Financial industry software provider Sapiens (NASDAQ: SPNS ) added up its quarterly results this morning and found that revenues shot 21% higher in the first quarter while non-GAAP profits rose a more modest 5% from the year-ago period.
Revenues jumped to $31.5 million (a record) from $26 million last year, generating $2.6 million in net earnings, a 10% increase over the first quarter of 2012. On a per-share GAAP basis, profits came in at $0.06, the same as last year, but on an adjust basis, net earnings were almost $3.4 million, up from $3.2 million. The $0.08-per-share that translated into matched the year-ago results.
The Israeli company offers end-to-end software solutions primarily for the property and casualty, general insurance, and life and pension markets. Noting that the first quarter marked a strong start for 2013 for the software provider, Sapiens CEO Roni Al-Dor said: "The huge insurance market we operate in is actively looking for modern platforms to help carriers grow and better compete. Our business decision management solution is gaining traction with top-tier financial services, and we experienced growing interest in this market as well."
Management reiterated its revenue guidance for the full year of $135 million, which would equate to a near-19% increase over 2012's $113.9 million.
Sapiens has been in business for more than 30 years and delivers software solutions to more than 100 financial services organizations in North America, the United Kingdom, Europe, the Middle East, and Africa, and the Asia Pacific region. It operates as a subsidiary of Formula Systems.