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Sapiens Q1 2012 Revenue Nearly Doubled Year Over Year Reaching $26 Million

Stocks in this article: FORTY SPNS

REHOVOT, Israel, May 8, 2012 /PRNewswire/ --

 href="">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.

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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,, 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.

Commenting on the first quarter results, Roni Al Dor, President and CEO of Sapiens International, "The first quarter was a good start for Sapiens, as we begin our first full year following the acquisitions of IDIT and FIS. Our revenue grew by 95%, non-GAAP net income & non-GAPP operating profit both increased 63.0%. We will continue to improve the operational efficiencies of the newly acquired entities and expand the margins, as we have done many times in the past, with other companies, including Sapiens itself.

As a global provider of insurance solutions, with new products, geographical coverage and channels to sell in to, we are very encouraged about our opportunities for growth. We are seeing high demand for our products in North America, and have increased our staff by 30 employees in the last quarter due to demand from customers. Compounding our growth prospects are the market dynamics, insurance companies shifting its information technology (IT) spend to external providers."

Mr. Al Dor continued, "We reiterate our guidance for 2012 to grow revenue in excess of $100 million."

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.

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