Sapiens Announces Q1 2007 Results
Company Reports Second Consecutive Quarter of Operational Profit as a Continued Result of the Turnaround Program
May 16, 2007
Cary, N.C. – May 16, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT) and the Emblaze Ltd group (LSE: BLZ.L) announces today its results of operations for the first quarter of 2007.
Financial Highlights
- Q1 Revenues increased 8.9% to $11.0 million, up from $10.1 million in Q1 2006
- Second consecutive quarter of Operational Profit
- The Company increased its Operational Profit to $0.15 million in Q1 2007, compared with an Operational Loss of $1.2 million in Q1 2006
- Further reduction of Net Loss
- Significant reduction in Q1 Net Loss by 77.2% to $0.41 million, down from $1.8 million in Q1 2006
Operational Highlights
- The Company sees the further positive results of its turnaround plan
- Recent release of version 3.5 of Sapiens INSIGHT™ for Reinsurance, expanding the suite of solutions for the global insurance industry
- Further enhancements of Sapiens' core technology, eMerge™, to maintain the Company’s competitive edge in the insurance IT management systems market
- Sapiens continues to pursue its long term vision of becoming the de-facto industry standard
Roni Al-Dor, President and CEO, commented "This is our second consecutive quarter of operational profit, which demonstrates our progress in the implementation of our turnaround strategy. We intend to continue and pursue such strategy in the near future in order to achieve full recovery. The progress we made in this quarter is further shown by the improvement in operational profit and the significant reduction in net loss. While implementing our strategy, we continue to position ourselves as a global player and focus on increasing revenue and profitability."
Click here to download Sapiens Q1 07 Results
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 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, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Prudential, ING, Menora Mivtachim 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 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
Elior Brin
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
 
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