Welcome!

Microservices Expo Authors: Liz McMillan, Elizabeth White, Astadia CloudGPS, Jason Bloomberg, Karthick Viswanathan

Related Topics: Microservices Expo

Microservices Expo: Press Release

Magic Software Reports Q4 and Full Year 2009 Results

Annual Net Profits Increased to $6.2 Million Along with Improved Operations

Magic Software, a provider of application platforms and business and process integration solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2009.

Financial Highlights for the Fourth Quarter

  • Revenues were $14.5 million (Q4 2008: $15.1 million; Q3 2009 $13.5 million).
  • Operating income was $1.8 million (Q4 2008: $1.2 million; Q3 2009: $0.8 million).
  • Net income reached $3.5 million, a three-fold increase compared to $1.1 million for the fourth quarter of 2008 and $0.9 million for the third quarter of 2009.
  • Total cash, cash equivalents and short-term investments as at December 31, 2009 amounted to $42 million compared to $33 million as at December 31, 2008.
  • During the fourth quarter the Company declared a cash dividend in the amount of US$0.50 per share and in the aggregate amount of approximately US$16.0 million.

Financial Highlights for the Full Year ended December 31, 2009

  • Operational cash flow for the year amounted to $4.5 million.
  • Revenues reached $55.4 million, compared to $62.0 million in 2008.
  • Operating income was maintained at $4.3 million, despite a relative decline in revenues.
  • Net income reached $6.2 million, an increase of 38% compared to $4.5 million in 2008.
  • Net income for 2009 included a $2.0 million capital gain from the sale of the Company's headquarters building.

Comments of Management

Commenting on the results, Guy Bernstein, Chairman of Magic Software, said: "During a difficult year for global markets, I am pleased to report that we have improved efficiency, maintained our operating profits, and implemented structural, management and operational changes to serve our future growth.

"Towards the tail end of 2009 we began to see greater sales of our uniPaaS and iBOLT platforms. We are continuing to improve our business performance by focusing on greater efficiency and more license sales," concluded Mr. Bernstein.

Summary of the Year and the Quarter

  • Eyal Pfeifel was appointed as the Company's new CTO, in August. Eyal brings with him previous Magic Software experience and 20 years in planning and managing large-scale and innovative technology projects.
  • The Company has seen an increasing number of new customers worldwide.
  • A growing emphasis on projects that use both uniPaaS and iBOLT platforms, particularly in the fields of mobile applications and specific industry verticals.
  • The uniPaaS application platform continues to be adopted worldwide. The Company is now implementing close to 100 uniPaaS RIA projects in Japan alone. Other significant uniPaaS deals include uniPaaS RIA for KLAFS, Europe's leading sauna and spa manufacturer; Bank Leumi, Israel's leading commercial bank, which is migrating 60 of its applications to uniPaaS, and the Norfolk and Norwich University NHS Trust in the UK.
  • Growth in the use of iBOLT in new ecosystems including SAP R/3, Lotus Notes, HL7, Microsoft SharePoint and Microsoft Dynamics CRM.
  • The Company has won a number of significant iBOLT business, including a SaaS/on-premise integration for Clinical Financial Services in the US; a Lotus Notes integration for MintWave in Japan; a Salesforce.com - SAP R/3 integration for AVL in Austria; two SAP R/3 integration deals for KLAFS and Tecan in Germany. The Company also entered into new partnership agreement with Astadia.
  • The Company's uniPaaS and iBOLT solutions gained significant media coverage throughout the year from specialist and general IT media publications including FT.com, San Francisco Business Times, MWD Advisors, BCS, banking technology, Enterprise Systems, FierceBiotec IT, FineExtra, Dr.Dobb's, IT Business and ebizQ. For a full listing of our media coverage read here.
  • Magic Software was included in five Gartner and Forrester industry analyst reports in the last two quarters. Magic Software's uniPaaS was recently added to Gartner's Magic Quadrant for Enterprise Application Servers, (Gartner Report, 24 September 2009, Yefim V. Natis, Massimo Pezzini, Kimihiko Iijima).
  • Hermes Logistics technologies, the company's fully owned subsidiary, signed new customers including Zagreb Airport, Toll Dnata Air Services in Australia and SCSC in Vietnam (in partnership with Loedige Systems).

Non-GAAP Financial Measures

This release includes non-GAAP operating income, net income, basic and diluted earnings per share and other non-GAAP financial measures. These non-GAAP measures exclude the following items:

  • Amortization of purchased intangible assets;
  • In-process research and development capitalization and amortization and;
  • Equity-based compensation expense.

Magic Software's management believes that the presentation of non-GAAP measures provide useful information to investors and management regarding financial and business trends relating to the Company's financial condition and results of operations as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Magic Software believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Magic Software's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Magic Software's results of operations in conjunction with the corresponding GAAP measures.

Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

More Stories By SOA News Desk

SOA World Magazine News Desk trawls the world of distributed computing and SOA-related developments for the latest word on technologies, standards, products, and services and brings key information to you in a timely and convenient summary form.

@MicroservicesExpo Stories
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
If you are thinking about moving applications off a mainframe and over to open systems and the cloud, consider these guidelines to prioritize what to move and what to eliminate. On the surface, mainframe architecture seems relatively simple: A centrally located computer processes data through an input/output subsystem and stores its computations in memory. At the other end of the mainframe are printers and terminals that communicate with the mainframe through protocols. For all of its apparen...
Many organizations are now looking to DevOps maturity models to gauge their DevOps adoption and compare their maturity to their peers. However, as enterprise organizations rush to adopt DevOps, moving past experimentation to embrace it at scale, they are in danger of falling into the trap that they have fallen into time and time again. Unfortunately, we've seen this movie before, and we know how it ends: badly.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
From manual human effort the world is slowly paving its way to a new space where most process are getting replaced with tools and systems to improve efficiency and bring down operational costs. Automation is the next big thing and low code platforms are fueling it in a significant way. The Automation era is here. We are in the fast pace of replacing manual human efforts with machines and processes. In the world of Information Technology too, we are linking disparate systems, softwares and tool...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
DevOps sees the coming together of practices, philosophies, and tools that allow you to create services and applications very quickly. This means that you can improve on your apps and evolve them at a much faster rate than those developers who are using traditional software development processes. We’ve talked about DevOps, in general, a great deal, but today, we’re going to dig a little deeper and take a look at Java DevOps specifically.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
With continuous delivery (CD) almost always in the spotlight, continuous integration (CI) is often left out in the cold. Indeed, it's been in use for so long and so widely, we often take the model for granted. So what is CI and how can you make the most of it? This blog is intended to answer those questions. Before we step into examining CI, we need to look back. Software developers often work in small teams and modularity, and need to integrate their changes with the rest of the project code b...
From personal care products to groceries and movies on demand, cloud-based subscriptions are fulfilling the needs of consumers across an array of market sectors. Nowhere is this shift to subscription services more evident than in the technology sector. By adopting an Everything-as-a-Service (XaaS) delivery model, companies are able to tailor their computing environments to shape the experiences they want for customers as well as their workforce.
If you read a lot of business and technology publications, you might think public clouds are universally preferred over all other cloud options. To be sure, the numbers posted by Amazon Web Services (AWS) and Microsoft’s Azure platform are nothing short of impressive. Statistics reveal that public clouds are growing faster than private clouds and analysts at IDC predict that public cloud growth will be 3 times that of private clouds by 2019.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platfor...