Formula Systems (1985) Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. Consolidated Revenues for the first quarter increased by 19% to a record-breaking $310.9 million, compared to $262.2 million in the same period last year. Consolidated operating income for the first quarter, decreased by 25% to $16.2 million, compared to $21.5 million in the same period last year. The decrease in operating income is attributable to Sapiens' operating income decreasing from $6.4 million in the first quarter of 2016 to an operating loss of $1.6 million due to the halt of a software development project with a significant customer of Sapiens and the integration of StoneRiver, Sapiens recent acquisition. Consolidated net income attributable to company shareholders for the first quarter was $0.2 million, or $0.01 per fully diluted share, compared to $4.1 million, or $0.27 per fully diluted share, in the same period last year. The decrease in net income attributable to company shareholders is primarily attributable to a decrease in Sapiens net income from $5.0 million in the first quarter of 2016 to a loss of $2.2 million and to devaluation of long term liabilities to banks and others denominated in New Israeli Shekels following the erosion of the US dollar against the new Israeli shekel amounting to $3.5 million. Income before taxes on income was $8.276 million against $17.632 million a year ago.