According to FUNDER website data,
159 mutual funds hold a Magik 0.1 share in the amount of NIS 150.11 million
Funds that hold significant holdings in the stock – for the full list of holdings
The following is a change in the holdings of the mutual funds in Magik 0.1 shares, according to FUNDER-MVF data.
(Tel Aviv: Magic; NASDAQ: MGIC), Developing and providing solutions for application development and business integration and the provision of consulting services in the IT field, reports on its financial results for the fourth quarter and 2020.
Financial highlights for the fourth quarter of 2020
• Revenues in the fourth quarter of 2020 rose by about 15% to a peak of $ 104.6 million, compared to $ 90.9 million in the corresponding quarter last year.
• Operating profit in the fourth quarter of 2020 increased by 26% to approximately $ 11.0 million, compared to $ 8.7 million in the corresponding quarter last year.
• Non-GAAP operating income in the fourth quarter of 2020 rose by approximately 33% to a peak of approximately $ 15.3 million, compared to $ 11.4 million in the corresponding quarter last year.
• Net income attributable to shareholders in the fourth quarter of 2020 increased by about 27% to about $ 6.5 million or 11 cents per fully diluted share compared to $ 5.1 million and a loss of 3 cents per fully diluted share in the corresponding quarter last year. For the purpose of calculating the earnings per share in the fourth quarter of 2020 and 2019, the earnings were reduced by $ 1.3 million and $ 6.4 million, respectively, as a result of the revaluation of PUT options attributed to minority shareholders in respect of redeemable shares.
In its financial statements, the Company classifies the redeemable minority shares as a kind of capital item separate from the fixed capital item, and measures it at the end of each reporting period according to the higher of the total value to be redeemed and the value in the books of minority shares. In each cut-off period, the change in the value of the minority rights that can be redeemed as a result of a change in the value of the redemption value is classified as the balance of the surplus. For the purpose of calculating the earnings per share attributed to Magic shareholders, this change is attributed to net income.
Neutralizing the aforementioned impact of the revaluation of the minority rights redeemable on net earnings per share attributed to Magic shareholders in the fourth quarter of 2020 was 13 cents per fully diluted share compared to 10 cents per fully diluted share in 2019.
• Net income attributable to Magic shareholders on a non-GAAP basis in the fourth quarter of 2020 increased by 63% to approximately $ 10.3 million, or 21 cents per fully diluted share, compared to $ 6.3 million, or 13 cents per fully diluted share, in the corresponding quarter last year.
Financial highlights for 2020
• Revenues in 2020 increased by about 14% to about $ 371.2 million, compared to $ 325.6 million last year.
• Operating profit in 2020 increased by 21% to about $ 40.6 million, compared to $ 33.7 million last year.
• Non-GAAP operating profit in 2020 increased by about 20% to about $ 52.6 million, compared to $ 43.9 million last year.
• Net income attributable to Magic shareholders in 2020 rose by about 24% to about $ 25.2 million, or 49 cents per fully diluted share, compared to $ 20.3 million, or 26 cents per fully diluted share, last year. For the purpose of calculating net income per share for 2020 and 2019, net income was reduced by approximately $ 1.3 million and $ 7.4 million, respectively, as a result of a revaluation of minority rights redeemable in Magic’s subsidiaries.
Neutralizing the aforementioned effect of revaluation of the minority rights redeemable on the net earnings per share attributed to Magic shareholders in 2020 was 51 cents per fully diluted share compared to 41 cents per full diluted share in 2019.
• Net income attributable to Magic shareholders on a non-GAAP basis for 2020 increased by 32% to $ 37.2 million, or 76 cents per fully diluted share, compared to $ 28.2 million, or 58 cents per fully diluted share, last year.
• Cash flow from operating activities in 2020 amounted to approximately $ 52.3 million, compared with $ 45.9 million in the corresponding period last year.
• As of December 31, 2020, the Company had cash, cash equivalents, short-term and long-term deposits and securities in the amount of $ 92.0 million.
• Magic provides a revenue forecast for 2021 in the range of $ 420-430 million, reflecting an annual growth rate of 16% -13%.
Magic announces dividend distribution
• In accordance with the Company’s dividend distribution policy, the Company’s Board of Directors approved a dividend distribution for the second half of 2020 in the amount of 21 cents per share and a total amount of approximately $ 10.2 million, which together with the dividend distributed for the first half of 2020, constitutes 75% of earnings for 2020 The whole.
• The dividend will be paid on April 7, 2021 to all shareholders of the Company as of the close of trading on the Nasdaq on March 25, 2021.
• According to Israeli tax laws, the company will reduce (for withholding tax) 30% for each shareholder holding at least 10% of the company’s shares, or 25% for all other shareholders from the dividend paid, subject to certain exemption cases.
• The dividend will be paid in US dollars for the ordinary shares of Magic which are traded on the Tel Aviv Stock Exchange, and for its ordinary shares which are traded on the Nasdaq Stock Exchange.
Guy Bernstein, CEO of Magic Software Industries told FUNDER: “Magic ended 2020 with strong performance, reflected in record revenue of $ 104.6 million in the fourth quarter reflecting 15% growth over the same period last year and crossing the $ 100 million revenue quarter for the first time. The company’s results in 2020 illustrate our ability To manage the company’s business in a period of uncertainty brought about by the Corona crisis and to emerge from it significantly strengthened by implementing the company’s growth strategy while taking all necessary steps to ensure the safety and well-being of the company’s employees and business productivity, maintaining expenses and improving our financial position.
Annual revenue grew by 14% to about $ 371 million in 2020 and non-GAAP operating profit per year grew by 20% to about $ 53 million in 2020. Magic’s focused growth strategy, along with the range of products and services it offers With the backing of an even more solid balance than before, we are continuing its success and growth. “
This announcement was made in English in the EDGAR system. This version is a translation of the ad into the Hebrew language. In any case of conflict between the ad in English and the translation of the ad in Hebrew, the wording in English increases as published in the EDGAR system