Mr. Bernstein: Magic Software was founded in 1983 and began mainly as a development tool of 4GL languages for developers. The company went through the first IPO in 1991 on Nasdaq. I joined the company in 1997 and worked as the CFO for almost seven years until the beginning of 2004. Along the way, we went for a secondary offering of 82 million in year 2000. During 2003, the company went through some changes and added integration tools to our product portfolio that were based on the same core technology the company was selling with the application platform. The main advantage of our technology is that it provides the most productive platform for developing software applications. The other main advantage is that it runs on all the major platforms available in the market and is completely platform agnostic. You can develop an application that will run on any industrial server. You use the same codebase that will work on MS SQL database, but if you want to move it to work on AIX from IBM, you don't need to rewrite any of the logic, meaning you can just replace the engine and it will work smoothly. I left at the beginning 2004 and joined Emblaze as their CEO. Later on, Emblaze acquired the Formula Group, which is Magic Software's parent company, and I am currently also the active Chairman for Magic Software. In late 2006, we started restructuring the company to make it profitable and increase our cash. Today, three years later, the company is profitable for three consecutive years and has a significant amount of cash in the bank. Now we are ready to start focusing our major efforts on the growth of the company and our business. Right now we have around 22 million in the bank after we distributed approximately 16 million in dividends in December 2009. We have just reported the results for 2009; we presented US6.2 million in net profits. I am confident that the company will do more in 2010, and that we'll make the jump in terms of revenues and profits, resulting in the next steps of introducing our latest developments in the application platform and integration offering for rich Internet, mobile and cloud application needs, and respective integration requirements. This is in a nutshell about Magic Software.
Tickers included in this excerpt: MGIC
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.