Sapiens International Corporation (SPNSF): Turn around...? Message Board

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Technology Stocks : Sapiens International Corporation (SPNSF): Turn around...?

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To: Benadam who wrote (11)	2/3/1997 6:22:00 PM
From: uu	of 1936

Benadam: As for the company becoming very confidential I think they always were like that. I still dont know why they are public since the management has a real tight hold on the company and it still behaves as if it was a private company. The management holds about 49% of the outstanding shares (and perhaps more if I am not mistaking). About 4 years ago they did a bunch of real stupid moves such as buying out SmartStar corporation in order to get into the PC market. I used to work for SmartStar and actually one of the original designers of SmartStar Ideo product. It was a great product and actually I think SmartStar could have become like PowerBuilder but Sapiens blew it! They simply did not know how to market Ideo and just wasted a lot of money. Of course they had other problems in their mainframe side of business. They shifted their business strategy to an area that they had no knowledge of and without a sound logical business plan. They paid dearly because of that as their stock went from $28 to 50 cents a share! BUT I think now things are different. They have become very conservative (and perhaps too conservative). They no longer include a sale in their earnings unless the sale actually goes through and they have the hard cash sitting in the bank! Before they would include any potential sale (I mean they would include sales that may not have gone through at all!) in their earnings and that caused them a lot of trouble and forced to restate their earnings. Now they are to the other extreme and do not refelect any sale unless they have the hard cash sitting in the bank! Overall I think management has learned its lesson and the next earnings report (that is due any day now) should very well show this turn around. Ron Zukerman (the CEO and president) is a real hard worker, and Shai Sole (the executive VP and VP of development) is a real honest hard working individual and I believe in him (hope I am not proven to be wrong!). As for the stock not moving toward the end of the day, I dont know what to say! The volume was very heavy - over 700,000 shares. The last SPNSF had this much interest in one day was about 3 years ago! Since the beginning of the year the price has been going up little by little and that can not be a bad sign! As for as WS not forgetting what Sapiens did 3 years ago (i.e. restatement of earnings, etc.), I think WS has punished Sapiens long enough. The stock went from $28 to 50 cents/shr and then it was delisted from Nasdaq for about 3 quarters before they came back and then the price has been sitting between $2 and $4/shr. Nothing can be forgotten but definitly can be forgiven (especially if they prove they deserve this forgiveness). And I personally would love to see them forgiven. Hopefully the earnings report will show that they desrve this mercy from WS and be given another chance! Lets hope I am right in assuming their earnings report will show the tremendous turn around. Regards, - Addi Jamshidi

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