Formula Systems, a provider of information technology products, solutions and services, has reported a net income of $2.7 million in Q3 2007 compared to a net loss of $1 million in Q3 2006.
The company reported revenues of $124.7 million for the third quarter ended September 30, 2007, an increase of 14% compared to $109.7 million in the third quarter of 2006. Operating income in the quarter was $7.7 million compared to $1.1 million in the same quarter of 2006, an increase of 603%. Earnings per basic share from continued operation for the third quarter of 2007 stood at $0.14 against $0.06 in the same period of 2006.
Revenues for the first nine months ended September 30, 2007 totaled $365.5 million compared to $311.7 million in the same period of 2006, an increase of 17%. Operating income in the first nine months of 2007 was $21.2 million compared to $6.3 million in the first nine months of 2006, an increase of 235%.
Net income in the first nine months of 2007 totaled $27.9 million compared to $3.7 million in the same period of 2006. Earnings per basic share generated from continued operation for the nine months ended 2007 was $0.72 compared to $0.02 in 2006.
Gad Goldstein, president & CEO of Formula, said: In the first nine months of the year alongside the day to day activities, we focused on two additional, substantial areas, improving the operational results of our subsidiaries and creating financial resources to support the continuing growth of the Formula Group.