Boston, MA 08/12/2014 (wallstreetpr) – Magic Software Enterprises Ltd. (NASDAQ:MGIC), the Israel-based global provider of cloud and mobile-enabled application, on August 11, 2014 publicized its 2Q and six-month financial balance sheet. Magic, led by Guy Bernstein CPA, the chief executive officer and director was pleased to declare the double-figure growth statistics for the quarter.
Upsurge in revenue:
The quarter ended June 30, 2014 observed an upsurge in revenue. The revenue for the second quarter hiked 17% year over year. It increased from $34.8 million in the last year to $40.6 million in these three months’ tenure.
Better operating income:
The operating income was also zoomed by 26% to $5.1 million in the 2Q while last year same period witnessed operating income of $4.1 million. Similarly, the non-GAAP operating income increased to $6.0 million from $4.7 million within a span of 12 months, i.e. 28% increase from 2Q2013.
Net income for 2Q2014:
Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s net income for the 2Q climbed up by 11% to $3.9 million or $0.09 per diluted shares. In the last year’s same quarter, the net income was $3.5 million or $0.09 per diluted shares. The non-GAAP net income was also affected significantly and showed 24% increase in the second quarter. The non-GAAP net income jumped from $3.8 million previous year to $4.7 million this year.
Financial data of six-month period:
For the six-month period, the financial data reported by Magic Software Enterprises Ltd. (NASDAQ:MGIC) was progressive and pleasing. The revenues increased 20% from $68.2 million to $81.6 million this period. The operating income for the six-month period was $11.1 million, compared to $8.7 million last year same period. The first half of 2014 accumulated net income of $8.3 million or $0.20 per diluted share for Magic, while, in 2013, the figure was $7.0 million or $0.19 per diluted shares. The approximate operating cash flow for the first six months of 2014 was $12 million.
