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Formula Systems remains in the black in Q3.
(From Israel Business Arena)
Byline: Globes correspondent
IT solutions investor Formula Systems (Nasdaq: FORTY) announced on Friday its third consecutive quarter of profits.
Herzliya-based Formula said net profit for the third quarter was $165,000, or $0.02 per share, compared with a $7 million loss in the same period last year. In the preceding quarter, profit was $550,000.
Revenue for the third quarter was $65.9 million, down from revenue of $71 million in the preceding quarter.
In the first quarter of 2002, the company ceased consolidating its holdings in venture capital funds and start-up companies that were sold to Formula Vision at the end of 2001.
Formula has recently completed a number of transactions designed to simplify its corporate structure.
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