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Thursday, August 11, 2005 6:25:23 AM
Thursday August 11, 6:18 am ET
Significant Reduction in Losses Despite Decline in Revenues
RESEARCH TRIANGLE PARK, North Carolina, August 11 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS; TASE: SPNS) announced today its unaudited financial results for the second quarter ended June 30, 2005.
For the quarter, the company recorded revenues of $9.6 million compared with $10.1 million in the first quarter of 2005, a decrease of 5.0%. Gross profit increased to $3.8 million from $3.5 million, with gross profit margins increasing to 39.9% from 34.6% in the previous quarter. The Company reduced its operating loss to$1.3 million from $2.3 million in the first quarter, an improvement of 43.5%. Net loss for the second quarter was reduced to $1.7 million, compared with a net loss of $2.6 million in the first quarter of 2005, an improvement of 34.6%.
Itzick Sharir, President and Chief Executive Officer of Sapiens, commented:
"Though we report a decline in our overall revenues, it relates primarily to our traditional line of business, where long term projects have been successfully implemented and, as a result, we face reduced revenue streams. On the other hand, we are glad to announce that there was an increase in revenue this quarter from our customers in the insurance industry, our strategic focus.
"We are also glad to report that we have increased our gross profit and gross profit margin and have significantly reduced both our operating and net losses. Most importantly, we were able to achieve positive operational cash-flow for the quarter.
"We continue to make progress in penetrating the global insurance marketplace and hope we will soon announce several important wins."
Sapiens' management will host a teleconference at 8:45 a.m. EST on August 11, 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 ADDITIONAL INFORMATION
Elior Brin Itzick Sharir
Chief Financial Officer Chief Executive Officer
Sapiens International Sapiens International
Tel: +972-8-938-2934 Tel: +972-8-938-2934
E-mail: IR.Sapiens@sapiens.com E-mail: IR.Sapiens@sapiens.com
About Sapiens
Sapiens International Corporation N.V. (NASDAQ: SPNS 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, United Kingdom, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING 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, specifically our projections to return to operational profitability in the coming quarters, 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 environments, risks in new product and service development, specific system configurations and software needs of individual customers, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(US Dollars in thousands)
30/06/2005 31/12/2004
__________ __________
Unaudited
__________
Assets
Cash and cash equivalents $ 10,676 $ 10,942
Short-term investments 5,559 11,156
Trade receivables, net 8,859 10,029
Other current assets 4,169 4,013
__________ __________
Total current assets 29,263 36,140
__________ __________
Property and equipment, net 1,895 2,382
Other assets, 29,270 30,212
net
__________ __________
Total assets $ 60,428 $ 68,734
__________ __________
__________ __________
Liabilities and shareholders' equity
Short-term bank credit and current
maturities
of long-term debt $ 14,782 $ 20,873
Trade payables 1,623 2,718
Other liabilities and accrued expenses 8,010 8,558
Deferred 5,855 3,224
revenue
Total current liabilities 30,270 35,373
Long-term debt and other long-term 3,336 3,035
liabilities
Convertible debentures, warrants and 18,364 18,246
options
Shareholders' equity 8,458 12,080
Total liabilities and shareholders' equity $ 60,428 $ 68,734
Note: Certain prior year's amounts have been reclassified to
conform with current year presentation
SAPIENS INTERNATIONAL CORPORATION N.V.
Unaudited Condensed Consolidated Statements of Operations
(US Dollars in thousands, except per share amounts)
For the three months For the six months
ended ended
_________________________ ________________________
6/30/2005 6/30/2004 6/30/2005 6/30/2004
__________ ___________ ___________ ___________
Revenues
Products $ 4,810 $ 6,304 $ 9,762 $ 14,025
Consulting and other 4,801 5,543 9,951 10,387
services
__________ ___________ ___________ ___________
Total revenues 9,611 11,847 19,713 24,412
__________ ___________ ___________ ___________
Cost of revenues
Products 3,261 4,283 7,019 8,656
Consulting and other 2,516 2,346 5,385 4,802
services
__________ ___________ ___________ ___________
Total cost of revenues 5,777 6,629 12,404 13,458
__________ ___________ ___________ ___________
Gross Profit 3,834 5,218 7,309 10,954
Operating expenses
Research and 839 663 1,467 1,185
development, net
Selling, marketing, 4,235 4,843 8,614 10,406
general and
administrative
Restructuring expenses 88 - 846 -
__________ ___________ ___________ ___________
Operating Profit (1,328) (288) (3,618) (637)
(Loss)
Financial expenses,
net 405 446 776 1,096
Other
expenses/(income), net(a) 2 112 (41) 457
__________ ___________ ___________ ___________
Net Profit (Loss) (1,735) (846) (4,353) (2,190)
__________ ___________ ___________ ___________
Settlement of redeemable
shares in a subsidiary - (299) - (299)
__________ ___________ ___________ ___________
Net Profit (Loss) to
shareholders
of common shares $ (1,735) $ (1,145) $ (4,353) $ (2,489)
__________ ___________ ___________ ___________
__________ ___________ ___________ ___________
Basic and diluted loss
per share (b) $ 0.15 $ 0.10 $ 0.38 $ 0.22
__________ ___________ ___________ ___________
Weighted average
shares used to compute
basic and diluted loss
per share (b) 11,495 11,449 11,472 11,098
__________ ___________ ___________ ___________
Note a: Includes taxes and minority interest
b: Due to the net loss in 2004 and 2005 the inclusion of
dilutive securities would be antidilutive.
--------------------------------------------------------------------------------
Source: Sapiens International Corporation N.V.
http://biz.yahoo.com/prnews/050811/ukth005.html?.v=22
Dubi
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