Magic Software Enterprises Ltd. (NASDAQ: MGIC) Jumps On Solid Earnings

Magic Enterprises Ltd. (NASDAQ:MGIC) rose by 41 cents or by 14.14% to trade at $3.31 after the Company reported net income of $2.5 million, or $0.08 per fully diluted share an increase of 167% from the last year earnings of $0.03 per share in the same period. Magic Software was trading at a volume of 1.84 million against the average daily volume of 0.052 million after hitting the 52 week high o $3.72. Third quarter revenues increased 66% from $13.5 million to $22.4 million as compared to the last year revenue for the same period. Operating income for the third quarter tripled to $2.5 million compared to $0.8 million in the same period last year. Total cash, cash equivalents and short-term investments net of short term bank credit as of September 30, 2010 was $25.7 million. This increase was attributable to an increase in new customers and license sales for uniPaaS and iBOLT, particularly in Japan, Netherlands and U.S as quoted by the chief executive officer Guy Bernstein, "I am very pleased to report robust growth and continued improvement in all our operations for the third quarter. This has been driven by greater demand for our professional services and improved license sales of our uniPaaS RIA application platform that among enterprises and independent software vendors worldwide." Magic Software Enterprises Ltd. (NASDAQ: MGIC) is a global provider of on-premise and cloud-enabled application platform solutions – including full client, rich internet applications (RIA), mobile or Software-as-a-Service (SaaS) modes – and business and process integration solutions.
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