REHOVOT, Israel, May 8, 2012 /PRNewswire/ --
href=" http://www.sapiens.com/">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 first quarter ended March 31, 2012.
First Quarter 2012 Highlights Include:
- Revenue increased 95% to $26.0 million, compared to $13.3 million in the first quarter of 2011;
- Non-GAAP net income increased 63% to $3.2 million compared to $2.0 million for first quarter of 2011;
- Non-GAAP operating profit increased 63% to $3.3 million, compared to $2.0 million in first quarter of 2011;
- Non-GAAP EPS is $0.08 per diluted share, compared to $0.08 per diluted share in first quarter of 2011;
- Three Sapiens Clients, Philadelphia Insurance Companies, DirectAsia.com, and L&T General Insurance, Named Winners of Celent Model Insurer Awards;
- Announced a new release of the IDIT™ Software Suite;
- The Company ended the quarter with $27.1 million in cash, compared to $21.5 million at December 31, 2011.
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