Sapiens Announces Q2 2007 Results
Company Reports Third Consecutive Quarter of Operational Profit
August 23, 2007
Cary, N.C. – August 23, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Emblaze/Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE: FORT), announces today its results of operations for the second quarter of 2007.
Financial Highlights
- Third consecutive quarter of Operational Profit
- Completion of $20 million private placement from institutional investors, at a 12% premium to market; significantly improves Company's equity
- Q2 2007 Gross Margin increased 5.1% from Q2 2006 Gross Margin
- Q2 2007 Operational Profit increased to $162,000, up from Q2 2006 Operational Profit of $23,000
- Repayment of debt to institutional investors of approximately $3.5 million
Operational Highlights
- Win of new customer – a leading South African insurance carrier
- Released Version 3.0 of Sapiens INSIGHT™ for Policy; Version includes multi-lingual support, data warehouse extraction and other major enhancements
- Appointment of new Chief Financial Officer and VP R&D to management team.
Roni Al-Dor, President and CEO, commented "We proudly report our third consecutive quarter of operational profit. We have raised $20 million and are on stable financial ground. We have repaid a portion of our debt to institutional investors who purchased our convertible debentures. We have hired new talented individuals to lead our Finance and R&D operations, to take us to the next level. I am confident that with our stronger financial position, Management team, terrific Sapiens INISGHT™ solutions and Sapiens eMerge™ technology, we are uniquely positioned to become a market leader and capture new customers in the multi-billion dollar insurance markets."
Click here to download Sapiens Q2 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, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Prudential, 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
 
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