Formula Systems Q3 Earnings Rise 10%

(RTTNews) - Information technology solutions provider Formula Systems (1985) Ltd. (FORTY) Wednesday reported a rise in earnings for the third quarter as revenues grew by 8 percent. The company cited solid performance at its subsidiaries with Sapiens and Magic recording strong revenues. Earnings of the company rose to $5.2 million, or $0.36 per share, from $4.7 million, or $0.33 per share, a year earlier.

Excluding certain items, earnings rose to $7.4 million, or $0.50 per share, from $6.7 million, or $0.49 per share, a year earlier.

For the three months to September, operating income increased to $14.8 million from $14 million a year earlier.

Revenue for the third quarter grew 8 percent to $197.3 million from $182 million a year earlier.

Tuesday, the stock closed at $25.16 on the Nasdaq.