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March 7, 2012 /PRNewswire/ --
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a provider of innovative insurance software solutions and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announces its financial results for the fourth quarter and full year ended
December 31, 2011.
Revenue increased 68% to $24.6 million, compared to $14.7 million in the fourth quarter of 2010;
Non-GAAP net income increased 27% to $2.8 million compared to $2.2 million for fourth quarter of 2010;
Full Year 2011 Highlights include:
Full year revenue increased 34% to $70.0 million, compared to $52.2 million in 2010;
Non-GAAP operating income increased 11% to $9.2 million, compared to $8.3 million
Non-GAAP net income increased 22% to $9.4 million, compared to $7.7 million in 2010;
End of year cash and cash equivalent reached $21 million, no debt, with total equity of $115 million, representing 73% of total balance sheet
Roni Al Dor, CEO of Sapiens International, commented, "As expected, 2011 was a good year of performance for Sapiens, setting the stage for us to capitalize on growth trends in the insurance industry. Our revenue grew organically and non-organically by 34%. Our 2011 net income GAAP reach
$5.9 million, compared to
$6.2 million last year. This mainly due to the one-time restructuring and related transaction expenses following the merger that we have completed during the third quarter of 2011; on a non-GAAP basis we showed growth of 22% on our net profit."
"With our operations worldwide, over 70 top-tier insurance customers in multiple geographic markets, a proven track record, and regulation-compliant solutions to handle domestic and overseas expansion, I firmly believe Sapiens will grow to be recognized as a leader in the industry." Mr. Al-Dor continued. "Sapiens products and customers have been recognized for their business, technology and functionality excellence, winning excellent awards by industry analysts."