its assets. It has $100 million in cash in the company's coffers and recently took a private loan of NIS 200 million from Menorah Mivtachim Holdings Ltd (TASE: MORA) and is looking for more acquisitions.

Francisco Reportedly In Talks To Acquire Sapiens

Francisco Partners Management LLC is holding talks with Formula Systems (1985) Ltd. (TASE:FORTY) to acquire Sapiens International Corporation N.V. (NasdaqCM:SPNS) in a deal that may value the company at $460 million, TheMarker has learned. Formula Systems has offered to sell its 48% holding at $10 a share, sources told TheMarker. Haaretz added that Formula Systems declined to comment on the report. Shares of Sapiens rose 0.7% to $7.61.

 

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