The decrease in Net income was mainly attributable to the increase in interest expenses resulting from the increase in variable interest rates. On a constant currency basis (calculated based on average currency exchange rates for the three months ended March 31, 2022), consolidated operating income for the first quarter of 2023 would have increased by approximately 9.0% to a record-breaking result of $64.7 million.Ĭonsolidated net income attributable to Formula’s shareholders for the first quarter ended Madecreased by approximately 3.4% to $15.7 million, or $1.01 per fully diluted share, compared to $16.2 million, or $1.04 per fully diluted share, in the same period last year.
On a constant currency basis (calculated based on average currency exchange rates for the three months ended March 31, 2022), consolidated revenues for the first quarter of 2023 would have increased by approximately 11.3% to a record breaking $724.1 million.Ĭonsolidated operating income for the first quarter ended Maincreased by approximately 2.3% to $60.8 million, compared to $59.4 million in the same period last year.
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(Nasdaq and TASE: FORTY) (“Formula” or the “Company”), a global information technology group engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its results for the first quarter ended March 31, 2023.įinancial Highlights for the First Quarter Ended March 3 1, 202 3Ĭonsolidated revenues for the first quarter ended Maincreased by approximately 3.0% to $670.4 million, compared to $650.7 million in the same period last year. OR YEHUDA, Israel, (GLOBE NEWSWIRE) - Formula Systems (1985) Ltd. Operating Income for the First Quarter Increased by 2.3% Year Over Year to a Record-Breaking $60.8 million
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