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Follow on Google News |  Sapiens Reports Double-Digit Revenue Growth and Improved Profitability"58.1% Year-Over-Year Increase in Non-GAAP Quarterly Operating Profit Increasing 2015 Full Year Operating Margin Guidance "
By: Sapiens Third Quarter Highlights: • Non-GAAP revenue of $46.1 million, up 14.2% compared to $40.4 million in the third quarter of 2014. Excluding the impact of foreign currency exchange rates, revenue growth was above 20%. • Non-GAAP operating profit increased by 58.1% and totaled $7.0 million or 15.1% operating margin, compared to $4.4 million, or 10.9% operating margin, in the third quarter of 2014. • Non-GAAP net income attributable to Sapiens’ shareholders totaled $5.8 million or $0.12 per diluted share increase of 42.4% compared to $4.1 million or $0.08 per diluted share in the third quarter last year. • Cash, cash equivalents and securities investments as of September 30, 2015 was $84.8 million, the company has no debt. • The Company reiterated full-year 2015 revenue guidance. Management expects revenues to be in a range of $176-$180 million. • The company is increasing operating margin guidance to be in a range of 14.5% - 15%. Year-to-Date Financial Highlights: • Non-GAAP revenue increased by 12.9% to $130.6 million from $115.7 million in the same period of 2014. • Non-GAAP operating profit was $19.2 million, or 14.7% operating margin, compared to $12.1 million, or 10.4% operating margin, in the first nine months of 2014, an increase of 59.2%. • Non-GAAP net income attributable to Sapiens’ shareholders reached $15.8 million, compared to $11.1 million in the year ago period, an increase of 42.6%. “We are pleased to report another strong quarter,” said Roni Al-Dor, President and CEO of Sapiens. “Solid growth and performance across all of our offerings, and from all geographies, enabled us to deliver another quarter of double-digit revenue growth. We are seeing the benefits of our business model as our operating margins expanded as a result of fundamental improvements in our base business which have led to a more efficient cost structure. Meanwhile, we continued to improve our position in the market, the investments we have made in product innovation are proving to be instrumental in winning new and expanding footprint in existing clients. The demand for our products and services remain strong, and we are confident in our outlook for the remainder of the year.” Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: Non-GAAP revenue, Non-GAAP gross profit, Non-GAAP operating income, Non-GAAP net income attributed to Sapiens shareholders, Non-GAAP basic and diluted earnings per share. Forward Looking Statement Some of the statements in this press release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements (although not all forward-looking statements include such words). These forward-looking statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management's current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties, as well as certain additional risks that we face, please refer to the Risk Factors detailed in Item 3 of Part III of our Annual Report on Form 20-F for the year ended December 31, 2014, and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission. UK Media Contact John Bancroft Tel: 07967 388 308 Email: John.bancroft@ Investors and Media Contact: Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Corporate Communications Sapiens International US Mobile: +1 201-250-9414 Mobile: +972 54-9099039 Email: yaffa.cohen- End
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