Sapiens International Corporation N.V. Announces Second Quarter 1998 Results
- Net Income Doubles on 57% Increase in Revenues -
August 3, 1998 08:00 AM
RESEARCH TRIANGLE PARK, N.C., Aug. 3 /PRNewswire/ -- Sapiens International Corporation N.V. SPNSF , a leading provider of large-scale information technology solutions, today announced unaudited results of operations for the second quarter and six months ended June 30, 1998.
Revenues for the second quarter increased 57% to $16.3 million from $10.4 million in the second quarter of 1997. Product revenues were $8.7 million, an increase of 98% from $4.4 million reported in the same period last year. Consulting and other service revenues rose 27% to $7.6 million. Gross profit increased 52% to $8.7 million. Operating income more than doubled to $2.2 million from $1.0 million in the same period last year. Net income increased to $2.2 million, or $0.10 per share (diluted), compared with $1.1 million, or $0.02 per share (diluted), in the second quarter of 1997.
Revenues for the first six months of 1998 increased 53% to $30.5 million from $19.9 million in the comparable period in 1997. Product revenues rose 113% to $16.1 million and consulting and other services revenues rose 17% to $14.3 million. Gross profit increased to $16.1 million from $10.5 million in the comparable period last year. Net income rose to $3.7 million, or $0.15 per share (diluted), compared with $1.5 million, or $0.01 per share (diluted), in the first six months of 1997.
Commenting on the results, Ron Zuckerman, Chief Executive Officer, said, "We are very pleased with this quarter's solid results, and the strong flow of new and follow-on customer projects that we secured during the past quarter. Our Y2K business is building steadily, and is expanding into the Y2K testing and verification markets, which are likely to grow significantly as many organizations move to the final phases of their Y2K conversion projects.
"We are experiencing broad acceptance of our recently-announced Euro solution, which we believe establishes us as a leader in the Euro marketplace. Our pipeline is building rapidly and we expect to sign important Euro projects in the near term.
"The strong early performance of our Euro solution is particularly encouraging, and should support our growth in the future." |
