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Sapiens Q3 2012 Revenue Increases 67% To $29.6 Million

REHOVOT, Israel, November 13, 2012 /PRNewswire/ --

Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a provider of innovative software solutions for the financial services and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announces its financial results for the third quarter ended September 30, 2012.

     (Logo: http://photos.prnewswire.com/prnh/20120508/531104 )

Third Quarter Year-over-Year Financial and Business Highlights include:

  • Revenue increased 67% to $29.6 million, compared to revenue of $17.8 million in the third quarter of 2011
  • Non-GAAP operating profit increased 96% to $4.1 million, compared to $2.1 million in third quarter of 2011. Operating profit grows 144% to $3.3 million, compared to $1.4 million in the third quarter of 2011
  • Non-GAAP net income increased 86% to $4.3 million, compared to $2.3 million in the third quarter of 2011. Net income increased by 123% to $3.5 million, compared to $1.6 million in the third quarter of 2011
  • Non-GAAP operating profit margin expanded to 14.0%, compared to $11.9% for third quarter of 2011
  • Non-GAAP diluted EPS was $0.10, compared to $0.07 per diluted share for the third quarter of 2011.
  • Sapiens has signed several new customers, including MTL Insurance (US) with  Sapiens ALIS  and MDIS (UK) with Sapiens IDIT
  • Cash position at the end of the quarter reached $33.1 million, compared to $21.5 million at December 31, 2011

Nine months Year-over-Year Financial Highlights include:

  • Revenue increased 82% to $82.7 million, compared to revenue of $45.3 million in the same period last year
  • Non-GAAP operating profit increased 80% to $11.2 million, compared to $6.2 million in same period last year
  • Non-GAAP net income increased 76% to $11.0 million, compared to $6.2 million in the same period last year
  • Non-GAAP diluted EPS was $0.26, compared to $0.24 per diluted share for the same period last year.

Roni Al Dor, President & CEO of Sapiens International, commented, "Q3 was another strong quarter for Sapiens. We were extremely pleased with the opportunity to partner with new customers, further establishing Sapiens as a market leader. Sapiens client base is rapidly growing, and our market recognition in the global market is further enhanced, with the adoption of our Property & Casualty, Life & Annuity and Decision Management solutions. We are growing rapidly, profitably and we are expanding margins. To meet our growth plans, we are also growing our team of insurance and technology experts, globally. Sapiens continues to execute and is  well positioned to accelerate profitable growth as a leading global provider of innovative software solutions and services."

Increased 2012 Guidance

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