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Sapiens Reports Strong Q2 2009 Results
PR Newswire
Aug 20, 2009
Highlights for Q2 2009
- Operating profit reached $1.3 million, reflecting growth of 117%
compared with $0.6 million in Q2 2008
- Eleven consecutive quarters of operational profit.
- Net Income reached $1.1 million on a non GAAP basis, compared with a
($0.4) million net loss in Q2 2008
- Revenues reached $10.2 million, a decrease of 7% compared with $11.0
million in Q2 2008.
- Total equity of $23.7 million, which represents 50% of balance sheet.
- Earnings per share for this quarter were $0.04 (fully diluted), a
significant increase from $0.02 (fully diluted) loss per share reported
in Q2 08.
Mr.
"Looking forward, with our proven solutions, improved financial
performance and a broad customer base; I believe that we are well positioned
to continue improving our performance", concluded Mr.
Reconciliation between U.S. GAAP and Non-GAAP results is summarized in the following table. For a complete reconciliation, please refer to the tables at the end of this release.
U.S. Dollars in thousands, except per share amounts
For the three months ended For the year ended
U.S GAAP basis 06/30/2009 06/30/2008 06/30/2009 06/30/2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues 10,233 11,012 20,977 21,503
Operating profit 1,260 579 2,340 1,002
Net income (loss) 886 (526) 1,904 (1,726)
Basic earning (loss)
per share 0.04 (0.02) 0.09 (0.08)
Diluted earning (loss)
per share 0.04 (0.02) 0.09 (0.08)
Non-GAAP
Revenues 10,233 11,012 20,977 21,503
Operating profit 1,457 689 2,733 1,211
Net income (loss) 1,083 (416) 2,297 (1,517)
Basic earning (loss) per
share 0.05 (0.02) 0.11 (0.07)
Diluted earning (loss)
per share 0.05 (0.02) 0.11 (0.07)
U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.
Comment Regarding Non-GAAP
Sapiens' management believes that the presentation of non-GAAP measures can enhance the understanding of the company's ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company's financial condition and results of operations. Sapiens therefore uses internally the non-GAAP information to evaluate and manage the Company's operations.
This non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens' results of operations in conjunction with the corresponding GAAP measures.
Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.
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
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.
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
6/30/2009 12/31/2008
(Unaudited) (Audited)
Assets
Cash and cash equivalents $ 10,363 $ 7,938
Restricted cash 352 -
Trade receivables, net 7,511 6,860
Other current assets 2,785 2,565
Total current assets 21,011 17,363
Property and equipment, net 949 1,055
Other assets, net 25,938 26,759
Total assets $ 47,898 $ 45,177
Liabilities and shareholders' equity
Current maturities of long-term
debt and convertible debentures $ 4,835 $ 5,745
Trade payables 1,003 1,500
Other liabilities and accrued
expenses 10,151 9,716
Deferred revenue 6,910 4,908
Total current liabilities 22,899 21,869
Long-term debt and other long-term
liabilities 1,253 1,432
Shareholders' equity 23,746 21,876
Total liabilities and shareholders'
equity $ 47,898 $ 45,177
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)
For the three months ended For the six months ended
06/30/2009 06/30/2008 06/30/2009 06/30/2008
Unaudited Unaudited Unaudited Unaudited
Revenues $ 10,233 $ 11,012 $ 20,977 $ 21,503
Cost of revenues $ 5,198 $ 6,542 $ 11,186 $ 12,798
Gross Profit 5,035 4,470 9,791 8,705
Operating expenses
Research and
development, net $ 717 $ 857 $ 1,448 $ 1,647
Selling, marketing,
general and
administrative $ 3,058 $ 3,034 $ 6,003 $ 6,056
Operating Profit 1,260 579 2,340 1,002
Financial expenses
(income), net $ 349 $ 1,002 $ 363 $ 2,467
Taxes on income $ 25 $ 109 $ 73 $ 227
Net Income (Loss) $ 886 $ (532) $ 1,904 $ (1,692)
Attributetable to non-
controlling interest $ - $ (6) $ - $ 34
Net income (Loss)
attributable to Sapiens $ 886 $ (526) $ 1,904 $ (1,726)
Earning (loss) per share
Basic $ 0.04 $ (0.02) $ 0.09 $ (0.08)
Diluted $ 0.04 $ (0.02) $ 0.09 $ (0.08)
Weighted average number of shares used to
computation of earning (loss) per share
Basic 21,591 21,541 21,591 21,541
Diluted 21,591 21,541 21,591 21,541
SAPIENS INTERNATIONAL CORPORATION N.V.
Reconciliation of GAAP to Non-GAAP results
(U.S. Dollars in thousands, except per share amounts)
For the three months ended For the year ended
06/30/2009 06/30/2008 06/30/2009 06/30/2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP operating profit 1,260 579 2,340 1,002
Amortization of intangibles 1,062 1,042 2,068 2,002
Capitalization of software
development (915) (982) (1,774) (1,858)
Stock-based compensation 50 50 99 65
Total adjustments to GAAP 197 110 393 209
Non-GAAP operating profit 1,457 689 2,733 1,211
GAAP net income (loss) 886 (526) 1,904 (1,726)
Total adjustments to GAAP as
above 197 110 393 209
Non-GAAP net income (loss) 1,083 (416) 2,297 (1,517)
Non-GAAP basic earnings
(loss) per share 0.05 (0.02) 0.11 (0.07)
Non-GAAP diluted earnings
(loss) per share 0.05 (0.02) 0.11 (0.07)
Weighted average number of shares used to
computation of earning (loss) per share
Basic 21,591 21,541 21,591 21,541
Diluted 21,591 21,541 21,591 21,541
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
SOURCE Sapiens International Corporation N.V
Copyright (2009) PR Newswire. All Rights Reserved.
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