This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: FORTY SPNS

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.

     (Logo: )

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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs