Sapiens Reports Record Revenues

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.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2411251, ~/Articles/ArticleHandler.aspx, 8/23/2014 7:47:33 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement