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Modsys International Ltd 6-K 2006

Documents found in this filing:

  1. 6-K
  2. 6-K


Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For May 11, 2006

(Translation of Registrant’s Name into English)

8 Maskit Street, Herzlia 46120, Israel
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.....................

This report on Form 6-K is hereby incorporated by reference in the Registration Statement on Form F-3 (Registration No. 333-116044) as amended, filed by BluePhoenix Solutions Ltd. under the Securities Act of 1933, to the extent not superseded by documents or reports subsequently filed by BluePhoenix Solutions Ltd. under the Securities Act of 1933 or the Securities Exchange Act of 1934.

        Attached to the Registrant’s Form 6-K for May 11, 2006 and incorporated by reference herein is the Registrant’s immediate report dated May 11, 2006.


        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BY: /S/ Yael Peretz
Yael Peretz
Legal Advisor

Dated: May 11, 2006


  Q1 Record Revenues; Sequentially Growing Revenues
  Operating Income Doubled vs. Q1 ‘05
  Net Income Tripled Vs. Q1 '05. Pro-Forma Net EPS $0.09

Herzlia, Israel - May 11, 2006 - BluePhoenix Solutions Ltd. (NASDAQ: BPHX), the leader in Enterprise IT Modernization, today reported record financial results for the first quarter ending March 31, 2006.

For the first quarter of 2006, BluePhoenix reported record sales of $16 million, up 14% from $14.1 million in the first quarter of 2005, and up 4% as compared to $15.4 million in the prior quarter. This was the fifth quarter of sequential growth. Operating income for the first quarter was a record $1.7 million, up 110% from $815,000 in the first quarter of 2005 and up 10% from $1.5 million in the prior quarter. As a percentage of revenues, the operating income for the first quarter climbed to a record 11% as compared to 6% in the first quarter in 2005 and 10% in the previous quarter.

First quarter adjusted net income, excluding non-cash financial expenses mainly related to the convertible debentures, was $ 1.2 million or $0.09 per share, as compared to $516,000, or $0.05 per share in the first quarter of 2005. Net income for the first quarter grew three fold and reached $949,000, or $0.07 per share, as compared to $309,000, or $0.02 per share, in the first quarter of 2005, and increased by 17% from $809,000, or $0.06 per share, in the prior quarter.

Highlights for the first quarter 2006 include:
  In the first quarter of 2006, TEMENOS, a strategic partner of BluePhoenix, selected the company to participate in a multi-million dollar deal for a leading international bank. This large contract will be delivered over five quarters. BluePhoenix will offer specialized banking services to provide significantly increased capacity for TEMENOS CoreBanking applications.
  In January 2006, BluePhoenix signed a $30 million master frame agreement with T-Systems. Under the terms of the agreement, T-Systems will manage and implement the project segments ordered by their client while BluePhoenix will provide its unique line of IT modernization tools for the understanding and migration of the IDMS systems. Based on discussions with T-Systems and the timeline for their client to sign purchase orders, the expected total scope for these project segments is estimated at $30 million over the five year master agreement.

“We are proud of our sequentially growing revenues and earnings. During the first quarter of 2006, BluePhoenix closed numerous agreements and received purchase orders that increased its backlog for the next 12 months running to $70 million. We attribute the revenue growth to two key factors. The first factor is the growing realization by major enterprises, that are dependent on legacy core systems, of the inevitability of IT modernization for staying effective, competitive and efficient. In addition, there is a steadily growing awareness of BluePhoenix as a key leader in IT modernization with a significant installed base. Our operating margin and bottom line improvements have largely been the result of increasing efficiency due to our R&D program, offshore operations, and strict cost controls.” Said Arik Kilman, Chief Executive Officer.

“The unique advantage of our technology has always been its ‘generic’ capabilities. Our solutions can be adopted and used by any industry, since we modernize the application, regardless of the industry our customer operates in. In addition, we are currently expanding our offering model by providing ongoing post-migration support to our customers, thereby generating recurring revenues from our installed base. Our studies of this market have shown that our cross-industry skills such as expertise in financial institutions, traditional manufacturing and retail are highly regarded in the market, and actually generate an additional appeal to our customers and partners. We strongly believe this will become a source of significant revenue. “

BluePhoenix has scheduled a conference call Conference Call on Thursday, May 11th, 2006. at 10:00 A.M. EDT (17:00 Israel Time)

Arik Kilman, Chief Executive Officer, and Iris Yahal, Chief Financial Officer will discuss the First Quarter of FY 2006 and will be available to answer questions.

Interested parties are welcome to call the telephone numbers listed below, five to ten minutes prior to the start of the conference call:

In the US call: (800)-762-6067

Outside the US call: +1-(480)-629-9566

Callers should reference “BluePhoenix Solutions First Quarter 2006” to the AT&T conference call operator.

An automated replay of the conference call will be available from May 11th 02:00 P.M. until May 15th at 11:59 P.M. (EDT)

To access the replay please call:
(USA) (800)-475-6701
(International) +1-(320)-365-3844
and enter BluePhoenix Solution's access code of 828152.

The automated replay can also be accessed at any time through our Web site, under the investor relations section.

About BluePhoenix Solutions

BluePhoenix Solutions leads the IT Modernization market by developing unique solutions that enable companies to automate the process of modernizing and upgrading their mainframe and distributed IT infrastructure, thus quickly and cost-effectively extending the ROI of their existing IT systems. The company’s comprehensive suite of tools and services (including technology for Understanding, Migration, Remediation, and Redevelopment) reduces the cost of renovation and speeds up the renewal process. BluePhoenix has 12 offices throughout the world, including locations in the USA, UK, Denmark, Germany, Italy, The Netherlands, Australia, and Israel.

For more information, please visit our Web site at

(Tables to Follow)

SAFE HARBOR: Certain statements contained in this release may be deemed forward-looking statements, with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company’s tools, successful implementation of the Company’s tools, competitive factors, the ability to manage the Company’s growth, the ability to recruit and retrain additional software personnel, and the ability to develop new business lines.

All names and trademarks are their owners' property.
Company Contact: Iris Yahal +972-9-9526110
Investor Contact: Paul Holm +1-212-4967238


(in thousands)

March 31

December 31

Cash and cash equivalents   $ 14,029   $ 10,791  
Accounts receivable:  
Trade    18,789    18,143  
Other    3,144    2,495  

Total current assets    35,962    31,429  

INVESTMENTS     --    370  

Cost    11,531    11,465  
Less - accumulated depreciation    9,510    9,305  

Total fixed assets    2,021    2,160  

OTHER ASSETS, NET     69,930    65,732  

Total assets   $ 107,913   $ 99,691  

Short-term credit from banks and others   $ 4,689   $ 14,095  
Accounts payable and accruals:  
Trade    3,149    3,088  
Deffered revenue    3,719    2,776  
Other    8,404    6,924  

Total current liabilities    19,961    26,883  

Convetible debentures    18,688    4,342  
Accrued severance pay, net    1,318    1,309  
Provision for losses in formerly-consolidated subsidiary    1,971    1,971  
Loans from banks and others    7,048    8,389  

Total long-term liabilities    29,025    16,011  

MINORITY INTEREST     4,987    5,031  

SHAREHOLDERS' EQUITY     53,940    51,766  

Total liabilities and shareholders' equity   $ 107,913   $ 99,691  


(in thousands,except per share amounts)

Three months ended
March 31,

Year ended
December 31,

Revenues     $ 16,029   $ 14,101   $ 58,947  
Cost of revenues    6,683    6,072    25,379  

Gross profit    9,346    8,029    33,568  
Software development costs, net    2,197    1,931    8,006  
Selling, general and administrative expenses    5,246    4,976    20,553  

     1,903    1,122    5,009  
Depreciation    194    307    1,058  

Operating income    1,709    815    3,951  
Financial expenses, net    (773 )  (658 )  (1,978 )
Other income, net    14    31    104  

Income before taxes    950    188    2,077  
Taxes on income    45    --    149  

     905    188    1,928  
Minority interest    44    121    (139 )

Net income    949    309    1,789  

Adjusted Net income(*)       1,229     516     2,345  

Basic earnings per share    0.07    0.02    0.13  

Diluted earnings per share    0.07    0.02    0.13  

Adjusted Diluted earnings per share(*)       0.09     0.05     0.17  

Common shares outstanding    13,699    13,554    13,557  

Common shares assuming dilution    14,122    14,966    13,960  

(*) excluding noncash financial expenses mainly related to the convertible debentures

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