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
TheStreet Open House

Sapiens 2011 Revenue Increases 34% To $70 Million

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.

     (Logo: http://www.newscom.com/cgi-bin/prnh/20100811/HS49090LOGO )

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 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."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • 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