OR YEHUDA, Israel, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Magic Software Enterprises Ltd. (NASDAQandTASE: MGIC),a global provider of end-to-end integration and application development platforms solutions and IT consulting services, announced today its financial results for the second quarter and first half ended June 30, 2020.
Financial Highlights for the Second Quarter Ended June 30, 2020
Financial Highlights for the Six-Month Period Ended June30, 2020
Declaration of Dividend for the First Half of 2020
In accordance with its dividend distribution policy, the Companys board of directors declared a semi-annual cash dividend in the amount of 17.5 cents per share and in the aggregate amount of approximately $8.6million, reflecting approximately 75% of its distributable profits for the first half of 2020.
The dividend is payable on September 10, 2020 to all of the Companys shareholders of record at the close of the NASDAQ Global Select Market on August 27, 2020.
In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.
The dividend will be paid in US dollars on the ordinary shares of Magic Software Enterprises that are traded both on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.
Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said:
In spite of the COVID-19 pandemic outbreak in March 2020, our outlook for 2020 has improved due to an increased demand, from existing and new customers, for digital transformation projects, as COVID-19 forced organizations and their employees to adapt to the new forced reality and work environment.
We are pleased to witness that our strong and stable financial position, coupled with our constant efforts to become a trusted advisor of the digital transformation market, are paying off, and we will continue to make our best efforts to enhance our portfolio, both organically and through acquisitions in order to offer the best one-stop-shop for digital transformation.
Conference Call Details
Magics management will host a conference call on Thursday, August 13, 2020 at 10:00 am Eastern Daylight Time (5:00 p.m. Israel Daylight Time) to review and discuss Magics results.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, call the international dial-in number.
NORTH AMERICA: +1-888-668-9141
ALL OTHERS: +972-3-918-0609
For those unable to join the live call, a replay of the call will be available under the Investor Relations section of Magics website, http://www.magicsoftware.com.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP operating income, Non-GAAP net income attributable to Magics shareholders and Non-GAAP basic and diluted earnings per share.
Magic believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Magic's financial condition and results of operations. Magic's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Magic urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.
Non-GAAP measures used in this press release are included in the financial tables of this release. These non-GAAP measures exclude the following items:
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included in the financial tables of this release.
About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.
For more information, visit http://www.magicsoftware.com.
Forward Looking Statements
Some of the statements in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," look forward, "expect," "believe" and similar expressions are used to identify these forward-looking statements (although not all forward-looking statements include such words). These forward-looking statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of managements current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in our Annual Report on Form 20-F for the year ended December 31, 2019 and subsequent reports and filings made from time to time with the Securities and Exchange Commission.
Magic is a registered trademark of Magic Software Enterprises Ltd. All other product and company names mentioned herein are for identification purposes only and are the property of, and might be trademarks of, their respective owners.
Noam AmirMagic Software Enterprisesir@magicsoftware.com
- Get creative to help artists through pandemic - The Guardian - February 11th, 2021
- BC has better tools than universal basic income to create a more just society, report finds - UBC News - February 1st, 2021
- Universal basic income has time come for it? Debate intensifies in pandemic - WRAL Tech Wire - December 3rd, 2020
- Basic income for all: Has the Covid crisis given us a new economic model? - The Irish Times - December 3rd, 2020
- What is the Liveable Income Guarantee, and how could it affect you? - Yahoo Finance Australia - October 8th, 2020
- Two Years of Duques Colombia: Deepening Neoliberalism, Increased Violence and a Public Health Crisis - NewsClick - August 13th, 2020
- Why Kamala Harris VP pick could cost Biden the election - Fox Business - August 13th, 2020
- Why We Should Turn to Earned Income Tax Credit to Aid Those Struggling Through Pandemic - The National Interest - August 8th, 2020
- Millions of America's working poor may lose out on key anti-poverty tax credit because of the pandemic - The Conversation US - August 7th, 2020
- Could $50 a Week Empower High School Students to Set and Meet Education Goals? This New Orleans School Aims to Find Out - redlakenationnews.com - August 7th, 2020
- Heres How We Remake the Economy - Common Dreams - August 5th, 2020
- VOICE OF THE PEOPLE July 31, 2020 - TheChronicleHerald.ca - July 31st, 2020
- Health unit calls for universal basic income - The North Bay Nugget - July 30th, 2020
- Job guarantee program could bolster economy more than ... - July 27th, 2020
- The Gray Market: Why the Entire Art World Should Back Canadian Arts Workers Push for Universal Basic Income (and Other Insights) - artnet News - July 26th, 2020
- Extra $600 unemployment benefits set to expire this weekend - WKOW - July 25th, 2020
- Why Now is the Time to ACT on KUB - SACE - Clean Energy News - July 25th, 2020
- What is Basic Income? | Guaranteed Universal Basic Income - July 25th, 2020
- ECLAC calls for urgent regional cooperation beyond the pandemic to foster more integration and avert a food crisis - Dominican Today - July 25th, 2020
- 'A recovery that puts people first': A group of young Australians is demanding a government job guarantee to fight both soaring unemployment and... - July 24th, 2020
- Analysis: Behind the legal maneuvering in the Reclaim Idaho initiative - Idaho EdNews - July 24th, 2020
- In the wake of Covid-19, time to consider basic income: Senate report - Investment Executive - July 21st, 2020
- COVID-19 on P.E.I.: What's happening Tuesday, July 14 - CBC.ca - July 21st, 2020
- COVID-19 on P.E.I.: What's happening Monday, July 13 - CBC.ca - July 20th, 2020
- Lift Every Voice: The Urgency of Universal Civic Duty Voting - Brookings Institution - July 20th, 2020
- Largest cities in Colombia reverse reopening as coronavirus threatens to collapse healthcare - Colombia Reports - July 17th, 2020
- GST: The increase Australia doesn't have to have Monash Lens - Monash Lens - July 15th, 2020
- Bogot returns to strict quarantine based on rotating localities as of July 13 - The City Paper Bogot - July 11th, 2020
- Why a Universal Basic Income is the solution to inequity - Women's Agenda - June 22nd, 2020
- Crypto Experts Reveal Thoughts: How Will Bitcoin Perform After the COVID-19 Crisis Has Passed? - PRNewswire - June 22nd, 2020
- Interviews: Punks on Politics: Checking in with Mel Gagarin - Punknews.org - June 22nd, 2020
- COVID-19: UN agencies warn against rising hunger in Latin America and the Caribbean - UN News - June 22nd, 2020
- Universal Basic Income: Andrew Yang Was Pushing for It Long Before Coronavirus Pandemic - PopCulture.com - May 9th, 2020
- Coronavirus is a crisis for the developing world, but here's why it needn't be a catastrophe - The Guardian - May 9th, 2020
- Starvation in the time of Corona: momentum for the Universal Basic Dividend - DiEM25 - May 9th, 2020
- Adam Schiff Says Trump's Cult of the President Has Infected the Republican Party - Mother Jones - May 9th, 2020
- Common Arguments Against Basic Income Don't apply to the Emergency BI - Basic Income News - March 31st, 2020
- How a Basic Income And Jobs Guarantee Can Save The Economy From Coronavirus - The National Interest - March 31st, 2020
- I've lived through plenty of social shocks this time we must learn the lessons - The Guardian - March 31st, 2020
- Coronavirus: Iain Duncan Smith says dont bring in universal basic income during pandemic as it would be disincentive to work - The Independent - March 26th, 2020
- Solidarity Economicsfor the Coronavirus Crisis and Beyond - The American Prospect - March 26th, 2020
- We face a war against coronavirus and must mobilise accordingly | Free to read - Financial Times - March 26th, 2020
- Lockdown to fight coronavirus is going to hit most Indian workers very hard - Livemint - March 26th, 2020
- Beware of a lopsided lockdown - The Hindu - March 26th, 2020
- Life, Liberty, and Basic Income | Opinion - Harvard Crimson - February 29th, 2020
- Find ways to improve the revenue of farmers: Congress - The Hindu - January 30th, 2020
- Eliminating Child Poverty With a Government Check - The New York Times - January 30th, 2020
- Andrew Yang Expects 'Many' of His Supporters to Back Sanders in Iowa: We 'Have a Lot of Overlap' - Newsweek - January 30th, 2020
- Trump to let states overhaul Medicaid for the poor, seeking to change Obamacare without legislation - Washington Examiner - January 30th, 2020
- P.E.I. groups say basic Income should not replace addictions, other supports - The Journal Pioneer - January 27th, 2020
- 5 Psychological Forces That Turn People into Political Hacks | Aaron Pomerantz - Foundation for Economic Education - January 13th, 2020
- WAYNE YOUNG: Island voices must be heard - The Guardian - December 15th, 2019
- The Guardian view on Finlands new PM: a different type of leadership - The Guardian - December 15th, 2019
- Basic Income as 40 Acres and a Mule - Basic Income News - October 16th, 2019
- 'Most Americans Don't Want To Work for the Federal Government' Says Andrew Yang, Trashing Federal Jobs Guarantee - Reason - October 16th, 2019
- Democratic debate highlights: best and most substantive answers of the night - Vox.com - October 16th, 2019
- Sanders: 'Damn right we will' have a job for every American | TheHill - The Hill - October 16th, 2019
- Assembly Elections 2019: Why is the Congress evasive about NYAY scheme this poll season? - Moneycontrol.com - October 16th, 2019
- Letter to the Editor: Universal basic income is inevitable as we head toward a fully automated society - The Post - October 16th, 2019
- Democrats focus on some Midwestern issues at Westerville debate, a departure from past three forums - cleveland.com - October 16th, 2019
- New book reviews the Namibian Basic Income pilot - Basic Income News - October 1st, 2019
- Quick notes from Basic Income Guarantee Panel - falicon.com - January 28th, 2019
- 'Hartz reforms': how a benefits shakeup changed Germany ... - January 28th, 2019
- Basic income could end food insecurity - Upstream - January 3rd, 2019
- Basic Income Guarantee - Your Right to Economic Security ... - November 8th, 2018
- The Ethics and Economics of the Basic Income Guarantee ... - September 18th, 2018
- Is a Basic Income Guarantee the Right Choice for Ontario? - June 27th, 2018
- Basic Income Now | It's time for dignity for all - March 17th, 2018
- 'Me too' and the basic income guarantee | Basic Income News - February 6th, 2018
- Food shopping at dollar stores | Brantford Expositor - Brantford Expositor - August 24th, 2017
- How Cities Can Rebuild the Social Safety Net - CityLab - August 24th, 2017
- After lifting minimum wage, NDP government prepares to consult public about reducing poverty - Straight.com - August 16th, 2017
- Universal Basic Infrastructure to help decrease India's poverty - Economic Times - August 14th, 2017
- New Zealand Fabians host Basic Income panel - Basic Income News - August 13th, 2017
- Hashtag Trending Battery-free phone, Apple's China backlash - IT World Canada - August 10th, 2017
- Universal basic income proponent to speak in Boise - Idaho Press-Tribune - August 7th, 2017
- Let's talk about a supplemental income - The Hindu - August 7th, 2017
- Is a Well-Paying Job the next Entitlement Program? - Big Think (blog) - August 5th, 2017
- DON PRIDMORE: Be careful what you wish for... - The Guardian - August 1st, 2017
- EDITORIAL: Island needs dollars, not data, to cope with poverty - The Guardian - July 29th, 2017