REHOVOT, Israel, 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.
Fourth Quarter Year-over-Year Highlights include:
- 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 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
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