Magic Software Announces Global Restructuring Plan
October 30, 2006 Timothy Prickett Morgan
Application development and integration software maker Magic Software announced last week that it is working on a plan to restructure its business. Magic Software is traded on both the Tel Aviv and Nasdaq stock markets, and after it made the announcement last Wednesday, the company’s stock price rose by 10 percent. The company’s sales have been down slightly in the first half of 2006, and costs have pushed it into the red ink. Sales for the first half of 2006 came to $30.4 million at Magic Software, but the company also booked a $1.5 million loss. “Magic regularly examines its |