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Sapiens 2012 Annual Revenue Increases 63% To $114 Million

REHOVOT, Israel, March 5, 2013 /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 fourth quarter ended December 31, 2012.

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"In the fourth quarter we continued to win new customers such as Trustmark for Life & Annuities and Achmea Australia for P&C; we launched the newest version of Decision and signed a new deal with a major financial institution, underscoring a year of revenue growth of 63%, with organic growth of 17.4%." said Roni Al Dor, President and CEO of Sapiens International. "Our strategy to grow sales of our P&C and L&P software products, close new deals in our target markets in North America, UK, Europe and APAC, and introduce our new business decision management solution to top tier financial institutions has been successful and is evident in our results, in our solid balance sheet, record high revenue and profit, and strong cash flow from operations."

Mr. Al Dor added, "We believe that the huge insurance industry built on legacy systems will transform over the next decade to new technology and external vendors. We also believe that Sapiens is well positioned to become one of the dominant players in this market over time, and our recruitment of over 100 new employees, investment in R&D and end-to-end coverage of core system solutions for all insurance segments, is focused on solidifying our position as a marketplace leader and further accelerating our growth."

Fourth Quarter Year-over-Year Highlights include:
  • Revenue increased by 27% to $31.2 million, compared to revenue of $24.6 million in the fourth quarter of 2011.
  • Non-GAAP operating profit increased by 52 % to $4 million, compared to $2.6 million in fourth quarter of 2011.
  • Non- GAAP net income attributable to Sapiens' shareholders increased by 35% to 3.7 million, compared to 2.8 million in the fourth quarter of 2011. Net income attributable to Sapiens' shareholders increased by 218% to 3.3 million, compared to 1 million in the fourth quarter of 2011.
  • Non-GAAP operating margin expanded to 12.9%, compared to 10.6% for fourth quarter of 2011.
  • Non-GAAP diluted EPS was $0.09, compared to $0.07 per diluted share for the fourth quarter of 2011.

Full Year 2012 Highlights include:
  • Full year revenues increased by 63% to $113.9 million, compared to $69.9 million in 2011.
  • Non- GAAP operating profit increased by 65 % to $15.2 million, compared to $9.2 million in 2011.
  • Non- GAAP net income attributable to Sapiens' shareholders increased by 57% to $14.7 million, compared to $9.4 million in 2011. Net income attributable to Sapiens' shareholders increased by 100% to $11.8 million, compared to $5.9 million in 2011.
  • Non-GAAP diluted EPS grew up to $0.35, compared to $0.30 per diluted share in 2011.

Balance Sheet and cash flow
  • Total equity by total assets is 73%, compared to 72% as of December 31, 2011.
  • Cash and cash equivalent position of $29.1 million, an increase from $21.5 million as of December 31, 2011, and after completing buy-back of 5% of company's shares for total consideration of $7 million.
  • The Company generated $18.8 million in cash from operation activities, an increase from $8.4 million in 2011.

Non-GAAP Financial Measures

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