Sapiens Announces Third Quarter 2005 Results
Roni Al-Dor assumes the position of President and CEO, replacing Itzick Sharir
November 10, 2005
Research Triangle Park, N.C. — November 10, 2005 — Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) announced today its unaudited financial results for the third quarter ended September 30, 2005. Roni Al-Dor will assume today the position of President and CEO, replacing Itzick Sharir who served Sapiens for the last five years. Mr. Al-Dor also joins the company's Board of Directors as a new additional member.
For the quarter, the company recorded revenues of $9.9 million compared with $9.6 million in the second quarter of 2005, an increase of 3%. Gross profit is recorded at $3.7 million compared with $3.8 million in the previous quarter, with gross profit margins of 38% compared with 40% in the previous quarter. The Company reduced its operating loss to $0.9 million from $1.3 million in the second quarter, an improvement of 30%. Net loss for the third quarter was reduced to $1.6 million, compared with a net loss of $1.7 million in the second quarter of 2005, and improvement of 6%.
Itzick Sharir, President and Chief Executive Officer of Sapiens, commented: "Although still losing, we see for the first time a significant improvement of 50% over the previous quarter in new signed contracts, a small change for the better in our top-line, and a significant continued reduction of 30% over the previous quarter in our operational losses. I personally believe that this is the beginning of a change in trend, where hopefully the worse is behind us and the quarters to come will continue to improve.
"This is my last day in leading Sapiens as its President and CEO, a challenge I assumed 5 years ago. I am proud of having had the opportunity of being a member of this outstanding "family" and I am proud of the progress made during the period. I thank our customers, investors and shareholders for their confidence and trust and I welcome Roni Al-Dor as the new President and CEO with the hope and belief that he will continue the mission and lead Sapiens back to success and prosperity."
Click here to download Sapiens Q3 05 Results
Sapiens’ management will host a teleconference at 8:45 a.m. EST on November 10, 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 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 and other risk factors detailed in the Company's SEC filings.
FOR ADDITIONAL INFORMATION
Elior Brin
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2934
E-mail: IR.Sapiens@sapiens.com
Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2934
E-mail: IR.Sapiens@sapiens.com
 
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