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.
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