b'OR YEHUDA, Israel, May 20, 2021 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (NASDAQ: FORTY), a global information technology holding company 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,\xc2\xa02021.\nFinancial Highlights for the First Quarter Ended March 31, 2021\nConsolidated revenues for the first quarter ended March 31, 2021 increased by 22.8% to a record breaking $572.6\xc2\xa0million compared to $466.3 million in the same period last year.\nConsolidated operating income for the first quarter ended March 31, 2021 increased by 22.3% to a record breaking $47.5\xc2\xa0million, with growth recorded across Formula\xe2\x80\x99s entire investment portfolio, compared to $38.8 million in the same period last year.\nConsolidated net income attributable to Formula\xe2\x80\x99s shareholders for the first quarter ended March 31, 2021 increased by 12.7% to $12.4\xc2\xa0million, or $0.80 per fully diluted share, compared to $11.0\xc2\xa0million, or $0.71 per fully diluted share, in the same period last year.\nAs of March 31, 2021, Formula held 48.9%, 43.9%, 45.5%, 100%, 50%, 90.09% and 80% of the outstanding ordinary shares of Matrix IT Ltd., Sapiens International Corporation N.V, Magic Software Enterprises Ltd., Michpal Micro Computers (1983) Ltd., TSG IT Advanced Systems Ltd., Insync Staffing Solutions, Inc., and Ofek Aerial Photography Ltd., respectively.\nConsolidated cash and cash equivalents, bank deposits and investments in marketable securities totaled approximately $459.6\xc2\xa0million as of March 31, 2021, compared to $533.2 million as of December 31, 2020.\nTotal equity as of March 31, 2021 was $ 1,103.7\xc2\xa0million (representing 45.2% of the total consolidated balance sheet), compared to $1,108.5 million (representing 44.0% of the total consolidated balance sheet) as of December 31, 2020.\nAs of March 31, 2021, Formula was in compliance with all of its financial covenants under the debenture series issued by Formula, based on the following achievements:\nTarget equity attributable to Formula\xe2\x80\x99s shareholders (excluding non-controlling interests): above $215 million.\nActual equity attributable to Formula\xe2\x80\x99s shareholders is equal to $499.9 million.\nTarget ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for Formula\xe2\x80\x99s Series A and C Secured Debentures): below 65%.\nTarget ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four recent quarters): below 5.\nActual ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four recent quarters) is equal to 0.14.\n'