Sapiens Announces Q2 2006 Results
Company Increases Revenue and Reaches Operational Balance
August 7, 2006
Research Triangle Park, N.C. – August 7, 2006 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) today announced its unaudited financial results for the second quarter of 2006, ended June 30, 2006.
For the second quarter, the Company recorded revenues of $11.7 million, an increase from $9.6 million in the second quarter of 2005.
The Company achieved an operating profit of $23,000, compared with an operating loss of $1.3 million in the same quarter of the previous year.
Net loss for the second quarter decreased to $0.66 million, compared with a net loss of $1.7 million in the second quarter of 2005.
Roni Al-Dor, President and CEO, commented "We are glad to report a further increase in revenue and that we were operationally break-even."
"We continue to see the initial results of our turnaround plan and we believe that the Company is on the right path to get back on track. However, we still have a long way to go and will need the support of our customers, shareholders, lender banks and bondholders, to reach our mutual goals."
The Company recently announced a $15 million deal with Synergy Insurance Services Holdings Limited in the UK regarding its INSIGHT™ for Property & Casualty solution.
Mr. Al-Dor further commented, "our recently announced deals in the UK and in Central Europe for our INSIGHT™ for Property & Casualty solution affirm our decision to maintain focus on the insurance industry and hopefully reflect our penetration of the European property and casualty insurance market. We hope that our reinsurance and life insurance will also gain traction in the insurance markets."
Click here to download Sapiens Q2 06 Results
About Sapiens INSIGHT™ for Property & Casualty
Developed using Sapiens innovative eMerge™ business-rules technology, Sapiens INSIGHT™ 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.
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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