Sapiens first quarter revenues up 11% to $11.9m

The company's operating income increased by 49 per cent compared to the same period last year.

Sapiens International has reported total revenues of $11.9m for the first quarter of 2010, an increase of 11 per cent compared to $10.7m for the same quarter in 2009.

The company's operating income for the quarter was $1.6m which is an increase of 49 per cent compared to $1.08m for the same period last year.
The company posted gross profit of $4.9m for the first quarter of 2010, compared to $4.7m for the same quarter in 2009.

For the quarter ended March 31, 2010, the company posted net income of $1.4m, or $0.07 per share compared to $1.01m, or $0.05 per share for the same period last year.

Roni Al-Dor, president and CEO of Sapiens International, said: "These results reflect the commitment we have made to our shareholders to focus on the insurance market and grow our revenue and market share in this industry.

"In the first quarter of 2010, we grew our revenues to almost $12m and presented a record net income of $1.5m. These figures reflect our continued effort to improve our top and bottom line".