Sapiens International Corporation N.V. (Nasdaq:SPNS) today announced its unaudited results of operations for the second quarter and six-months ended June 30, 2002.

Revenues in the second quarter of 2002 were $16.3 million, up 3% from $15.8 million in the second quarter of 2001.

Gross profit significantly increased by 54% to $7.6 million from $5 million in the same period last year.

The gross profit margin continued its sequential rise and reached 47%, reflecting the continued change in revenue mix and increased efficiencies in project implementation.

The company reported an operating profit of $0.6 million compared with an operating loss of $4.7 million in the same period last year.

Net income for the quarter was $0.1 million compared with a net loss of $5.8 million in the second quarter of 2001.

Revenues for the six months ended June 30, 2002 were $32.4 million, up 8% from $29.9 million in the same period last year.

Gross profit was $14.5 million, up 83% from $7.9 million in the comparable period last year.

The gross profit margin increased to 45% for the first six months of 2002 from 26% in the same period in 2001.

Operating income for the first six months of 2002 was $1 million compared with an operating loss of $13.1 million in the first six months of 2001. Net income was $0.3 million compared with a net loss of $15.6 million in the first six months of 2001.

Commenting on the results, Mr. Itzick Sharir, President and Chief Executive Officer, said: "We are encouraged by the continued improvement of all aspects of our operations compared with last year, while maintaining profitability and meeting our objectives, despite the uncertain global economy. In particular, the ability to sign new orders that exceeded our expectations while growing our revenue-backlog, reflects a strong vote of confidence from our long-standing, satisfied customers."

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