CARY, N.C., Dec. 9 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS) a member of the Emblaze/Formula Group , announced today that it has paid the second installment of the principal of the convertible debentures (Series A) of the Company, in the amount of approximately $4.4 million.
The Company's announcement follows its recently released financial results for the third quarter of 2007, which showed the Company's fourth consecutive quarter of operational profit and break-even net results of operations for the third quarter, on a Non-GAAP basis. The Company also announced an increase of operational profit and a significant decrease of Net Loss, both on a GAAP basis.
Roni Al-Dor, President and CEO, commented, "We thank our debenture holders who have invested in the Company and placed their trust in us. We want to be known as a company that fulfills it commitments. We are confident that this payment will strengthen the confidence of our debenture holders and our shareholders who share our belief in the Company's future. With four consecutive quarters of operational profit and with the $20 million private placement behind us, we believe that we are on strong financial ground. Our efforts to control costs are also showing their rewards."
FOR ADDITIONAL INFORMATION:
Roni Giladi Roni Al-Dor
Chief Financial Officer Chief Executive Officer
Sapiens International Sapiens International
Tel: +972-8-938-2721 Tel: +972-8-938-2721
E-mail:
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group , which is a member of the Emblaze Group 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, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Santam and Texas Farm Bureau 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, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.
