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Sapiens Reports Q3 2011 Results: Q3 Revenues Grow 35% Year Over Year

REHOVOT, Israel, November 9, 2011 /PRNewswire/ --

Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative insurance software solutions and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), today announced its results of operations for the third quarter of 2011.

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On August 21st 2011 Sapiens completed the merger transaction with FIS Software Ltd. and IDIT I.D.I. Technologies Ltd. This quarter's results reflect organic growth in Sapiens' business, and a partial contribution of FIS and IDIT.

Third Quarter 2011 Highlights Include:
  • Revenues increased 35% compared to Q3 2010, and reached $17.8 million
  • Non-GAAP Operating profit reached $2.1m, up 4% compared to Q3 2010
  • Non-GAAP Net income grew 19% and reached $2.3 million compared to $1.9 million in Q3 2010
  • As of September 30, 2011, cash and cash equivalents reached $19.5 million
  • Total shareholders' equity of $118.7 million as of September 30, 2011, representing 74% of the total balance sheet. The increase is mainly due to issuance of shares as part of the merger transaction

Roni Al-Dor, President and CEO of Sapiens International Corporation, commented: "We continue to see growth in Sapiens' existing and new businesses. Our customers express their confidence in our company and show interest in our growing product portfolio. We are encouraged by the overall positive feedback we have received from the market since the formal closing of the merger", Mr. Al-Dor continued. "The integration is well underway, and we expect to see its fruits during 2012. We are focusing on maximizing the synergies between the companies in all aspects - products, territories, teams and operations. We are now finalizing our 2012 plans to support our future growth."

Reconciliation between U.S. GAAP and Non-GAAP results is summarized in the following table. For a complete reconciliation, please refer to the tables at the end of this release.

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