Magic Q1 2014 revenues up 23%

Magic Software Enterprises Ltd. (NASDAQ: MGIC) (TASE:MGIC) reported its revenues for the first quarter of 2014 increased 23 percent year over year to USD40.9m from USD33.4m in the same period last year.

Operating income for the first quarter increased 28 percent to USD6.0m, compared to USD4.6m in the same period last year; Non-GAAP operating income for the first quarter increased 23 percent to USD6.4m, compared to USD5.2m in the same period last year.

Net income for the first quarter increased 28 percent to USD4.5m compared to USD3.5m in the same period last year; Non-GAAP net income for the first quarter increased 17 percent to USD5.0m, compared to USD4.2m in the same period last year.

Operating cash flow for the quarter amounted to USD4.5m.

Magic Software Enterprises is a global provider of mobile and cloud-enabled application and business integration platforms. For more information, visit www.magicsoftware.com.

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