Formula Systems (1985) Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company revenues of $262,170,000 compared with $237,060,000 for the same period last year. Operating income was $21,548,000 compared with $20,214,000 for the same period last year. Income before taxes on income was $17,702,000 compared with $18,288,000 for the same period last year. Net income attributable to company’s shareholders was $4,042,000 or $0.27 diluted per share compared with $6,495,000 or $0.44 diluted per share for the same period last year. Net income was negatively impacted by increased tax expenses recorded in Magic Software and in Sapiens and the appreciation of Formula's debentures nominated in New Israel Shekels as a result of exchange rate fluctuations.