-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Eo2Cd1xVF8s2/iH6o53TiFGzdwa+ZPUNK1FwVQmvmCdFeHvmshnCOWov6m5/wjmT bSUWO57OnQqUO0aQ3VPU7w== 0000930413-03-003251.txt : 20031106 0000930413-03-003251.hdr.sgml : 20031106 20031106091913 ACCESSION NUMBER: 0000930413-03-003251 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031130 FILED AS OF DATE: 20031106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAPIENS INTERNATIONAL CORP N V CENTRAL INDEX KEY: 0000885740 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: P8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20181 FILM NUMBER: 03981063 BUSINESS ADDRESS: STREET 1: KAYA RICHARD J BEAUJON STREET 2: WILLEMSTAD CURACAO NETHERLANDS CITY: CURACAO NETHERLANDS STATE: P8 ZIP: 4758 BUSINESS PHONE: 97289382777 MAIL ADDRESS: STREET 1: P O BOX 2211 CITY: REHOVOT ISRAEL STATE: L3 ZIP: 76120 6-K 1 c29770_6k.txt SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF NOVEMBER 2003 SAPIENS INTERNATIONAL CORPORATION N.V. (translation of registrant's name into English) C/O LANDHUIS JOONCHI KAYA RICHARD J. BEAUJON Z/N P.O. BOX 837 WILLEMSTAD CURACAO, NETHERLANDS ANTILLES (599) (9) 7366277 (address of principal executive offices) [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F] Form 20-F X Form 40-F ___ [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934] Yes No X --- --- [SAPIENS LOGO] SAPIENS INTERNATIONAL ANNOUNCES Q3 RESULTS BACK TO PROFITABILITY. IMPROVED RESULTS OVER SECOND QUARTER OF 2003. EXPECT TO SEE CONTINUED IMPROVEMENT. Research Triangle Park, N.C.--November 3, 2003 --Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) today announced its unaudited results of operations for the third quarter and nine months ended September 30, 2003. Compared to the previous quarter of 2003, the Company reported a small overall improvement in the third quarter of 2003. Revenues remained at $13.4 million while gross profit increased 6.7% from $6.0 million to $6.4 million and the gross profit margin improved 6.7% from 44.7% to 47.7%. The Company reported operating income of $0.3 in the third quarter of 2003 compared with operating loss of $0.2 million in the previous quarter, and net income of $0.04 million compared with a net loss of $0.4 in the previous quarter. Compared to the third quarter last year, revenues in the third quarter of 2003 decreased from $16.6 million to $13.4 million. Gross profit was $6.4 million in the third quarter compared with $7.4 million in the same period last year, while gross profit margin increased to 47.7% compared to 44.6% in the same period last year. Operating income amounted to $0.3 million compared with operating loss of $0.2 million in the same period of last year. The Company recorded net income of $0.04 million compared with a net loss of $0.6 million in the same period of last year. Revenues for the nine months ended September 30, 2003 decreased to $38.8 million from $48.9 million in the same period in 2002. Gross profit in the first nine months of 2003 was $17.0 million compared with $21.9 million in the first nine months of 2002. Gross profit margin was 43.8% compared with 44.8% in the same period last year. The Company's operating loss in the first nine months of 2003 was $2 million compared with operating income of $0.8 million in the same period last year. Net loss in the first nine months of 2003 was $2.3 million compared with net loss of $0.3 million in the same period last year. Commenting on the results, Mr. Itzick Sharir, President and Chief Executive Officer, said: "I am proud that the Company has been able to regain profitability on the strength of continued quarterly improvement in results. We expect to demonstrate continued improvement in revenues and profitability in the fourth quarter of this year. At the same time, we are starting to see the fruits of our long-term strategy. Our new offering to the insurance industry - Sapiens INSIGHT(TM) Solutions suite - is generating a high degree of interest on the part of insurance companies that need to control costs and modernize their systems. We are gaining market awareness and recognition, expanding our offering and beginning to see new customers joining our established customer base." - ------------------------------------------------------------------------------- Q3 2003 CONFERENCE CALL: - ------------------------------------------------------------------------------- Sapiens International will hold a CONFERENCE CALL to discuss the results on MONDAY, NOVEMBER 3, 2003, AT 09:00AM (EST) To participate, please call: From the US and Canada: 1-866-485 2399 From the UK: 0-800-917 4613 International callers: + 972-3-9180610 10 minutes prior to start time - ------------------------------------------------------------------------------- FOR ADDITIONAL INFORMATION: - ------------------------------------------------------------------------------- Yuval Hadari Itzick Sharir Chief Financial Officer Chief Executive Officer Sapiens International Sapiens International Tel: +1-877-554-2426 Tel: +44-1895-464 265 +972-8-938-2721 E-mail: yuval.h@sapiens.com E-mail: itzick.s@sapiens.com ------------------- -------------------- - ---------------------------------------- -------------------------------------- ABOUT SAPIENS Sapiens International Corporation (NASDAQ and TASE: SPNS), a member of the Formula Group of companies, 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 North America, United Kingdom, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include Allianz Group, AXA, Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial, Prudential, Abbey National, ING, Occidental Fire & Casualty, among others. For more information, please visit 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 and other risk factors detailed in the Company's SEC filings. # # # SAPIENS INTERNATIONAL CORPORATION N.V. Condensed Consolidated Statements of Income (U.S. Dollars in thousands, except per share amounts)
For the For the three months ended nine months ended -------------------------- -------------------------- 9/30/2003 9/30/2002 9/30/2003 9/30/2002 ----------- ---------- ---------- ---------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) REVENUES Products $ 8,946 $ 11,071 $ 23,591 $ 31,864 Consulting and other services 4,461 5,500 15,253 17,059 -------- -------- -------- -------- Total revenues 13,407 16,571 38,844 48,923 -------- -------- -------- -------- COST OF REVENUES Products 4,598 6,334 13,100 16,793 Consulting and other services 2,416 2,847 8,715 10,210 -------- -------- -------- -------- Total cost of revenues 7,014 9,181 21,815 27,003 -------- -------- -------- -------- GROSS PROFIT 6,393 7,390 17,029 21,920 EXPENSES Research and development, net 508 1,592 2,929 4,387 Selling, marketing, general and administrative 5,558 5,973 16,125 16,707 -------- -------- -------- -------- OPERATING INCOME/(LOSS) 327 (175) (2,025) 826 Financial expenses, net 291 378 601 732 Other expenses/(income), net (a) (6) 26 (294) 386 -------- -------- -------- -------- NET INCOME/(LOSS) $ 42 $ (579) # $ (2,332) $ (292) ======== ======== ======== ======== Basic and diluted earnings/(loss) per share (b) $ 0.00 $ (0.08) $ (0.22) $ (0.04) ======== ======== ======== ======== Weighted average shares used to compute Basic earnings/(loss) per share 10,694 7,292 10,693 7,264 Diluted earnings/(loss) per share (b) 12,856 7,292 10,693 7,264
Note (a): Includes taxes and minority interest (b): Due to the net loss in 2003 and 2002 the inclusion of dilutive securities would be antidilutive. SAPIENS INTERNATIONAL CORPORATION N.V. Condensed Consolidated Balance Sheets (U.S. Dollars in thousands) 9/30/2003 12/31/2002 ----------- ---------- (Unaudited) (Audited) ASSETS Cash $18,026 $22,001 Short-term investments 2,159 1,652 ------- ------- 20,185 23,653 Trade receivables 9,975 10,405 Other current assets 7,065 5,842 ------- ------- TOTAL CURRENT ASSETS 37,225 39,900 ------- ------- Property and equipment, net 3,112 3,426 Other assets 23,394 21,826 ------- ------- TOTAL ASSETS $63,731 $65,152 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Short-term loans and current maturities of long-term debt $10,944 $ 9,483 Trade payables 2,240 2,578 Other liabilities and accrued expenses 14,059 14,541 Deferred revenue 4,061 3,683 ------- ------- TOTAL CURRENT LIABILITIES 31,304 30,285 ------- ------- Long-term debt and other liabilities 7,601 7,787 Redeemable shares in a subsidiary 11,424 11,185 Shareholders' equity 13,402 15,895 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $63,731 $65,152 ======= ======= # # # SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SAPIENS INTERNATIONAL CORPORATION N.V. (Registrant) Date: November 5th, 2003 By:_____________________________ Norman Kotler General Counsel and Corporate Secretary -----END PRIVACY-ENHANCED MESSAGE-----