Sapiens International - Annual Report 2002

Overview: This is the annual report of the Sapiens International. The year 2002 marked the beginning of a new chapter in the history of Sapiens. Sapiens delivered on its promise to establish a strong foothold in the global insurance industry, while improving the Company’s financial performance. The 2002 financial results reflect overall improvement when compared to those of 2001: Revenues remained virtually unchanged. However, within the total revenues, there was 24% growth in product revenues resulting from our focused efforts on sales of licenses and license upgrades. Gross profit increased 38%, fueled by the improved ratio of product revenues within the revenues mix, together with the continued realignment of costs and improved utilization of resources. Gross margin from product revenues was up 46%, and from services, up 13%. The positive shift toward sales of software solutions, with improved pricing and efficient deliveries to customers, was the major contributor to the improvement. The operational performance of the Sapiens in year 2002 saw continued strengthening in various aspects. Total revenues in 2002 increased 2.2% to $64.8 million from $63.4 million in 2001 after a decrease of 12.8% from $72.7 million in 2000. Gross profit from product revenues increased 90.2% in 2002 to $19.4 million from $10.2 million in 2001 after a decrease of 25.5% from $13.7 million in 2000. Gross margin from product revenues was 46.2% in 2002, an increase of 53.5% compared with 30.1% in 2001, following a 3.2% decrease from 31.1% in 2000. Net Income/Loss. Net loss for 2002 was $5.2 million, a decrease of 71.1% compared with a loss of $18.0 million, which in turn represented a decrease of 52.9% from $38.2 million in 2000.

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Format: PDF | Size: 255KB | Date: Jan 2003 | Pages: 54