Formula Systems Ltd reports Q4 EPS $1.00 vs. 99c last year

Reports Q4 revenues $633.9M vs. $657.6M last year. Commenting on the results, Guy Bernstein, CEO of Formula Systems, said: "I am very proud of our fourth quarter and full year achievements. During the year, we continued to make big strides across multiple fronts, which is reflected by our record-breaking results recorded in all our key financial indices for the year. Our broad investment portfolio allows us to carefully mitigate the current risks in the IT market, which are mainly the challenging macro-economic environment, as well as the fierce competition over talented IT workforce. We continue our efforts across our entire group to create significant value for our customers in managing, streamlining, accelerating, and contributing to their growth. Matrix finished the year strong with record-breaking results for the year recorded across all its key financial indices. We are pleased with Matrix’s continued recognition as a market leader in Israel in the implementation of fastest-growing technologies, such as cloud, cyber, digital, data, DevOps and AI, which enable the company to create significant value for its customers in managing, streamlining, accelerating and making their businesses thrive. There is a strong demand in Israel for software services in digital, cloud, cyber, data, and core operating systems-areas in which Matrix is a market leader, and which are at the center of the IT market demand. North-America, which accounts for 9.3% of Matrix’s annual revenues, also showed significant growth, with an increase of approximately 17% in revenues and 41% in operating income, along with a substantial improvement in operating margin. We believe that Matrix has significant growth potential in the North American market. Among all of its operations in North America, Matrix continues to expand and upgrade its collaboration with NICE Actimize in the field of AI-based solutions for anti-money laundering and prevention of financial crimes, as well as expanding its customer base across all its other areas of expertise in the North-American market."