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Sapiens Reports 25% Revenue Growth in Q4 2010 Reaching $14.7M; 2010 Non-GAAP Operating Profit Reached $8.3M

CARY, North Carolina February 22, 2011 December 31, 2010

    (Logo: http://www.newscom.com/cgi-bin/prnh/20100811/HS4909 )       2010 Fourth Quarter Results from Operations      - Revenues for the fourth quarter of 2010 reached $14.67       million, a 25% increase over revenues announced in Q4 2009.      - Operating profit reached $1.94 million, a 28% growth when       compared to Q4 of 2009.      - Net income reached $1.71 million, 36% increase compared to       Q4 of 2009.      Year-to-Date Results      - Revenues for 2010 reached $52.24 million, a 14% increase       over revenues in 2009.      - Operating profit reached $6.71 million, a 26% growth when       compared to 2009.      - Net income reached $6.15 million, a 46% increase compared to       2009. 

Balance Sheet and Liquidity

December 31, 2010 $ 16.18 million $ 34.12 million

Growth of revenue and profit are attributed to organic expansion of the company’s business globally, including expansion of business with existing clients, a testimony to their confidence in Sapiens and its team. In addition, the acquisition of Harcase, a provider of Policy Administration solutions for the insurance industry, also contributed to the Company’s growth.

$8.31 million Roni Al-Dor

"As we enter 2011", continued Al-Dor, "we will continue to establish our leadership in the market. Recently we signed a major deal with one of the largest financial institutions in the US, and this is expected to be reflected in our 2011 and 2012 results."

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        12/31/2010     12/31/2009  12/31/2010   12/31/2009                           (Unaudited)    (Unaudited) (Unaudited)    (Audited)     Revenues                  14,667        11,767      52,235       45,695     Operating profit           1,938         1,512       6,711        5,341     Net income                 1,706         1,262       6,152        4,201     Basic earnings per share    0.08          0.06        0.28         0.19     Diluted earnings per share  0.07          0.06        0.27         0.19      NonGAAP     Revenues                  14,667        11,767      52,235       45,695     Operating profit           2,408         2,118       8,306        6,531     Net income                 2,152         1,868       7,688        5,391     Basic earnings per share    0.10          0.09        0.34         0.25     Diluted earnings per share  0.09          0.09        0.34         0.25  

U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, amortization related to new acquisition 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.

These 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

North America United Kingdom Asia Pacific http://www.sapiens.com

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)                                                        31/12/2010  31/12/2009                                                        (Unaudited)   (Audited)     Assets       Cash and cash equivalents                           $16,182     $11,172      Trade receivables, net                                5,511       5,132      Other current assets                                  3,031       3,008      Total current assets                                 24,724      19,312       Property and equipment, net                           1,161         897      Other assets, net                                    29,184      25,565      Total assets                                         $55,069     $45,774      Liabilities and shareholders' equity       Trade payables                                       $1,693      $1,197      Other liabilities and accrued expenses               11,646      10,199      Deferred revenue                                      6,517       6,991      Total current liabilities                            19,856      18,387       Long-term debt and other long-term liabilities        1,095         972      Shareholders' equity                                 34,118      26,415      Total liabilities and shareholders' equity           $55,069     $45,774      *) Sapiens issued and outstanding share capital as December 31,        2010 are 22,413,710 and 22,062,916 respectively.                               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 year ended                     12/31/2010     12/31/2009      12/31/2010     12/31/2009                       Unaudited      Unaudited       Unaudited        Audited      Revenues           $14,667        $11,767         $52,235        $45,695     Cost of     revenues           $ 8,176         $7,388         $29,921        $26,571     Gross Profit         6,491          4,379          22,314         19,124      Operating     expenses     Research and     development,     net                   $979           $950          $3,293         $2,735     Selling,     marketing,     general and     administrative      $3,574         $1,917         $12,310        $11,048     Operating     Profit               1,938          1,512           6,711          5,341      Financial     expenses, net         $307          $ 132           $ 364           $880     Other expenses     (income), net       $(117)          $ 118           $ 177           $260      Net Income          $1,748         $1,262          $6,170         $4,201      Attributetable     to     non-controlling     interest               $42             $-             $18             $-     Net income     attributable to     Sapiens             $1,706         $1,262          $6,152         $4,201      Earnings per     share     Basic                $0.08          $0.06           $0.28          $0.19     Diluted              $0.07          $0.06           $0.27          $0.19      Weighted     average number     of shares used     to computation     of earnings     (loss) per     share      Basic               22,059         21,591          21,912         21,591     Diluted             22,842         21,593          22,499         21,592                                  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                            12/31/2010   12/31/2009    12/31/2010  12/31/2009                            (Unaudited)  (Unaudited)   (Unaudited) (Unaudited)     GAAP operating profit       1,938        1,512         6,711       5,341     Amortization of     intangibles assets     and compensation     related to     acquisition                   444                        701     Amortization of      capitalized software       1,563        1,352         5,869       4,623     Capitalization of      software development      (1,622)        (851)       (5,387)     (3,692)     Stock-based compensation       85          105           412         259     Total adjustments to GAAP     470          606         1,595       1,190     Non-GAAP operating profit   2,408        2,118         8,306       6,531      GAAP net income             1,706        1,262         6,152       4,201     Total adjustments to      GAAP as above                470          606         1,595       1,190     Deferred taxes related to      acquisition                  (20)                                   (55)     Non-GAAP net income         2,156        1,868         7,692       5,391      Non-GAAP basic earnings      per share                   0.10         0.09          0.35        0.25     Non-GAAP diluted earnings      per share                   0.09         0.09          0.34        0.25      Weighted average number of shares     used to computation of earnings     per share     Basic                      22,059       21,591        21,912      21,591     Diluted                    22,842       21,593        22,499      21,592        For More Information      Roni Giladi     Chief Financial Officer     Sapiens International     Tel: +972-8-938-2721     E-mail: [email protected]      Roni Al-Dor     Chief Executive Officer     Sapiens International     Tel: +972-8-938-2721     E-mail: [email protected]  

SOURCE Sapiens International Corporation N.V

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