10 bagger
14 years ago
SPNS.. @$2.50 Earnings..
Sapiens Announces Growth in Revenue and Net Profits for Q3 2010
PR Newswire - Nov 08 at 02:31
Company Symbols: NASDAQ-SMALL:SPNS, NASDAQ-NMS:FORTY
Company Announces 45% Increase in Net Profits Compared to Q3 2009
CARY, North Carolina, November 8, 2010 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative software solutions for the insurance industry and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), today announced its results for the third quarter of 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20100811/HS49090LOGO )
Financial Highlights for the Third Quarter and Year to Date Results as of September 30, 2010
- Revenues for the third quarter of 2010 reached $13.1 million.
Revenues for the first 9 months of 2010 reached $37.6 million, 11%
growth compared to first 9 months of 2009
- Operating profit for the third quarter of 2010 reached $1.6 million.
Operating profit for the first 9 months of 2010 reached $4.8 million,
25% growth compared to first 9 months of 2009
- On a non-GAAP basis, net income for the third quarter of 2010 reached
$1.9 million. On a non-GAAP basis, net income for the first 9 months of
2010 reached $5.5 million, 57% growth compared to first 9 months of
2009.
For the third quarter ended September 30, 2010, total revenues were $13.1 million, with net income of $1.5 million, representing 11% of the revenue, or $0.07 per fully diluted share. This compares with revenues of $12.95 million and net income of $1.0 million, representing 8% of the revenue, or $0.05 per fully diluted share, for the same period in 2009.
On a Non GAAP basis, total net income was $1.9 million for the third quarter, or $0.08 per fully diluted share, a significant increase compared to $1.2 million or 0.06 per fully diluted share for the same period in 2009.
For the nine-month period ended September 30, 2010, total revenues were $37.6 million, with net income of $4.4 million, or $0.20 per fully diluted share. This compares with revenues of $33.9 million and net income of $2.9 million, or $0.14 per fully diluted share, for the same period in 2009.
Total cash and cash equivalents as of September 30, 2010 totaled $12.3 million, increased by $1.9 million during the quarter. Total shareholders&; equity reached $32.5 million which represents 61% of the total balance sheet.
Roni Al-Dor, President and CEO of Sapiens International Corporation commented, "We&;re happy to announce a 16th consecutive quarter of operational profit. We experienced positive global momentum across the board, in both product lines and territories. We have extended our sales and marketing teams in North America and Europe, and continued R&D investments to maintain our innovation leadership. At all times, we remain dedicated to maintain top line growth for bottom line profits."
Mr. Al-Dor continued, "The strategic decision to strengthen our portfolio with the acquisition of Harcase and integration of the RapidSure Policy Administration product has proven to be a successful move. We have recently announced the going live of one of our major clients, Philadelphia Insurance companies that successfully deployed 5 lines of business in just 6 months. We will continue to lead by innovation, and grow our business organically and non-organically."
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.
U.S. Dollars in thousands, except per share amounts
For the three months ended For the nine months ended
U.S GAAP basis 09/30/2010 09/30/2009 09/30/2010 09/30/2009
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues 13,148 12,951 37,568 33,928
Operating profit 1,592 1,489 4,773 3,829
Net income 1,505 1,035 4,446 2,939
Basic earnings per share 0.07 0.05 0.20 0.14
Diluted earnings per share 0.07 0.05 0.20 0.14
NonGAAP
Revenues 13,148 12,951 37,568 33,928
Operating profit 2,038 1,680 5,898 4,413
Net income 1,931 1,226 5,536 3,523
Basic earnings per share 0.09 0.06 0.25 0.16
Diluted earnings per share 0.08 0.06 0.25 0.16
U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.
Comment Regarding Non-GAAP
Sapiens&; management believes that the presentation of non-GAAP measures can enhance the understanding of the company&;s ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company&;s financial condition and results of operations. Sapiens therefore uses internally the non-GAAP information to evaluate and manage the Company&;s operations.
These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens&; results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens&; results of operations in conjunction with the corresponding GAAP measures.
Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.
About Sapiens International
Sapiens International Corporation N.V. is a leading global provider of business solutions for the insurance industry, helping modernize business processes and enabling insurance organizations to adapt quickly to change. Sapiens&; innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company&;s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company&;s SEC filings.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
9/30/2010 12/31/2009
(Unaudited) (Audited)
Assets
Cash and cash equivalents $ 12,328 $ 11,172
Trade receivables, net 7,337 5,132
Other current assets 2,513 3,008
Total current assets 22,178 19,312
Property and equipment, net 962 897
Other assets, net 30,161 25,565
Total assets $ 53,301 $ 45,774
Liabilities and equity
Trade payables $ 1,086 1,197
Other liabilities and
accrued expenses 11,426 10,199
Deferred revenues 6,956 6,991
Total current liabilities 19,468 18,387
Long-term debt and other
long-term liabilities 1,360 972
Equity(*) 32,473 26,415
Total liabilities and equity $ 53,301 $ 45,774
(*) Sapiens issued and outstanding share capital as of September 30,
2010 are 22,409,050 and 22,058,256, respectively.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)
For the three months ended For the nine months ended
09/30/2010 09/30/2009 09/30/2010 09/30/2009
Unaudited Unaudited Unaudited Unaudited
Revenues $ 13,148 $ 12,951 $ 37,568 $ 33,928
Cost of revenues $ 7,773 $ 7,576 $ 21,745 $ 18,762
Gross Profit 5,375 5,375 15,823 15,166
Operating expenses
Research and development,
net $ 842 $ 758 $ 2,314 $ 2,206
Selling, marketing,
general and
administrative $ 2,941 $ 3,128 $ 8,736 $ 9,131
Operating Profit 1,592 1,489 4,773 3,829
Financial expenses, net $ 35 $ 385 $ 57 $ 748
Other expenses, net $ 52 $ 69 $ 294 $ 142
Net Income $ 1,505 $ 1,035 $ 4,422 $ 2,939
Attributable to
non-controlling interest - - $ (24) $ -
Net income attributable
to Sapiens $ 1,505 $ 1,035 $ 4,446 $ 2,939
Earnings per share
Basic $ 0.07 $ 0.05 $ 0.20 $ 0.14
Diluted $ 0.07 $ 0.05 $ 0.20 $ 0.14
Weighted average number
of shares used to
computation of earnings
per share
Basic 22,058 21,591 21,862 21,591
Diluted 22,846 21,591 22,427 21,591
SAPIENS INTERNATIONAL CORPORATION N.V.
Reconciliation of GAAP to Non-GAAP results
(U.S. Dollars in thousands, except per share amounts)
For the three months ended For the year ended
09/30/2010 09/30/2009 09/30/2010 09/30/2009
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP operating profit 1,592 1,489 4,773 3,829
Amortization of
intangibles assets and
compensation related
to acquisition 154 - 257 -
Amortization of capitalized
software 1,510 1,203 4,306 3,271
Capitalization of
software development (1,357) (1,067) (3,765) (2,841)
Stock-based compensation 139 55 327 154
Total adjustments to GAAP 446 191 1,125 584
Non-GAAP operating profit 2,038 1,680 5,898 4,413
GAAP net income 1,505 1,035 4,446 2,939
Total adjustments to GAAP
as above 446 191 1,125 584
Deferred taxes related
to acquisition (20) - (35) -
Non-GAAP net income 1,931 1,226 5,536 3,523
Non-GAAP basic earnings
per share 0.09 0.06 0.25 0.16
Non-GAAP diluted earnings
per share 0.08 0.06 0.25 0.16
Weighted average number
of shares used to
computation of earnings
per share
Basic 22,058 21,591 21,862 21,591
Diluted 22,846 21,591 22,427 21,591
For More Information
Roni Giladi
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
SOURCE Sapiens Technologies
10 bagger
14 years ago
SPNS.. $2.50.. DD Sept. 07, 2010
Philadelphia Insurance Companies Goes Live With Sapiens' RapidSure Policy Administration Suite
PR Newswire - Sep 07 at 02:29
Company Symbols: NASDAQ-SMALL:SPNS
Successful deployment of five lines of business, all states, and integrated with existing systems in 6 months.
CARY, N.C., Sept. 7 /PRNewswire/ -- Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a global provider of innovative insurance software solutions, today announced that Philadelphia Insurance Companies has deployed the RapidSure Policy Administration solution for the first phase of replacing and improving their policy issuance processes and systems. Development of additional lines is already underway for the second phase of the project. RapidSure is the policy administration system built by Harcase which was recently acquired by Sapiens.
(Logo: http://photos.prnewswire.com/prnh/20100811/HS49090LOGO )
(Logo: http://www.newscom.com/cgi-bin/prnh/20100811/HS49090LOGO )
The RapidSure implementation project included deployment of 5 lines of business spanning specialty and ISO and non ISO for both commercial and personal lines of business, leveraging ACORD standards. Full integration to Philadelphia Insurance&;s current infrastructure including billing, claims, document management and accounting systems with their web portal was also delivered in this short timeframe.
&;We conducted an exhaustive market search to find the best fit solution for our needs. We found RapidSure to be the most innovative and flexible solution available in the market that also adheres to industry standards – all of which were key criteria in our selection process,&; said Alfred Goxhaj, CIO, Philadelphia Insurance Companies. &;Sapiens delivered on its commitment to meet our aggressive schedule. In just six months, we are already in production with five new lines of business, and are well on our way with our plans to rapidly expand the use of the system across additional lines.
Goxhaj continued, &;RapidSure provides us a robust product configuration engine for quick development and delivery of our products – across our commercial, personal and specialty lines, as well as a web portal delivery. This is a powerful combination of capabilities that will enable us to be an agile organization, able to respond quickly and effectively to our agent channels, business partners, and continually changing business dynamics.&;
Chad Hersh, a Principal at analyst firm Novarica, added, &;Philadelphia Insurance had an unusually aggressive deadline for a carrier of their size and a project of this breadth. That the system was implemented in just six months validates the importance of the flexibility and open standards that are hallmarks of truly modern solutions.&;
Dan Sobotincic, EVP of Sapiens North America said, &;We sincerely appreciate Philadelphia Insurance confidence in Sapiens and in our RapidSure suite for their core system needs. Both of our organizations allocated dedicated, small, agile and delivery-oriented teams that worked side by side to meet the challenging goals and timeline. We look forward to a long partnership with Philadelphia Insurance with a common focus on delivering maximum value from RapidSure to enable their continued business success and to support their planned growth.&;
About Philadelphia Insurance Companies
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and AA- for counterparty credit and financial strength by Standard & Poor&;s, is nationally recognized as a member of Ward&;s Top 50 and National Underwriter&;s Top 100 (for in-depth financial information, please visit our website at www.phly.com). The organization has 48 offices strategically located across the United States to provide superior service.
Philadelphia Insurance Companies is the marketing name for the property casualty insurance operations of Philadelphia Consolidated Holding Corp., a Member of the Tokio Marine Group. In the United States, all products are written by insurance company subsidiaries of Philadelphia Consolidated Holding Corp. Coverage may not be available in all jurisdictions and is subject to actual policy language. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. Non-insurance products and services may be provided by independent third parties.
To locate the office nearest you or for more information, visit us on the web at www.phly.com or contact our marketing department at 800-873-4552
About Sapiens International
Sapiens International Corporation N.V. is a leading global provider of business solutions for the insurance industry. Sapiens is dedicated to developing innovative insurance solutions for the ever-changing Property & Casualty, Reinsurance, and Life & Pension business environments. By leveraging innovative technology, open standards and model driven architecture, we help insurers create their competitive advantage. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information, please visit www.sapiens.com, or contact us at info@sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company&;s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company&;s SEC filings.
Media Contact:
Osnat Segev-Harel, CMO, info@sapiens.com, +972-8-9382721
SOURCE Sapiens International Corporation N.V.
10 bagger
14 years ago
SPNS.. $2.50.. DD July 29, 2010
Sapiens Receives Claim Submitted to Arbitration Court in Poland
PR Newswire - Jul 29 at 15:32
Company Symbols: NASDAQ-SMALL:SPNS, NASDAQ-NMS:FORTY, LSE:BLZ
CARY, North Carolina, July 29, 2010 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) ("Sapiens" or "Company"), a member of the Formula (NASDAQ: FORTY and TASE: FORT) Group, today announced that one of its subsidiaries has received a claim submitted to the arbitration court in Warsaw, Poland, from a former customer in Poland claiming an amount of approximately EUR3.4 million. The claim relates to a dispute regarding a project for such former customer more than two years ago. Sapiens is at a very preliminary stage of reviewing the claim.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of Formula Group (NASDAQ: FORTY and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) is a leading global provider of proven IT solutions that modernize business processes. Sapiens&; innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM. Sapiens&; clients include AXA, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Santam and Texas Farm Bureau among others. For more information please visit, http://www.sapiens.com
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company&;s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company&;s SEC filings.
For additional information:
Roni Giladi
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
SOURCE Sapiens International Corporation N.V
10 bagger
15 years ago
SPNS.. $2.48
Sapiens' Stated Focus on the Insurance Market and Recent Harcase Acquisition Prompt New Corporate ID
Business Wire - May 24 at 09:00
Company Symbols: NASDAQ-SMALL:SPNS, TelAviv:SPNS
Restructured corporate branding includes new tagline, logo, website, and collaterals
CARY, N.C.--(BUSINESS WIRE)-- Sapiens International Corporation N.V. (NASDAQ:SPNS) (TASE:SPNS), a global provider of insurance software solutions, today announced its new corporate brand to reflect the company's evolution and renewed focus on the insurance market. The fresh branding includes a new logo, redesigned website and collateral, and the company's new tagline Experience Innovation Insurance which emphasizes Sapiens' insurance industry focus.
The new corporate identity is a logical next step following the recent acquisition of Harcase/Octello, a provider of P&C policy administration solutions, coupled with the expansion of Sapiens' presence in the U.S. market. The recent initiatives support Sapiens' strategy to become a vendor of choice in the U.S. insurance market, while also expanding the company's global insurance market presence.
Over the past years Sapiens has gone through reorganization and restructuring efforts in order to successfully deliver on the company's new insurance industry vision. Leveraging past insurance successes, acquiring Harcase's innovative RapidSure policy administration suite, continued investment in product development and building a market driven operation will enable Sapiens to meet its business goals.
"We are proud to introduce the new Sapiens look and feel. The fresh identity is a visual representation of our further commitment to the insurance industry. Our tagline, Experience Insurance Innovation, was chosen to represent the three key themes of our market and product strategy," said Roni Al-Dor, President and CEO of Sapiens. "The innovative approach to insurance solutions, supported by our insurance domain and delivery expertise, is the cornerstone of our strategy. We look forward to sharing our new client success stories and new product development deliverables in the near future."
About Sapiens International
Sapiens International Corporation N.V. is a leading global provider of business solutions for the insurance industry, helping modernize business processes and enabling insurance organizations to adapt quickly to change. Sapiens' innovative insurance software solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. Sapiens International Corporation N.V. is publicly traded in NASDAQ and TASE under the symbol SPNS. For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.
Source: Sapiens International Corporation N.V.
10 bagger
15 years ago
SPNS.. $2.40
Sapiens Reports 11% Revenue Growth in Q1 2010
PR Newswire - May 13 at 01:47
Company Symbols: NASDAQ-SMALL:SPNS, NASDAQ-NMS:FORTY
In April 2010 Sapiens Completed the Acquisition of Harcase, a Provider of Insurance Software for the P&C Market
CARY, North Carolina, May 13, 2010 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a global provider of innovative insurance software solutions, and a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), today announced its results of operations for the first quarter of 2010.
First Quarter 2010 Highlights Include:
- Revenues increased 11% compared to Q1 2009, to $11.9 million.
- Operating profit reached $1.6 million, 50% growth compared to Q1 of
2009.
- Non-GAAP Net Income of $1.8 million compared to $1.2 million in Q1 2009
- As of March 31, 2010, cash and cash equivalents reached $14.2 million
- Total shareholders&; equity of $28.2 million in March 31, 2010 which
represents 57% of the total balance sheet.
Roni Al-Dor, President and CEO of Sapiens International Corporation, commented, "I am pleased to report that we have maintained our growth path. These results reflect the commitment we have made to our shareholders to focus on the insurance market and grow our revenue and market share in this industry. Double-digit revenue growth in first quarter is a significant result of which we are very proud, especially as this is coupled with an increase in our profitability. In the first quarter of 2010, we grew our revenues to almost $12 million and presented a record net income of $1.5 million. These figures reflect our continued effort to improve our top and bottom line."
Roni Al-Dor added: "in addition, we continue to invest in our insurance portfolio, and in April this year, we completed the acquisition of Harcase, a provider of insurance software for the P&C market. With this acquisition, we are now offering the P&C insurance industry un-matched innovative and modern solutions, and establish ourselves as a leader in the insurance software solutions market.
"We are currently also launching a new logo and a rebranding campaign, with the slogan "Experience Insurance Innovation", that reflects the change we have undergone , the innovative commitment we have undertaken, and our unique proposition to the market", Mr. Al-Dor concluded.
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.
U.S. Dollars in thousands, except per share amounts
For the three months ended
U.S GAAP basis 03/31/2010 03/31/2009
(Unaudited) (Unaudited)
Revenues 11,923 10,744
Operating profit 1,618 1,080
Net income 1,526 1,018
Basic earning per share 0.07 0.05
Diluted earning per share 0.07 0.05
NonGAAP
Revenues 11,923 10,744
Operating profit 1,883 1,276
Net income 1,791 1,214
Basic earning per share 0.08 0.06
Diluted earning per share 0.08 0.06
U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.
Comment Regarding Non-GAAP
Sapiens&; management believes that the presentation of non-GAAP measures can enhance the understanding of the company&;s ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company&;s financial condition and results of operations. Sapiens therefore uses internally the non-GAAP information to evaluate and manage the Company&;s operations.
This non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens&; results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens&; results of operations in conjunction with the corresponding GAAP measures.
Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.
About Sapiens International
Sapiens International Corporation N.V. is a leading global provider of business solutions for the insurance industry, helping modernize business processes and enabling insurance organizations to adapt quickly to change. Sapiens&; innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company&;s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company&;s SEC filings.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
3/31/2010 12/31/2009
(Unaudited) (Audited)
Assets
Cash and cash equivalents $ 14,229 $ 11,172
Trade receivables, net 6,117 5,132
Other current assets 2,705 3,008
Total current assets 23,051 19,312
Property and equipment, net 853 897
Other assets, net 25,632 25,565
Total assets $ 49,536 $ 45,774
Liabilities and equity
Trade payables 1,259 1,197
Other liabilities and accrued expenses 10,437 10,199
Deferred revenues 8,417 6,991
Total current liabilities 20,113 18,387
Long-term debt and other long-term
liabilities 1,191 972
Equity 28,232 26,415
Total liabilities and equity $ 49,536 $ 45,774
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)
For the three months ended
03/31/2010 03/31/2009
Unaudited Unaudited
Revenues $ 11,923 $ 10,744
Cost of revenues $ 6,973 $ 5,988
Gross Profit 4,950 4,756
Operating expenses
Research and development, net $ 711 $ 731
Selling, marketing, general and
administrative $ 2,621 $ 2,945
Operating Profit 1,618 1,080
Financial expenses (income), net $ (9) $ 14
Other expenses, net $ 136 $ 48
Net Income $ 1,491 $ 1,018
Attributable to non-controlling interest $ (35) -
Net income attributable to Sapiens $ 1,526 $ 1,018
Earning per share
Basic $ 0.07 $ 0.05
Diluted $ 0.07 $ 0.05
Weighted average number of shares used to
computation of earning per share
Basic 21,595 21,591
Diluted 21,685 21,591
SAPIENS INTERNATIONAL CORPORATION N.V.
Reconciliation of GAAP to Non-GAAP results
(U.S. Dollars in thousands, except per share amounts)
For the three months ended
03/31/2010 03/31/2009
(Unaudited) (Unaudited)
GAAP operating profit 1,618 1,080
Amortization of capitalized software 1,348 1,006
Capitalization of software developments (1,158) (859)
Stock-based compensation 75 49
Total adjustments to GAAP 265 196
Non-GAAP operating profit 1,883 1,276
GAAP net income 1,526 1,018
Total adjustments to GAAP as above 265 196
Non-GAAP net income 1,791 1,214
Non-GAAP basic earnings per share 0.08 0.06
Non-GAAP diluted earnings per share 0.08 0.06
Weighted average number of shares used
to computation of earning per share
Basic 21,595 21,591
Diluted 21,685 21,591
FOR ADDITIONAL INFORMATION:
Roni Giladi
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com
SOURCE Sapiens International Corporation N.V
Rager
19 years ago
SPNS - Sapiens Insight(TM) Solution Selected by Major European Insurance Company to Transform its Commercial Lines Operations
Wednesday April 26, 12:22 pm ET
The Deal Valued at Over $5 Million Marks Sapiens' Entry Into the European Market With its Property and Casualty Solution
RESEARCH TRIANGLE PARK, North Carolina, April 26 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NADAQ and TASE: ), a global provider of insurance technology solutions, announced today that one of the largest insurance companies in Central and Eastern Europe, has selected Sapiens to design, develop and implement a Policy Administration System to support its Commercial Lines division based on an implementation of the Sapiens INSIGHT(TM) for Property & Casualty solution suite. The deal, valued at over $5 million over a period of eighteen months, will mark Sapiens' first entry into the European market with its property and casualty solution, after several successful installations of this solution in the US.
Before selecting Sapiens' INSIGHT(TM) for Property & Casualty solution, the company conducted a rigorous and comprehensive market evaluation of the software available. Sapiens was selected as the vendor because of its insurance domain expertise coupled with its innovative business-rules technology and Sapiens' track record for successful deployment.
Sapiens will provide its INSIGHT(TM) software, industry expertise and application consulting services, and a local company - Sapiens' distributor and systems integrator, will adapt INSIGHT(TM) to the requirements of the customer and provide additional application and integration services. Sapiens and its local distributor have already begun the project's first phase, which will transform the carrier's Commercial Lines operations, their fastest growing market segment.
The customer's head of Commercial Lines commented: "after evaluating several policy administration platforms available on the market, we selected the Sapiens INSIGHT(TM) for Property & Casualty solution. We found that the Sapiens solution was uniquely qualified to handle our Commercial Lines portfolio, leveraging its flexible technology and greatly improving our ability to manage our business in a more effective and profitable way."
"This significant win is part of a positive momentum that Sapiens in enjoying," said Roni Al-Dor, President and CEO of Sapiens International. "In addition to our repeat sales from existing customers, we are witnessing interest and excitement from potential new customers in the US and in Europe, and we hope to sign agreements with them in the near future. These customers choose us mainly for the flexibility of our platform coupled with our insurance know-how, which enable us to provide large scale solutions at a short time to market. This recent project strengthens our position as a leading player in the insurance software market."
About Sapiens INSIGHT(TM) for Property & Casualty
Developed using Sapiens innovative eMerge(TM) business-rules technology, Sapiens INSIGHT(TM) for Property & Casualty is a Web-based, integrated Personal and Commercial lines solution suite that allows insurers to react in today's high velocity environment by providing business rule management and insurance product configuration capabilities that help carriers "go live" quickly with both ISO-based and proprietary lines of insurance and then rapidly adapt/expand these offerings based on market opportunities. Moreover, the suite of applications allows carriers and agents to collaborate to write more business more quickly and to serve customer needs more completely throughout the new business, policy lifecycle, claims, billing and collections processes.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the UK and Europe, the Middle-East and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information about Sapiens, please visit http://www.sapiens.com.
For additional information:
Stephanie Ladd
Sapiens Americas
Tel: +1-919-405-1507
email:
stephanie.h@sapiens.com
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.
--------------------------------------------------------------------------------
Source: Sapiens International Corporation N.V.
midastouch017
19 years ago
Sapiens Awarded a Second Contract With a Leading Global Insurance Company for its Reinsurance Solution, Sapiens Insight(TM) for Reinsurance
Thursday December 15, 9:28 am ET
RESEARCH TRIANGLE PARK, North Carolina, December 15 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V (NADAQ and TASE: SPNS) today announced that one of the world's leading insurance companies, has selected Sapiens to implement its reinsurance administration software, Sapiens INSIGHT(TM) for Reinsurance. This follows the company recently awarding Sapiens a contract to implement a global Claims management solution using the Sapiens INSIGHT(TM) solution and eMerge technology suite of products.
Sapiens INSIGHT(TM) for Reinsurance will be implemented to manage the insurance company's reinsurance business portfolio (Marine, Property and Casualty and Aviation) internationally, rolling out to all its branches.
The insurance company's Chief Information Officer commented: "after evaluating several reinsurance administration platforms available on the market we decided to go with the Sapiens solution. We found that the Sapiens solution was uniquely able to handle our entire business portfolio on a global basis, greatly improving our ability to manage our business in a more effective (consolidated risk exposure and liabilities) and profitable way. Following our earlier decision to use Sapiens to deliver the global Claims solution for the company, I congratulate Sapiens on winning this latest contract which demonstrates that they have a highly credible portfolio of reliable and functionality rich insurance solutions."
Roni Al-Dor, President and CEO of Sapiens International, added: "I am very proud to have extended our partnership with one of the world's largest insurance companies, this time with our Reinsurance system, offering clear business benefits. This contract is particularly significant, since it represents another global contract for our INSIGHT(TM) insurance solutions."
About Sapiens INSIGHT(TM) for Reinsurance
Sapiens INSIGHT(TM) for Reinsurance supports carriers and reinsurers in the management of ceded and assumed reinsurance including proportional and non-proportional treaties, facultative contracts, and finite risk agreements. Leveraging Sapiens' pioneering eMerge(TM) Business Rules Technology, Sapiens INSIGHT(TM) for Reinsurance is based on ACORD standards and XML technology; it supports both multi-currency and multi-lingual processing, and accommodates multi-company corporate structures. This state-of-the-art, web-enabled solution streamlines and reduces the cost of handling reinsurance business functions through automation and integration of business rules. In addition, the solution allows business users to dynamically alter the behavior of the system in response to market changes, corporate and stakeholder needs.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information about Sapiens, please visit http://www.sapiens.com
http://biz.yahoo.com/prnews/051215/ukth009.html?.v=40
Dubi
midastouch017
19 years ago
IAT Group Selects Sapiens Insight(TM) for Reinsurance
Monday October 31, 3:27 am ET
Business Rules Technology solution integrates management of Ceded and Assumed Reinsurance
RESEARCH TRIANGLE PARK, North Carolina, October 31 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), today announced that IAT Reinsurance Company Ltd. (IAT Group) with corporate offices in Raleigh, NC signed a license agreement for Sapiens' reinsurance administration software, Sapiens INSIGHT(TM) for Reinsurance.
IAT GROUP will implement Sapiens INSIGHT(TM) for Reinsurance in Raleigh for all its group companies including Occidental Fire & Casualty Company of North Carolina, Wilshire Insurance Company, Acceptance Indemnity Insurance Company, Acceptance Casualty Insurance Company and Harco National Insurance Company.
IAT GROUP is the first to license Sapiens INSIGHT(TM) for Reinsurance in North America following its launch at the Risk and Insurance Management Society (RIMS) conference in Philadelphia.
Leveraging Sapiens' pioneering eMerge(TM) Business Rules Technology, Sapiens INSIGHT(TM) for Reinsurance is a state-of-the-art, web-based solution that streamlines and reduces the cost of handling reinsurance business functions through recovery automation and exposure management. In addition, the solution allows accounting, claims and underwriting professionals to dynamically alter the behavior of the system to manage complex reinsurance programs negotiated in response to market changes, corporate and stakeholder needs.
According to an IAT Group executive, "The company evaluated several reinsurance admin systems over the past 18 months and concluded that the Sapiens INSIGHT(TM) for Reinsurance product offers a significant opportunity for the IAT GROUP to dramatically improve the management of its reinsurance portfolio and processes".
"We are very pleased to have IAT GROUP as our first reinsurance partner in the Americas. This innovative reinsurance solution will offer them a solid business platform for managing the risks inherent in today's fast-paced, ever changing, tightly regulated marketplace," said Steven Bessellieu, President of Sapiens Americas.
About IAT Reinsurance Company Ltd. IAT is a privately held Bermuda domiciled reinsurer, with corporate offices in Raleigh, NC that was founded in 1986, and at June 30, 2005 had capital and surplus of approximately $900 million. IAT Re writes property and casualty reinsurance and is a direct writer of property and casualty insurance in the U.S. through its wholly-owned subsidiaries Harco National Insurance Company, Occidental Fire & Casualty Company of North Carolina, Wilshire Insurance Company, Acceptance Indemnity Insurance Company and Acceptance Casualty Insurance Company. IAT Re and all of its insurance subsidiaries are rated A- (Excellent) by A.M. Best Company.
About Sapiens INSIGHT(TM) for Reinsurance
Sapiens INSIGHT(TM) for Reinsurance supports carriers and reinsurers in the management of ceded and assumed reinsurance including proportional and non-proportional treaties, facultative contracts, and finite risk agreements. Leveraging Sapiens' pioneering eMerge(TM) Business Rules Technology, Sapiens INSIGHT(TM) for Reinsurance is based on ACORD standards and XML technology; it supports both multi-currency and multi-lingual processing, and accommodates multi-company corporate structures. This state-of-the-art, web-enabled solution streamlines and reduces the cost of handling reinsurance business functions through automation and integration of business rules. In addition, the solution allows business users to dynamically alter the behavior of the system in response to market changes, corporate and stakeholder needs.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
http://biz.yahoo.com/prnews/051031/ukm008.html?.v=33
Dubi
midastouch017
19 years ago
Roni Al-Dor Appointed as President and CEO of Sapiens
Thursday October 27, 8:35 am ET
Itzick Sharir who led the Company for 5 Years, Announced his Departure
RESEARCH TRIANGLE PARK, North Carolina, October 27 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), today announced the appointment of Mr. Roni Al-Dor to serve as its President and Chief Executive Officer, effective as of November 10, 2005, following the release of the company's financial results for the third quarter of 2005. Mr. Al- Dor has over 20 years of experience in the High Tech industry, including 12 years as President of TTI Telecom, which he co-founded and which he successfully took public on the NASDAQ National Market and which reached annual sales of $60 million. Mr. Al-Dor replaces Itzick Sharir, the company's President and CEO during the last 5 years, who is announcing his retirement from the company in order to pursue personal interests.
Itzick Sharir, departing President and CEO, reflecting on his tenure, said, "It was a great honor to be part of the Sapiens family for the past 5 years and, from the bottom of my heart, I would like to thank everyone who worked with me. We are currently beginning to see the fruits of our efforts for the long term development of the company. I wish Roni good luck in his new position and I am confident of his success."
Gadi Goldstein, President of Formula, commenting on the replacement, stated: "I would like to thank Itzick Sharir for 5 years of leadership and guiding the company to new markets and industries, and I wish him the best of luck in the future. Similarly, I would like to congratulate and welcome Roni Al-Dor, upon his assumption of the position of President and CEO. Roni Al-Dor brings with him much business and operational experience and proven successes of managing a software company in the international markets. We are confident that Roni's qualities and experience will enable him to address the challenges facing the company and lead Sapiens to great successes."
Mr. Al-Dor added, "Sapiens is a company with significant assets - talented and skilled personnel, valuable core technology, an impressive customer base and various software solutions. I am grateful to the Board of Directors for their confidence in me and for the opportunity to lead a company such as Sapiens on the road to fulfilling its potential."
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others. For more information about Sapiens, please visit http://www.sapiens.com.
http://biz.yahoo.com/prnews/051027/ukth018.html?.v=16
Dubi
midastouch017
19 years ago
Sapiens Introduces New Generation of Business-Rules Technology Through Service Oriented Architecture
Wednesday October 26, 6:43 am ET
Future Proofing the eMerge Technology Suite
RESEARCH TRIANGLE PARK, North Carolina, October 26 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announced today an upgrade to its pioneering eMerge(TM) business-rules technology suite. Release V4.4 of eMerge(TM) adds support for Service Oriented Architectures (SOA), enhancing the cost-efficient delivery and management of modular and reusable enterprise software solutions.
Providing the agility required of enterprises responding to challenges posed by the ever-increasing pace of change in the global economy, eMerge(TM) V4.4 includes:
Web Services - enabling enterprises to extend value by using Web Services for existing and new business services - whether provided by Sapiens or others. Web Services are published and consumed utilizing SOAP for CICS or AXIS running in an Application Server such as IBM's WebSphere(TM), BEA WebLogic(TM), etc. Supported transports include WebSphere MQTM and HTTP.
XML Messaging - providing the ability to both instantiate and receive XML messages to and from 3rd party applications out of the box adds an important new capability to integrate disparate silo-style legacy and new business systems. Full integration with eMerge's business rules engine and development environment translates into higher productivity in handling real-world integration challenges. eMerge(TM) XML messaging supports both synchronous and asynchronous modes of processing.
J2EE and .NET Support - enabling easy integration within J2EE and .NET architectures, including eMerge Resource Adapter which implements a J2EE connector according to the SUN Java Connector Architecture specification and EJB Binding - the ability to access eMerge(TM) objects from an EJB container.
Using these new features, enterprises that have previously leveraged eMerge(TM) to define highly complex business logic and execute heavy duty transaction-intensive enterprise class work loads can now use industry standard technologies to rapidly extend the value of their eMerge(TM) business-rules technology to all corners of the enterprise.
Remarking on the release, Mr. Itzick Sharir, President and CEO of Sapiens International said: "This new generation of eMerge(TM) demonstrates our continued commitment to enhancing and 'future proofing' our technology. We protect and extend the value of our clients' investment in our eMerge(TM) technology through the development of new capabilities and adapters which allow them to leverage new industry standard technologies without the cost of re-developing their eMerge(TM) applications. To our insurance customers, this new generation of eMerge(TM) enables the deployment of new business modules while providing the flexibility and speed to market required in today's changing world."
About Sapiens eMerge(TM)
Sapiens eMerge(TM) is a robust, rules-based rapid application development (RAD) technology suite leveraged by organizations worldwide to quickly develop, run and maintain software solutions at lower overall cost. Future-proofed using our eMerge(TM) Adapter approach to technology evolution, eMerge(TM) developed solutions can be migrated from platform to platform, database to database, and leverage new technologies, such as Web Services, without rewriting the solution. Deployed at over 100 global clients, eMerge(TM) uses event-driven technology to maintain the integrity of business policies and establishes a single point of truth, allowing companies to better manage compliance issues and rapidly implement new business rules.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information, please visit http://www.sapiens.com
http://biz.yahoo.com/prnews/051026/ukw011.html?.v=32
Dubi
midastouch017
19 years ago
Sapiens & Parameds.com Announce Partnership to Deliver Advanced Underwriting Services in North America
Monday October 17, 5:46 am ET
MediRisk(TM) Solution Improves Life & Health Underwriting Profitability
RESEARCH TRIANGLE PARK, North Carolina, October 17 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS ; TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY ; TASE: FORT) and Parameds.com announced today the formation of a partnership to provide MediRisk(TM), an innovative automated expert underwriting solution, to the North American Life and Health insurance market. The partnership will offer the MediRisk(TM) solution through outsourced services and direct license options to deliver fully automated new business processing, expert underwriting, and risk analytics for life, health and disability insurance carriers. MediRisk(TM), part of the Sapiens INSIGHT(TM) suite of insurance solutions, is a sophisticated, flexible, and adaptable software for the medical underwriting process that produces an accurate, objective underwriting decision in a matter of a few minutes for any life, health, or disability insurance product.
MediRisk(TM) uses Sapiens' eMerge business-rules technology to integrate specific insurer underwriting philosophies with constantly updated medical, pharmacological, and disease databases to produce an underwriting decision or unique risk assessment "score" defining the individual health status for applications for life, health or disability insurance - all in an in-house or outsourced solution that easily integrates with existing systems.
MediRisk(TM)'s underwriting risk analysis engine and configuration capabilities are unique in the industry, enabling clients to reduce application processing time and cost by 80% or more, and process a single application for multiple life, health, and disability products or coverage in a single transaction.
"We are delighted to partner with Parameds.com to make MediRisk(TM) available to life and health insurers in North America," commented Steven Bessellieu, President of Sapiens Americas. "Its benefits have been recognized by analysts and clients throughout Europe and the Middle East, and we expect clients to immediately begin to leverage its advantages."
Eli Rowe, CEO of Parameds.com, remarked, "We believe that MediRisk(TM)'s flexibility, rules-based technology, rapid implementation approach and easy maintenance combined with Parameds' market presence, superior client service, and proven ability to deliver high quality outsourcing represents outstanding value for carriers looking to reduce costs and more effectively compete and grow in today's constantly changing market."
About Parameds.com
A pioneering leader in the underwriting data retrieval and management industry, Parameds.com continues to set the standard in responsive and expedited service, innovative systems capabilities, and value based pricing. Parameds.com's life and health insurance application services include APS retrievals - averaging national turnaround time of 9 calendar days - revolutionary Expert Automated Underwriting Solutions enabling true straight-through processing for any company or product, and an Exam Solution that assures the highest rated examiner anywhere service is required. Parameds.com, headquartered in New York with representatives nationwide, provides services to a broad range of carriers nationwide, including many of the top 100 life and health insurance companies in North America. For more information contact Stuart Levy, Chief of Operations at stuart.levy@parameds.com, or visit www.parameds.com
About MediRisk(TM)
MediRisk is a fully automated new business processing, expert underwriting, and managerial solution for the life and health insurance industry. MediRisk is a sophisticated, flexible and adaptable solution for the medical underwriting process combining the expertise of medical specialists with disease, pharmacological, cultural and demographic data to produce an accurate, objective and reliable underwriting decision, based on specific insurer underwriting philosophy, in a matter of a few minutes for any life, health, or disability insurance application. Using flexible rules technology, MediRisk enables carriers to innovate at every point in the underwriting process - from deployment at point of sale and expedited, accurate application analysis to scoring, rating and decisions, with real time process quality refinement through data analysis, management reporting, and risk modelling.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information, please visit http://www.sapiens.com
http://biz.yahoo.com/prnews/051017/ukm004.html?.v=31
Dubi
midastouch017
19 years ago
JA Ishikawa Awards Sapiens License and Maintenance for $500,000
Monday August 15, 3:13 am ET
RESEARCH TRIANGLE PARK, North Carolina, August 15 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS, TASE: SPNS) today announced that JA Ishikawa Computer Center has signed a 60 million Yen (approximately $500,000) license and maintenance agreement with Sapiens Japan.
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JA Ishikawa has been a Fujitsu mainframe user for 25 years, but has decided to replace its system and migrate to IBM iSeries by the end of 2006, in order to rebuild its system with Sapiens eMerge(TM).
Because of mandatory retirement, many individuals leading Japan's economy will retire in 2007, or soon thereafter. This is expected to cause difficulties in passing accumulated know-how down to younger generations. Similarly, in IT departments, application developers from the mainframe era will retire with the remaining individuals lacking full understanding of the complete system. It is believed that system rebuilding by staff of all generations is crucial to prepare for the near future.
Each of the 47 prefectures in Japan has a JA, a Japan Agricultural Cooperative. Japan Agricultural Cooperatives has been promoting a nationwide revolution in utilization of its system. JA Ishikawa is the fourth JA to introduce Sapiens, after JA Kumamoto, JA Chiba and JA Nagano.
In an interview with the Japanese magazine, Computer Report, Managing Director Yoshikazu Akamaru, and Mikio Ohyama, Consultant, of JA Ishikawa Computer Center described their decision to use Sapiens eMerge(TM). "Using package software or outsourcing would not ensure flexibility to meet drastic changes in the JA business environment. From our observations of other JAs, we learned that outsourcing is very expensive both in development and operation, and that developing new systems with eMerge(TM) is more cost efficient than customizing existing software packages. Introduction of eMerge(TM) will be the best way to reduce TCO (Total Cost of Ownership) by efficiently utilizing our expertise and Sapiens' developed business knowledge, to overcome the year 2007 issue."
Manabu Okada, President, Sapiens Japan's, commented, "JA Ishikawa made a decision to introduce eMerge(TM) a few months after our presentation in February. We hope their move will have an impact on other JA prefectural organizations. Sapiens Japan is committed to giving full support to rebuild JA's system that is currently running on a Fujitsu mainframe and will make this project a success."
About JA Ishikawa Computer Center
JA Ishikawa Computer Center develops and operates systems for local groups in the Ishikawa Prefecture. The JA systems cover (1) collection of agricultural and stock farm products and the offer of these to market, and payment for products, (2) provision of fertilizer and manure, pesticide, livestock feed and gasoline and kerosene.
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ: SPNS, TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY, TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information, please visit http://www.sapiens.com or contact Manabu Okada.
http://biz.yahoo.com/prnews/050815/ukm003.html?.v=23
Dubi
midastouch017
19 years ago
I was wrong, admits Sapiens' CEO
14.8.2005 / 12:59
Shirley Yom Tov
If you've been keeping track of Sapiens International (Nasdaq:SPNS) manager Yitzhak Sharir, you've been hearing a lot of promises over the last two years.
Under his leadership the company aimed itself at creating billing software for the insurance industry, and Sharir, 55, disseminated optimistic forecasts from - almost - every dais. But he had little to say on the subject when discussing the company's financial statements, most of which have been disappointing. Nor did he go there, much, when the company raised $17 million through convertible bonds in September 2003, which was an occasion to dwell on sustainable growth, but he did mention successful penetration of the insurance business.
But it didn't happen and at present Sapiens is very far from the place Sharir had expected it to reach. Last week the company reported $9.6 million revenues for the second quarter of 2005 and a net loss of $1.7 million. From 2000, in fact, Sapiens has lost $72 million. Penetration of the famously conservative insurance business is slow and painful, and income from traditional areas of business has been declining.
When reality falls short of expectations, managers usually find plenty of things to blame. Not Sharir: "I was wrong," he baldly admitted to TheMarker. "I firmly believed in what I said, but today I say I was wrong and I bear that responsibility. I believed Sapiens could benefit within three years of entering the insurance business in 2001."
His message was optimism, says Sharir: "In retrospect I can say my enthusiasm should have been more modest. I bear the responsibility for the fact that the capital market and workers are disappointed, because I created the expectations. Now I have to explain to everybody why it didn't happen."
In 2000, Sapiens crashed
In the early 1990s, Sapiens was selling at a pace of $30-40 million a year, from consulting and selling development platforms. In the mid-1990s Sapiens was euphoric; the feeling was new economy, when a good story could command a billion-dollar company valuation, Sharir describes. Sapiens itself went public in 1992 and started looking for opportunities, instead of focusing on its core business.
"It did well from converting computer systems to overcome the Year 2000 Bug, achieving $70 million revenues a year and profit. That was the start of the problem, though, because the company thought the good times would roll on."
January 2000 came and went and no bug appeared, so the company started to look for other opportunities. Sapiens turned its attention from converting for the 2000 bug to converting currency systems to handle the euro, but it didn't really know how to do it. It also made the mistake of buying non-core businesses, in ill-advised short-term strategy. Sapiens even considered a merger with Ness Technologies (Nasdaq:NSTC) but it didn't come off.
"In November 2000, Sapiens crashed," he relates. "It was a company with 1,000 workers, projects in trouble and long delays. Its money was running out."
Sharir came to Sapiens at that sorry point, in November 2000, together with his partners in the investment firm Magnum. He was appointed CEO of Sapiens and held 6% of its stock, which has lost only 2.5% in value since then.
For the year 2000 Sapiens admitted to a $40 million loss, and goodwill assets worth tens of millions of dollars that it had to write off.
First off it fired hundreds of people within a few months. It managed to save some of its euro-conversion projects, increased revenues and reduced its negative cash flow from operations.
Glacial processes in insurance
"In the fourth quarter of 2001 the company was balanced," he says. Sapiens underwent a strategic analysis with an external company and decided to focus on financial services, including insurance, a giant industry that invests $70 billion a year, of which $7-10 billion are for systems of Sapiens' type.
Its systems make the myriad processes of financial companies more efficient. At the end of 2003, two years after it started breaking into the insurance business, Sharir projected that revenues from insurance would grow by 50% a year.
They did not.
Penetrating the insurance takes ages, Sharir admits today: insurance companies are glacial in their decision-making processes. In the long run he remains confident that Sapiens' income from the industry will grow and when it happens, it could be huge, but patience is the word. "We're starting to see highly significant deals," he added.
Meanwhile, the company's core development platforms continue to provide 65% its revenues. Though the income they generate is declining, Sapiens has no choice but to continue investing in their development, to remain relevant. "These deals are the company's bread and butter," says Sharir, "but insurance is our future."
He says Sapiens needs $11.5 million per quarter to break even, at the net profit level: "The company is undergoing a painful, slow business process, which is what is generating the losses," Sharir explains. "We have $20 million cash and our burn rate is $1.5 million per quarter. Cash flow from operations is negative, at a pace of $3 million to $5 million a year."
The company is making every effort to reach break-even point: he himself flies coach, Sharir says. "I hope we can achieve operating break-even point in a year, but I can't say it for sure."
In short, four years after Sapiens leaped at the insurance sector, it has nothing to report for its pains. It did rope in a few clients, including Israel's Menorah Holdings (TASE: MORA1 ) and OneBeacon of the U.S. Sharir thinks the Bachar reform of the capital market and banks, which may lead the insurance companies to buy some of the banks' provident and mutual funds, will do nothing but good for Sapiens, but meanwhile the morrow remains murky.
At least the company has backing. It is controlled by Formula Systems (TASE: FORT, NASDAQ:FORTY) and First Israel Mezzanine Investors, which cannot however boast of having done well by their investment. Sapiens stock has lost 45% of its value this year, and from the start of 2004, Sapiens stock has lost 60% of its value. Its market cap is a lowly $19 million.
http://tinyurl.com/9wyrd
Dubi
midastouch017
19 years ago
Sapiens Announces Second Quarter 2005 Results
Thursday August 11, 6:18 am ET
Significant Reduction in Losses Despite Decline in Revenues
RESEARCH TRIANGLE PARK, North Carolina, August 11 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS; TASE: SPNS) announced today its unaudited financial results for the second quarter ended June 30, 2005.
For the quarter, the company recorded revenues of $9.6 million compared with $10.1 million in the first quarter of 2005, a decrease of 5.0%. Gross profit increased to $3.8 million from $3.5 million, with gross profit margins increasing to 39.9% from 34.6% in the previous quarter. The Company reduced its operating loss to$1.3 million from $2.3 million in the first quarter, an improvement of 43.5%. Net loss for the second quarter was reduced to $1.7 million, compared with a net loss of $2.6 million in the first quarter of 2005, an improvement of 34.6%.
Itzick Sharir, President and Chief Executive Officer of Sapiens, commented:
"Though we report a decline in our overall revenues, it relates primarily to our traditional line of business, where long term projects have been successfully implemented and, as a result, we face reduced revenue streams. On the other hand, we are glad to announce that there was an increase in revenue this quarter from our customers in the insurance industry, our strategic focus.
"We are also glad to report that we have increased our gross profit and gross profit margin and have significantly reduced both our operating and net losses. Most importantly, we were able to achieve positive operational cash-flow for the quarter.
"We continue to make progress in penetrating the global insurance marketplace and hope we will soon announce several important wins."
Sapiens' management will host a teleconference at 8:45 a.m. EST on August 11, 2005, to discuss the results and the company's outlook.
Please call the following dial-in numbers to participate:
United States 1-866-860-9642
United Kingdom 0-800-917-5108
International +972-3-918-0600
Israel 03-918-0600
Please call 10 minutes prior to the start time
FOR ADDITIONAL INFORMATION
Elior Brin Itzick Sharir
Chief Financial Officer Chief Executive Officer
Sapiens International Sapiens International
Tel: +972-8-938-2934 Tel: +972-8-938-2934
E-mail: IR.Sapiens@sapiens.com E-mail: IR.Sapiens@sapiens.com
About Sapiens
Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, United Kingdom, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING and Occidental Fire & Casualty, among others.
For more information, please visit http://www.sapiens.com.
Except for historical information contained herein, the matters set forth in this release, specifically our projections to return to operational profitability in the coming quarters, are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environments, risks in new product and service development, specific system configurations and software needs of individual customers, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(US Dollars in thousands)
30/06/2005 31/12/2004
__________ __________
Unaudited
__________
Assets
Cash and cash equivalents $ 10,676 $ 10,942
Short-term investments 5,559 11,156
Trade receivables, net 8,859 10,029
Other current assets 4,169 4,013
__________ __________
Total current assets 29,263 36,140
__________ __________
Property and equipment, net 1,895 2,382
Other assets, 29,270 30,212
net
__________ __________
Total assets $ 60,428 $ 68,734
__________ __________
__________ __________
Liabilities and shareholders' equity
Short-term bank credit and current
maturities
of long-term debt $ 14,782 $ 20,873
Trade payables 1,623 2,718
Other liabilities and accrued expenses 8,010 8,558
Deferred 5,855 3,224
revenue
Total current liabilities 30,270 35,373
Long-term debt and other long-term 3,336 3,035
liabilities
Convertible debentures, warrants and 18,364 18,246
options
Shareholders' equity 8,458 12,080
Total liabilities and shareholders' equity $ 60,428 $ 68,734
Note: Certain prior year's amounts have been reclassified to
conform with current year presentation
SAPIENS INTERNATIONAL CORPORATION N.V.
Unaudited Condensed Consolidated Statements of Operations
(US Dollars in thousands, except per share amounts)
For the three months For the six months
ended ended
_________________________ ________________________
6/30/2005 6/30/2004 6/30/2005 6/30/2004
__________ ___________ ___________ ___________
Revenues
Products $ 4,810 $ 6,304 $ 9,762 $ 14,025
Consulting and other 4,801 5,543 9,951 10,387
services
__________ ___________ ___________ ___________
Total revenues 9,611 11,847 19,713 24,412
__________ ___________ ___________ ___________
Cost of revenues
Products 3,261 4,283 7,019 8,656
Consulting and other 2,516 2,346 5,385 4,802
services
__________ ___________ ___________ ___________
Total cost of revenues 5,777 6,629 12,404 13,458
__________ ___________ ___________ ___________
Gross Profit 3,834 5,218 7,309 10,954
Operating expenses
Research and 839 663 1,467 1,185
development, net
Selling, marketing, 4,235 4,843 8,614 10,406
general and
administrative
Restructuring expenses 88 - 846 -
__________ ___________ ___________ ___________
Operating Profit (1,328) (288) (3,618) (637)
(Loss)
Financial expenses,
net 405 446 776 1,096
Other
expenses/(income), net(a) 2 112 (41) 457
__________ ___________ ___________ ___________
Net Profit (Loss) (1,735) (846) (4,353) (2,190)
__________ ___________ ___________ ___________
Settlement of redeemable
shares in a subsidiary - (299) - (299)
__________ ___________ ___________ ___________
Net Profit (Loss) to
shareholders
of common shares $ (1,735) $ (1,145) $ (4,353) $ (2,489)
__________ ___________ ___________ ___________
__________ ___________ ___________ ___________
Basic and diluted loss
per share (b) $ 0.15 $ 0.10 $ 0.38 $ 0.22
__________ ___________ ___________ ___________
Weighted average
shares used to compute
basic and diluted loss
per share (b) 11,495 11,449 11,472 11,098
__________ ___________ ___________ ___________
Note a: Includes taxes and minority interest
b: Due to the net loss in 2004 and 2005 the inclusion of
dilutive securities would be antidilutive.
--------------------------------------------------------------------------------
Source: Sapiens International Corporation N.V.
http://biz.yahoo.com/prnews/050811/ukth005.html?.v=22
Dubi
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