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Sapiens Q2 2012 Revenue Increases 91% To $27 Million

REHOVOT, Israel, August 13, 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 second quarter ended June 30, 2012.

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Second Quarter Year-over-Year Financial and Business Highlights include:
  • Revenue increased 91% to $27.2 million, compared to revenue of $14.3 million in the second quarter of 2011
  • Non-GAAP operating profit increased 81% to $3.7 million, compared to $2.0 million in second quarter of 2011
  • Non-GAAP net income increased 77% to $3.5 million compared to $2.0 million for second quarter of 2011
  • KBC, Tokio Marine, Oranta Insurance Russia, Riverstone Resources LLC and went live with Sapiens solutions
  • Named to Russell Global and Russell 3000 Indices
  • Introduced Business Intelligence for Reinsurance market
  • Launched Billing and Workflow Management with RapidSure, Sapiens' new version
  • Sapiens ended the quarter with $31.2 million in cash, compared to $21.5 million at December 31, 2011

Roni Al Dor, CEO of Sapiens International, commented, "This was a quarter of strong execution, as we continue to grow our revenues and improve the profitability of the consolidated organization, while capitalizing on increasing demand to our product portfolio. Halfway through our first full year following the merger, we are delivering revenues on our promise and reaching Non-GAAP operating margins of 13.7% which reflect steady improvement from previous quarters. We continue to see high demand for our products in North America and European markets with a strong pipeline to gain new customers in the short term. We continue to invest in technology and functionality to further enrich our product portfolio and recruit new employees to our R&D centers and target markets.

First half Year-over-Year Financial Highlights include:

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