Sapiens International Corporation N.V. (SPNS)

[midastouch017]

Yikes!!!,

Sapiens reports more losses and sliding sales for second quarter
11.8.2005 / 12:29
Shirley Yom Tov

There's nothing new under the sun, they say, or at Sapiens International (Nasdaq:SPNS) either, apparently. The systems maker, which has spent the last two years trying to expand into systems for insurance companies, reported yet more erosion of revenue, against the parallel and previous quarters, and red ink.

Second-quarter sales were $9.6 million, down 5% from the first quarter and 19% against the parallel, Sapiens said.

It lost a net $1.7 million, less than the $2.6 million lost in the last quarter but more than the $850,000 lost in the corresponding quarter of 2004.

Sapiens is traded on the Tel Aviv Stock Exchange and Nasdaq. Its market cap has sunk to $19 million, though at the second quarter's end, it had $16 million cash. Its balance sheet shows $15 million debt to the banks and $18 million owed to bondholders, plus $3.5 million long-term debt.

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Dubi