Algomizer: 75% Increase in Third-Quarter Revenue, Totalling NIS 41.6 Million; Revenues Since the Beginning of the Year Amounted to NIS 108.4 Million

NEW YORK, Dec. 18, 2018 /PRNewswire/ -- Algomizer (TASE: ALMO), which develops and markets advanced artificial intelligence-based software solutions, presented estimates for its financial results for the third quarter of 2018 and for the first nine months of the year (neither reviewed nor audited).

According to the estimates, revenues in the third quarter of 2018 increased by 75% compared to the same quarter in 2017, and amounted to NIS 41,6 million in total.

Gross profit for the third quarter totalled NIS 11.6 million, an increase of 84% compared to the same period last year.

According to estimates, operating profit in the third quarter of 2018 totalled NIS 5.1 million.

Revenues for the first nine months totalled NIS 108.4 million, an increase of 47% compared to the corresponding period last year.

Gross profit for the nine months totalled NIS 30.1 million, an increase of 33% compared to the corresponding period last year.

"The Algomizer Group continues to show impressive growth in its operations," said Noam Band, CEO of Algomizer. "In the past year, we have implemented a number of key business processes that are helping to drive the growth that we are experiencing. The completion of the Linkury acquisition has been a key driver in our outstanding financial results."

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulations, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission

Contact information:
[email protected]
+1-888-508-6010 
http://www.algomizer.com

SOURCE Algomizer