·
|
Revenues totaled $155.9 million (Q1 2010: $130.8 million), a 19% increase compared to the same quarter of 2010.
|
·
|
Operating income increased by 11% to $12.2 million (Q1 2010: $11.0 million)
|
·
|
Net Income attributable to Formula reached $4.2 million, a decrease of 13% compared to $4.8 million for the first quarter of 2010 due to decrease in financial income resulting from losses in one of our subsidiary’s investment portfolio.
|
·
|
Formula’s consolidated cash and short term investments totaled approximately $153.0 million, as of 31 March, 2011.
|
·
|
Total equity stood at $347.6 million on March 31, 2011, representing 53% of the total balance sheet.
|
March 31, 2011
(Unaudited)
|
December 31,
2010
|
|||||||
U.S. $
|
||||||||
ASSETS
|
(in thousands)
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
103,625 | 110,508 | ||||||
Marketable securities
|
37,855 | 38,170 | ||||||
Short-term deposits
|
11,500 | 24 | ||||||
Trade receivables
|
155,517 | 154,366 | ||||||
Other accounts receivable
|
32,563 | 23,140 | ||||||
Inventories
|
3,770 | 5,601 | ||||||
344,830 | 331,809 | |||||||
LONG-TERM INVESTMENTS:
|
||||||||
Marketable securities
|
3,034 | 2,828 | ||||||
Deferred Taxes
|
13,596 | 13,135 | ||||||
Investments in affiliated company
|
3,171 | 3,209 | ||||||
Prepaid expenses and other assets
|
6,473 | 5,493 | ||||||
26,274 | 24,665 | |||||||
SEVERANCE PAY FUND
|
56,134 | 55,286 | ||||||
PROPERTY, PLANTS AND EQUIPMENT, NET
|
14,520 | 12,411 | ||||||
OTHER ASSETS, NET
|
211,203 | 199,596 | ||||||
652,961 | 623,767 | |||||||
CURRENT LIABILITIES:
|
||||||||
Liabilities to banks
|
6,551 | 6,684 | ||||||
Trade payables
|
49,610 | 53,177 | ||||||
Deferred revenues
|
43,274 | 26,845 | ||||||
Employees and payroll accrual
|
42,088 | 40,704 | ||||||
Other accounts payable
|
25,659 | 30,693 | ||||||
Dividend payable to non controlling interests
|
2,405 | - | ||||||
Liability in respect of business combinations
|
4,987 | 3,963 | ||||||
Debentures
|
17,012 | 15,927 | ||||||
191,586 | 177,993 | |||||||
LONG-TERM LIABILITIES:
|
||||||||
Debentures
|
32,778 | 31,854 | ||||||
Deferred taxes
|
3,360 | 2,654 | ||||||
Customer advances
|
3,541 | 3,520 | ||||||
Liabilities to banks and others
|
1,571 | 3,154 | ||||||
Liability in respect of business combinations
|
5,123 | 4,758 | ||||||
Accrued severance pay
|
67,403 | 65,450 | ||||||
113,776 | 111,390 | |||||||
TOTAL EQUITY
|
347,599 | 334,384 | ||||||
652,961 | 623,767 |
Three months ended
March 31,
|
||||||||
2011
|
2010
|
|||||||
U.S.$
|
||||||||
(in thousands, except per share data)
|
||||||||
Revenues
|
155,916 | 130,842 | ||||||
Cost of revenues
|
119,716 | 98,398 | ||||||
Gross profit
|
36,200 | 32,444 | ||||||
Research and development costs, net
|
1,685 | 1,383 | ||||||
Selling, general and administrative expenses
|
22,272 | 20,056 | ||||||
Operating income
|
12,243 | 11,005 | ||||||
Financial income (expenses), net
|
(1,358 | ) | 522 | |||||
10,885 | 11,527 | |||||||
Other income (expenses), net
|
31 | (7 | ) | |||||
Income before taxes on income
|
10,916 | 11,520 | ||||||
Taxes on income
|
2,176 | 2,158 | ||||||
8,740 | 9,362 | |||||||
Equity in losses of affiliated companies, net
|
(240 | ) | (238 | ) | ||||
Net income
|
8,500 | 9,124 | ||||||
Net income attributable to non-controlling interests
|
4,323 | 4,324 | ||||||
Net income attributable to Formula's shareholders
|
4,177 | 4,800 | ||||||
Earnings per share:
|
||||||||
Basic
|
0.31 | 0.36 | ||||||
Diluted
|
0.30 | 0.35 | ||||||
Weighted average number of shares outstanding:
|
||||||||
Basic
|
13,464 | 13,365 | ||||||
Diluted
|
13,646 | 13,548 |